On January 30th, 2017, the National Hydrocarbons Commission (“CNH”) published in the Federal Official Gazette the Guidelines (the “Guidelines”), which set forth the requirements and procedure for entering into alliances or partnerships that imply a change in corporate or operational control, with respect to hydrocarbons exploration and extraction contracts.
The Guidelines establish that to carry out a change in corporate or operational control under a hydrocarbons exploration and extraction contract, you must first request an authorisation from the CNH. Once the authorisation has been obtained, the assignor may proceed to enter into an assignment agreement with the assignee. Subsequently, the assignor must present new corporate and compliance guarantees to execute a modification agreement to the corresponding exploration and extraction contract. Please note that the above shall be done, in the understanding that at no time shall the contract be left without guarantees. In this sense, it is worth mentioning that the original guarantees of the assignor may only be cancelled after a period of 30 business days after the execution of the modification agreement to the hydrocarbons exploration and extraction contract.
For more information please consult the following link:
http://dof.gob.mx