Clyde & Co secures landmark oil and gas floating pledge agreement in Mexico

LONDON -- Global law firm Clyde & Co has advised Petrolera Perseus, a Mexican oil company, on the first ever floating pledge agreement over the interest of oil & gas license contracts in Mexico.

On March 13, 2018, the Mexican National Hydrocarbons Commission (NHC) approved, for the first time in Mexico, the constitution of a floating pledge agreement over the rights of an oil and gas contract.

Clyde & Co's team advised from the outset, with initial discussions beginning in September 2017, preparing writs to support before the (NHC) that a security over the rights of the contract was not contrary to Mexican Law.

The Clyde & Co team that advised on the deal was led by partner Enrique Garza Ruiz  Esparza and associates Yara Gual Ángeles and Enrique Garza Jr.

Partner Enrique Garza Ruiz Esparza comments: "It is a very significant moment for the energy sector in Mexico. For the first time in the country's history the National Hydrocarbons Commission has recognized that the rights under an individual licence contract can be divided and granted as security to a third party."

"After some tough and lengthy negotiations we're delighted to have secured this landmark deal for Petrolera Peseus."

Clyde & Co's Mexico office opened in May 2017 via a merger with Mexican law firm Garza Tello & Asociados. The four partner and 23 lawyer team provide expertise on the energy, insurance and marine industries.