Comesa Liquidation Approved by SENER

SENER has approved the dissolution and liquidation of Compañía Mexicana de Exploraciones (COMESA). This decision, published in the Official Gazette of the Federation (DOF), aligns with the company's bylaws and applicable laws.

COMESA, a PEMEX subsidiary with a 60% shareholding, provides strategic solutions for the exploration and exploitation of oil fields in Mexico. Earlier this year, COMESA initiated legal proceedings to declare bankruptcy, due to severe financial difficulties exacerbated by the cancellation of the Ixachi project and significant losses. The decision marked a significant development as it became the first company with a public majority stake to seek commercial bankruptcy during this stage of insolvency.

SENER has clarified that any expenses related to COMESA's dissolution will be covered by the Ministry's authorized budget, without increasing the regular budget or authorizing additional resources.

Founded in November 1968, COMESA has played a vital role in activities such as land seismic surveys, engineering projects and consulting with PEMEX, well services, and electromagnetic methods. During an Extraordinary General Meeting of Shareholders held on April 17, 2023, the decision to dissolve it was approved. The Institute to Return Stolen Goods to the People will act as the liquidator, and a 12-month period has been set to complete the process.

Despite its long-standing history, COMESA faced numerous financial difficulties in recent years, including the non-payment of contractors and employees, who protested on multiple occasions due to this situation.