EX-10.2



 Exhibit 10.2 

(Part 1 of 3) 
 PEMEX
EXPLORACIÓN Y PRODUCCIÓN 
 RESERVES AUDIT OF 

MEXICAN OIL AND GAS PROPERTIES 

ACTIVO INTEGRAL DE PRODUCCIÓN BLOQUE N03 

PROVED RESERVES 
 (SEC
RESERVES DEFINITIONS) 
 Effective December 31, 2019 

  
 



 









  

 RESERVES AUDIT - SEC 

TABLE OF CONTENTS 
  

					
	 	  	Page	 
	 COVERING LETTER
	  	 	3	 
		
	 INDEPENDENT PETROLEUM CONSULTANTS’ CONSENT
	  	 	6	 
		
	 INTRODUCTION
	  	 	7	 
		
	 RESERVES DEFINITIONS
	  	 	9	 
		
	 AUDIT PROCEDURE
	  	 	12	 
		
	 PRODUCT PRICE AND MARKET FORECASTS
	  	 	15	 
		
	 APPENDIX I
	  	 	16	 
	 Certificate of Qualification
	  			

  

  
 



 









  Page
 3
 
  

 



 
 April 15, 2020 

Project 1192190 
 Ing. Francisco Javier Flamenco
López 
 Subdirector Técnico de Exploración y Producción 

Suplente por Ausencia del Director General de 
 Pemex
Exploración y Producción en términos del 
 Artículo 127 del Estatuto Orgánico de Pemex Exploración y
Producción. 
 Pemex Exploración y Producción 

Avenida Marina Nacional No. 329 
 Torre Ejecutiva, Piso 41

 Colonia Verónica Anzures 
 Alcaldía Miguel
Hidalgo 
 11300 Ciudad de México, México 
 Ing.
Francisco Javier Flamenco López: 
  

			
	Re:	 	Pemex Exploración y Producción
		 	Proved Reserves Audit – SEC Reserves Definitions
		 	Activo Integral de Producción Bloque N03
		 	Effective December 31, 2019                 


 At the request of Pemex Exploración y Producción (the “Company”), a wholly owned subsidiary of
Petróleos Mexicanos (Pemex), GLJ Petroleum Consultants Ltd. (GLJ) has conducted a reserves audit of the proved reserves estimates of certain oil and gas properties owned by the United Mexican States. The effective date of the proved reserves
is December 31, 2019 and the reserves audit was completed on February 12, 2020. The Company has represented that these properties account for 6.1 percent on a net oil equivalent barrel basis of Company’s net total proved reserves
as of the effective date. There are 37 fields associated with the properties reviewed by GLJ, and they are located in the Veracruz business units in the Eastern region of Mexico. 

The estimates audited by GLJ were prepared by the Company in accordance with the reserves definitions of Regulation
S-X Rule 4-10(a) of the U.S. Securities and Exchange Commission (SEC). GLJ’s third party reserves audit was prepared for public disclosure by Pemex in filings made
with the SEC in accordance with the disclosure requirements set forth in the SEC regulations. 
 4100, 400 – 3rd Ave SW Calgary, AB, Canada T2P 4H2 | tel 403-266-9500 | gljpc.com 








  Page
 4
 
  

 



 
 According to the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information (SPE auditing
standards) published by the Society of Petroleum Engineers (2019), “An audit is an examination of Reserves information that is conducted for the purpose of expressing an opinion as to whether such Reserves information, in the aggregate, is
reasonable and has been estimated by qualified individuals and presented in conformity with generally accepted petroleum engineering and evaluation principles and in compliance with the relevant Reserves definitions”. 

Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a given date, by
application of development projects to known accumulations. All reserve estimates involve some degree of uncertainty. The uncertainty depends chiefly on the amount of reliable geologic and engineering data available at the time of the estimate and
the interpretation of these data. The relative degree of uncertainty may be conveyed by placing reserves into one of two principal classifications, either proved or unproved. Unproved reserves are less certain to be recovered than proved reserves
and may be further sub-classified as probable and possible reserves to denote progressively increasing uncertainty in their recoverability. At Company’s request, this report addresses only the proved
reserves attributable to the properties reviewed herein. 
 The Company provided a table with their reserves estimates by field and all pertinent well and
reservoir data such as geological maps, well logs, production and injection history, drill stem tests, workovers, pressure surveys, production tests, fluid analysis, and planned development activities. The proved reserves prepared by the Company for
the properties that GLJ reviewed were estimated based on volumetric calculations, decline analysis or material balance methods or by any combination of the aforementioned methods depending on the available data and the significance of the property
within the overall corporate portfolio. 
 The economic parameters such as operating costs, capital costs, process losses, liquid yields, abandonment cost
and product pricing provided by the Company were accepted by GLJ without review or verification. Prices, operating and capital costs, including maintenance capital, were provided by the Company. 

While the oil and gas industry may be subject to regulatory changes from time to time that could affect an industry participant’s ability to recover its
reserves, we are not aware of any such governmental actions which would restrict the recovery of the effective date estimated reserves. 
 GLJ has used all
assumptions, data, procedures, and methods that it considers necessary and appropriate to prepare this report. For significant properties with performance-based assignments, GLJ reviewed the volumetric recovery to address the reasonableness of the
assignment and development activity considered by the Company. In fields with significant performance and pressure data, the Company maps and geological models were accepted, but in cases where volumetric analysis formed the primary basis for the
Company’s reserves estimate, GLJ audited Company maps in more detail, including a review of associated geophysical interpretations. 









			
	



	  	 Page
 5


  

 Based on our review, including the data, technical processes and interpretations presented by the Company, it
is our opinion that the overall procedures and methodologies utilized by the Company in preparing their estimates of the proved reserves as of December 31, 2019 comply with the current SEC regulations, and that the overall proved reserves for
the reviewed properties as estimated by the Company are, in the aggregate, reasonable within the established audit tolerance guidelines of 10 percent set forth in the SPE auditing standards. As in all aspects of oil and gas evaluation, there
are uncertainties inherent in the interpretation of engineering and geoscience data; therefore, our conclusions necessarily represent only informed professional judgment. 

It is trusted that this audit meets your current requirements. Should you have any questions regarding this analysis, please contact the undersigned. 

 

	
	Yours very truly,
	
	GLJ PETROLEUM CONSULTANTS LTD.
	
	        




	Leonard L. Herchen, P. Eng.
	Vice President


 LLH/jem 
 Attachments 








  Page
 6
 
  

 INDEPENDENT PETROLEUM CONSULTANTS’ CONSENT 

The undersigned firm of Independent Petroleum Consultants of Calgary, Alberta, Canada has prepared an audit of the Pemex Exploración y
Producción (the “Company”) Mexican oil and gas properties within Block N03 and hereby gives consent to the use of its name. 
 In the
course of the audit, the Company provided GLJ Petroleum Consultants Ltd. personnel with basic information which included land data, well information, geological information, reservoir studies, estimates of
on-stream dates, contract information, current hydrocarbon product prices, operating cost data, capital budget forecasts, financial data and future operating plans. 

According to the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information (SPE auditing standards) published by the Society of
Petroleum Engineers (2019), “An audit is an examination of Reserves information that is conducted for the purpose of expressing an opinion as to whether such Reserves information, in the aggregate, is reasonable and has been estimated by
qualified individuals and presented in conformity with generally accepted petroleum engineering and evaluation principles and in compliance with the relevant Reserves definitions”. 

Based on our review, including the data, technical processes and interpretations presented by the Company, it is our opinion that the overall procedures and
methodologies utilized by the Company in preparing their estimates of the proved reserves as of December 31, 2019 comply with the current SEC regulations, and that the overall proved reserves for the reviewed properties as estimated by the
Company are, in the aggregate, reasonable within the established audit tolerance guidelines of 10 percent set forth in the SPE auditing standards. 
  

			
	PERMIT TO PRACTICE
	GLJ PETROLEUM CONSULTANTS LTD.
		
	Signature:	 	




	Date:	 	 April 15, 2020

		
		 	PERMIT NUMBER: P 2066
		 	The Association of Professional Engineers
		 	and Geoscientists of Alberta

  
 



 

  
 



 









  Page
 7
 
  

 INTRODUCTION 

GLJ Petroleum Consultants Ltd (GLJ) was commissioned by Pemex Exploración y Producción (the “Company”), a subsidiary of Petroleos
Mexicanos, to prepare a reserves audit of the gross (100 percent) proved reserves and net gas reserves in 37 fields in Activo Integral de Producción Bloque N03 Veracruz. The effective date of the proved reserves is December 31, 2019 and
the reserves audit was completed on March 31, 2020. The Political Constitution of the United Mexican States provides that the Mexican nation owns all petroleum and other hydrocarbon reserves for these fields; however, these fields have been
assigned to and are currently operated by the Company. 
 The estimates audited by GLJ were prepared by the Company based on the definitions and disclosure
guidelines of the United States Securities and Exchange Commission contained in the Title 17, Code of Federal Regulations, Modernization of Oil and Gas Reporting, Final Rule released January 14, 2009, in the Federal Register (SEC regulations).
GLJ’s third party reserves audit was prepared for public disclosure by Pemex in filings made with the SEC in accordance with the disclosure requirements set forth in the SEC regulations. 

According to the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information (SPE auditing standards) published by the Society of
Petroleum Engineers (2019), “A Reserves audit is the process of reviewing certain of the pertinent facts interpreted and assumptions made that have resulted in an estimate of Reserves and/or Reserves information prepared by others and the
rendering of an opinion about the appropriateness of the methodologies used, the adequacy and quality of the data relied upon, the depth and thoroughness of the Reserves estimation process, the categorization of Reserves appropriate to the relevant
definitions used, and the reasonableness of the estimated Reserves quantities and/or the Reserves information.” (section 2.2 (g)). Reserves Information may consist of various estimates pertaining to the extent and value of petroleum properties.

 Based on our review, including the data, technical processes and interpretations presented by the Company, it is our opinion that the overall procedures
and methodologies utilized by the Company in preparing their estimates of the proved reserves as of December 31, 2019 comply with the current SEC regulations, and that the overall proved reserves for the reviewed properties as estimated by the
Company are, in the aggregate, reasonable within the established audit tolerance guidelines of 10 percent set forth in the SPE auditing standards. 

  
 



 









  Page
 8
 
  

 For the reserves and income projections, the Company stated they used unweighted arithmetic average prices in
effect at the first day of the month during the 12-month period prior to December 31, 2019 (the effective date), unless prices were defined by contractual arrangements, as required by the SEC regulations.
Reserves were estimated by the Company to the economic limit of production. The following table sets forth the total proved net after royalty reserves under constant prices and costs as estimated by the Company attributable to the properties that
GLJ reviewed are summarized below: 
 SEC PARAMETERS 

Estimated Net Proved Reserves Audited by GLJ Petroleum Consultants 

Attributable to Certain Properties - Activo Integral de Producción Bloque N03, Veracruz 

As of December 31, 2019 
  

																													
	 	  	 	 	  	Gross	 	  	Plant Inlet	 	  	 	 	  	Plant	 	  	Dry	 	  	 	 
	 	  	Oil(1) 	 	  	Gas(2) 	 	  	Gas(3) 	 	  	Condensate(4)	 	  	Liquids(5)	 	  	Gas(6) 	 	  	BOE(7) 	 
	 Category
	  	(MMbbl)	 	  	(MMMcf)	 	  	(MMMcf)	 	  	(MMbbl)	 	  	(MMbbl)	 	  	(MMboe)	 	  	(MMboe)	 
	 Proved Developed Producing
	  	 	58.0	 	  	 	446.1	 	  	 	438.9	 	  	 	0.0	 	  	 	0.8	 	  	 	84.1	 	  	 	142.9	 
	 Proved Developed Non-Producing
	  	 	3.3	 	  	 	63.1	 	  	 	61.1	 	  	 	0.0	 	  	 	0.0	 	  	 	11.7	 	  	 	15.1	 
	 Proved Undeveloped
	  	 	110.8	 	  	 	891.9	 	  	 	891.7	 	  	 	0.0	 	  	 	0.0	 	  	 	171.5	 	  	 	282.2	 
	 Total Proved
	  	 	172.1	 	  	 	1401.1	 	  	 	1391.7	 	  	 	0.0	 	  	 	0.8	 	  	 	267.3	 	  	 	440.2	 

  

	(1)	 Oil is produced oil and liquids separated from gas in the field 



	(2)	 Gross Gas is gas produced before any losses for fuel use, venting, transporting or plant shrinkage, net of re-injection 



	(3)	 Plant Inlet Gas is gas volumes measured at plant inlet, that is, gas in the reservoirs to be produced after
shrinkage resulting from field separation and flaring, net of re-injection 



	(4)	 Condensate is condensate extracted during processing within a gas plant 



	(5)	 Plant Liquids are liquids other than condensate extracted during processing within a gas plant




	(6)	 Dry Gas is gas after sweetening and removal of condensate and plant liquids and adjustment for re-injection and fuel losses. Units in barrels of oil equivalent using gas conversion factors provided by the Company 



	(7)	 Barrels of oil equivalent were estimated assuming property specific ratio based on sales gas heating values
provided by the Company 


 Liquid hydrocarbons are expressed in millions of barrels (MMbbl) and gas volumes are expressed in billions of
cubic feet (MMMcf) at the official temperature and pressure bases of the areas in which the gas reserves are located. The net remaining reserves are also shown herein on an equivalent unit (BOE) basis wherein natural gas is converted to oil
equivalent barrels using a specific factor for each field. MMboe represents million barrels of oil equivalent. 
 GLJ notes that the Company has represented
that its management of the of the produced fluids ends at the inlet of the gas processing plants. The reserves estimates include estimates of oil, plant condensate, plant inlet gas, sales gas, natural gas liquids and oil equivalent totals. 

As the Company has also represented that all subsurface hydrocarbons belong to the United Mexican States, and given that the Company has also represented that
it has been assigned a 100 percent interest in the audit properties by the United Mexican States, gross and net reserves are equal. 
 The Audit
Procedure section outlines general procedures used in preparing this audit. 

  
 



 









  Page
 9
 
  

 SEC RESERVES DEFINITIONS 

The following definitions are excerpts from Regulation S-X 210.4-10. Portions
of these definitions within square parentheses, [ ], have been transposed from other sections of Regulation S-X 210.4-10 to improve readability. 

Resources 
 Resources are
quantities of oil and gas estimated to exist in naturally occurring accumulations. A portion of the resources may be estimated to be recoverable, and another portion may be considered to be unrecoverable. Resources include both discovered and
undiscovered accumulations. 
 Reserves 

Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a given
date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means
of delivering oil and gas or related substances to market, and all permits and financing required to implement the project. 
 Note:
Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated
from a known accumulation by a non-productive reservoir ( i.e. , absence of reservoir, structurally low reservoir, or negative test results). Such areas may contain prospective resources (i.e., potentially
recoverable resources from undiscovered accumulations). 
 Proved Oil and Gas Reserves 

Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with
reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing the
right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the
operator must be reasonably certain that it will commence the project within a reasonable time. 
  

	 	(i)	 The area of the reservoir considered as proved includes: 



 

	 	(A)	 The area identified by drilling and limited by fluid contacts, if any, and 



 

	 	(B)	 Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous
with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data. 


  

	 	(ii)	 In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known
hydrocarbons (LKH) as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty. 



 

	 	(iii)	 Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the
potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with
reasonable certainty. 



  
 



 









  Page
 10
 
  


	 	(iv)	 Reserves which can be produced economically through application of improved recovery techniques (including, but
not limited to, fluid injection) are included in the proved classification when: 


  

	 	(A)	 Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the
reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was
based; and 


  

	 	(B)	 The project has been approved for development by all necessary parties and entities, including governmental
entities. 


  

	 	(v)	 Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be
determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by
contractual arrangements, excluding escalations based upon future conditions. 


 Developed Oil and Gas Reserves

 Developed oil and gas reserves are reserves of any category that can be expected to be recovered: 

 

	 	(i)	 Through existing wells with existing equipment and operating methods or in which the cost of the required
equipment is relatively minor compared to the cost of a new well; and 


  

	 	(ii)	 Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if
the extraction is by means not involving a well. 


 Undeveloped Oil and Gas Reserves 

Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from
existing wells where a relatively major expenditure is required for recompletion. 
  

	 	(i)	 Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are
reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances. 



 

	 	(ii)	 Undrilled locations can be classified as having undeveloped reserves only if a development plan has been
adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances, justify a longer time. 


  

	 	(iii)	 Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an
application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir [see Other Definitions below], or by other
evidence using reliable technology establishing reasonable certainty. 


 Other Pertinent Definitions 

Analogous Reservoir 

Analogous reservoirs, as used in resources assessments, have similar rock and fluid properties, reservoir conditions (depth, temperature, and
pressure) and drive mechanisms, but are typically at a more advanced stage of development than the reservoir of interest and thus may provide concepts to assist in the interpretation of more limited data and estimation of recovery. When used to
support proved reserves, an “analogous reservoir” refers to a reservoir that shares the following characteristics with the reservoir of interest: 
  

	 	(i)	 Same geological formation (but not necessarily in pressure communication with the reservoir of interest);




  
 



 









  Page
 11
 
  


	 	(ii)	 Same environment of deposition; 



 

	 	(iii)	 Similar geological structure; and 



 

	 	(iv)	 Same drive mechanism. 



Reasonable Certainty 
 If
deterministic methods are used, reasonable certainty means a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will
equal or exceed the estimate. A high degree of confidence exists if the quantity is much more likely to be achieved than not, and, as changes due to increased availability of geoscience (geological, geophysical, and geochemical), engineering, and
economic data are made to estimated ultimate recovery (EUR) with time, reasonably certain EUR is much more likely to increase or remain constant than to decrease. 

Reliable Technology 

Reliable technology is a grouping of one or more technologies (including computational methods) that has been field tested and has been
demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation. 

Reservoir 
 A porous and
permeable underground formation containing a natural accumulation of producible oil and/or gas that is confined by impermeable rock or water barriers and is individual and separate from other reservoirs. 

  
 



 









  Page
 12
 
  

 AUDIT PROCEDURE 

The following outlines the methodology employed by GLJ Petroleum Consultants (GLJ) in conducting the audit of the Company’s oil and gas proved reserves
comprising the properties mentioned above. This audit has been prepared in accordance with definitions and standards under the U.S. Financial Accounting Standard Board (FASB) policies and legal requirements of the U.S. Securities and Exchange
Commission (SEC). 
 INTEREST DESCRIPTIONS 
 The Company
provided GLJ with current land interest information. 
 The Company has represented that all subsurface hydrocarbons belong to the United Mexican States,
and that the Company has been assigned a 100 percent interest in the audited properties by the United Mexican States; therefore, gross and net reserves are equal. The cash flow and production forecasts were limited by economic limits not by a
lease expiry. 
 DATA PROVIDED 
 The company provided a
table with their reserves estimates by field. Additionally, all pertinent well, reservoir and economic data such as geological maps, well logs, production and injection history, drill stem tests, workovers, pressure surveys, production tests, fluid
analysis, planned development activities, operating expenses, capital costs, abandonment cost, process losses, liquid yields, etc., were provided by the Company. 

TECHNICAL REVIEW 
 GLJ performs a bottoms-up analysis where individual properties are audited. Auditors review historical production, well activity, mapping, pressure data -and development plans as well as the
evaluation approach used by the Company. Meetings with the Company were held to determine the Company’s view of the reservoirs and technical justification for future development. 

The proved reserves prepared by the Company for the properties that GLJ reviewed were estimated based on volumetric calculations, decline analysis or material
balance methods or by any combination of the aforementioned methods depending on the available data and the significance of the property within the overall corporate portfolio. Where possible, performance based reserve assignments were made by the
Company. For significant properties with performance based assignments, GLJ reviewed the volumetric recovery to address the reasonableness of the assignment and development activity considered by the Company. In fields with significant performance
and pressure data, the Company maps and geological models were accepted, but in 
 cases where volumetric analysis formed the primary basis for the
Company’s reserves estimate, GLJ audited Company maps in more detail, including a review of associated geophysical interpretations. 

  
 



 









  Page
 13
 
  

 Data used in the audit were obtained from Company personnel and Company files. In the preparation of our
report GLJ accepted as presented, and have relied, without independent verification, upon a variety of information furnished by the Company such as interests and burdens, production, product transportation and marketing and sales agreements, capital
costs, operating expense data, and capital cost estimates. If in the course of the audit, the validity or sufficiency of any material information was brought into question, GLJ did not rely on such information until such concerns were satisfactorily
resolved. 
 The economic parameters such as operating costs, capital costs, process losses, liquid yields, abandonment cost and product pricing provided by
the company were accepted by GLJ without review or verification. Prices, operating and capital costs, including maintenance capital, were provided by the Company. 

Reserves were estimated by the Company to the economic limit of production. 

MARKETABLE PRODUCTS 
 Recoverable reserves were estimated
by the Company to the following products: 
  

			
	Oil	  	Produced oil and liquids separated from gas in the field
		
	Condensate	  	Condensate extracted during processing within a gas plant
		
	Plant Liquids	  	Liquids other than condensate extracted during processing within a gas plant
		
	Plant Inlet Gas	  	Gas volumes measured at plant inlet, that is, gas in the reservoirs to be produced after shrinkage resulting from field separation and flaring, net of re-injection
		
	Dry Gas	  	Gas after sweetening and removal of condensate and plant liquids and adjustment for re-injection and fuel losses


 GLJ note that the Company has represented to GLJ that its management of the produced fluids ends at the inlet of the gas
processing plants. 
 The Company also presented quantities of hydrocarbons in barrels of oil equivalent (boe) using its conversion factors. 

  
 



 









  Page
 14
 
  

 LIST OF ABBREVIATIONS 

 

			
	AOF	  	absolute open flow
	bbl	  	barrels
	Bcf	  	billion cubic feet of gas at standard conditions
	BIIP	  	bitumen initially-in-place
	boe	  	barrel of oil equivalent, in this evaluation determined using 6 Mcf/boe for gas, 1 bbl/boe for all liquids, and 0 boe for sulphur
	bopd	  	barrels of oil per day
	Btu	  	British thermal units
	bwpd	  	barrels of water per day
	DSU	  	drilling spacing unit
	GCA	  	gas cost allowance
	GIIP	  	gas initially-in-place
	GOC	  	gas-oil contact
	GOR	  	gas-oil ratio
	GORR	  	gross overriding royalty
	GWC	  	gas-water contact
	Mbbl	  	thousand barrels
	Mboe	  	thousand boe
	Mcf	  	thousand cubic feet of gas at standard conditions
	Mcfe	  	thousand cubic feet of gas equivalent
	Mlt	  	thousand long tons
	M$	  	thousand dollars
	MM$	  	million dollars
	MMbbl	  	million barrels
	MMboe	  	million boe
	MMBtu	  	million British thermal units
	MMcf	  	million cubic feet of gas at standard conditions
	MRL	  	maximum rate limitation
	Mstb	  	thousand stock tank barrels
	MMstb	  	million stock tank barrels
	NGL	  	natural gas liquids (ethane, propane, butane and condensate)
	NPI	  	net profits interest
	OIIP	  	oil initially-in-place
	ORRI	  	overriding royalty interest
	OWC	  	oil-water contact
	P&NG	  	petroleum and natural gas
	PIIP	  	petroleum initially-in-place
	psia	  	pounds per square inch absolute
	psig	  	pounds per square inch gauge
	PVT	  	pressure-volume-temperature
	RLI	  	reserves life index, calculated by dividing reserves by the forecast of first year production
	scf	  	standard cubic feet
	sge	  	sales gas equivalent – if presented in this evaluation, determined using 1 barrel of oil or natural gas liquid = 6 Mcfe; 0 for sulphur
	stb	  	stock tank barrel
	WI	  	working interest
	WTI	  	West Texas Intermediate



  
 



 









  Page
 15
 
  

 PRODUCT PRICE AND MARKET FORECASTS 

December 31, 2019 
 The Company
provided prices for oil, condensate and gas on a field basis. In the economic forecasts, the gas prices presented is the well head price in terms of sales gas. As the gas price received is assumed to include value for plant liquids, no additional
revenue is forecast for plant liquids. 

  
 



 









  Page
 16
 
  

 APPENDIX I 

CERTIFICATE OF QUALIFICATION 

Leonard L. Herchen 

  
 



 









  Page
 17
 
  

 CERTIFICATION OF QUALIFICATION 

I, Leonard L. Herchen, Professional Engineer, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify: 

 

	1.	 That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of
certain Mexican oil and gas properties of Pemex Exploración y Producción (the “Company”). The effective date of this evaluation is December 31, 2019. 



 

	2.	 That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company
or its affiliated companies. 


  

	3.	 That I attended Queen’s University and that I graduated with a Bachelor of Science Degree in Engineering
Physics in 1989; that I am a Registered Professional Engineer in the Province of Alberta; and, that I have in excess of thirty years of experience in engineering studies relating to oil and gas fields. 



 

	4.	 That a personal field inspection of the properties was not made; however, such an inspection was not considered
necessary in view of the information available from public information and records, the files of the Company, and the appropriate provincial regulatory authorities. 



 
  
 



 

  
 



 








 Exhibit 10.2 

(Part 2 of 3) 
 PEMEX
EXPLORACIÓN Y PRODUCCIÓN 
 RESERVES AUDIT OF 

MEXICAN OIL AND GAS PROPERTIES 

ACTIVO INTEGRAL DE PRODUCCIÓN BLOQUE N01 

PROVED RESERVES 
 (SEC
RESERVES DEFINITIONS) 
 Effective December 31, 2019 

  
 



 









  

 RESERVES AUDIT - SEC 

TABLE OF CONTENTS 
  

			
	 	  	 Page

	COVERING LETTER	  	3
		
	INDEPENDENT PETROLEUM CONSULTANTS’ CONSENT	  	6
		
	INTRODUCTION	  	7
		
	RESERVES DEFINITIONS	  	9
		
	AUDIT PROCEDURE	  	12
		
	PRODUCT PRICE AND MARKET FORECASTS	  	15
		
	APPENDIX I	  	16
	Certificate of Qualification	  	

  

  
 



 










			
	



	  	Page 3

  

 April 15, 2020 

Project 1192191 
 Ing. Francisco Javier Flamenco
López 
 Subdirector Técnico de Exploración y Producción 

Suplente por Ausencia del Director General de 
 Pemex
Exploración y Producción en términos del 
 Artículo 127 del Estatuto Orgánico de Pemex Exploración y
Producción. 
 Pemex Exploración y Producción 

Avenida Marina Nacional No. 329 
 Torre Ejecutiva, Piso 41

 Colonia Verónica Anzures 
 Alcaldía Miguel
Hidalgo 
 11300 Ciudad de México, México 
 Ing.
Francisco Javier Flamenco López: 
  

			
	Re:	  	Pemex Exploración y Producción
		  	Proved Reserves Audit – SEC Reserves Definitions
		  	Activo Integral de Producción Bloque N01
		  	Effective December 31, 2019                

 At the request of Pemex Exploración y Producción (the “Company”), a wholly owned subsidiary of
Petróleos Mexicanos (Pemex), GLJ Petroleum Consultants Ltd. (GLJ) has conducted a reserves audit of the proved reserves estimates of certain oil and gas properties owned by the United Mexican States. The effective date of the proved reserves
is December 31, 2019 and the reserves audit was completed on February 12, 2020. The Company has represented that these properties account for 2.3 percent on a net oil equivalent barrel basis of Company’s net total proved reserves
as of the effective date. There are 105 fields associated with the properties reviewed by GLJ, and they are located in the Burgos business units in the Northern region of Mexico. 

The estimates audited by GLJ were prepared by the Company in accordance with the reserves definitions of Regulation
S-X Rule 4-10(a) of the U.S. Securities and Exchange Commission (SEC). GLJ’s third party reserves audit was prepared for public disclosure by Pemex in filings made
with the SEC in accordance with the disclosure requirements set forth in the SEC regulations. 
 4100, 400 – 3rd Ave SW Calgary, AB, Canada T2P 4H2 | tel 403-266-9500 | gljpc.com 









			
	



	  	Page 4

  

 According to the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information (SPE
auditing standards) published by the Society of Petroleum Engineers (2019), “An audit is an examination of Reserves information that is conducted for the purpose of expressing an opinion as to whether such Reserves information, in the
aggregate, is reasonable and has been estimated by qualified individuals and presented in conformity with generally accepted petroleum engineering and evaluation principles and in compliance with the relevant Reserves definitions”. 

Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a given date, by
application of development projects to known accumulations. All reserve estimates involve some degree of uncertainty. The uncertainty depends chiefly on the amount of reliable geologic and engineering data available at the time of the estimate and
the interpretation of these data. The relative degree of uncertainty may be conveyed by placing reserves into one of two principal classifications, either proved or unproved. Unproved reserves are less certain to be recovered than proved reserves
and may be further sub-classified as probable and possible reserves to denote progressively increasing uncertainty in their recoverability. At Company’s request, this report addresses only the proved
reserves attributable to the properties reviewed herein. 
 The company provided a table with their reserves estimates by field and all pertinent well and
reservoir data such as geological maps, well logs, production and injection history, drill stem tests, workovers, pressure surveys, production tests, fluid analysis, and planned development activities. The proved reserves prepared by the Company for
the properties that GLJ reviewed were estimated based on volumetric calculations, decline analysis or material balance methods or by any combination of the aforementioned methods depending on the available data and the significance of the property
within the overall corporate portfolio. 
 The economic parameters such as operating costs, capital costs, process losses, liquid yields, abandonment cost
and product pricing provided by the Company were accepted by GLJ without review or verification. Prices, operating and capital costs, including maintenance capital, were provided by the Company. 

While the oil and gas industry may be subject to regulatory changes from time to time that could affect an industry participant’s ability to recover its
reserves, we are not aware of any such governmental actions which would restrict the recovery of the effective date estimated reserves. 
 GLJ has used all
assumptions, data, procedures, and methods that it considers necessary and appropriate to prepare this report. For significant properties with performance-based assignments, GLJ reviewed the volumetric recovery to address the reasonableness of the
assignment and development activity considered by the Company. In fields with significant performance and pressure data, the Company maps and geological models were accepted, but in cases where volumetric analysis formed the primary basis for the
Company’s reserves estimate, GLJ audited Company maps in more detail, including a review of associated geophysical interpretations. 









			
	



	  	Page 5

  

 Based on our review, including the data, technical processes and interpretations presented by the Company, it
is our opinion that the overall procedures and methodologies utilized by the Company in preparing their estimates of the proved reserves as of December 31, 2019 comply with the current SEC regulations, and that the overall proved reserves for
the reviewed properties as estimated by the Company are, in the aggregate, reasonable within the established audit tolerance guidelines of 10 percent set forth in the SPE auditing standards. As in all aspects of oil and gas evaluation, there
are uncertainties inherent in the interpretation of engineering and geoscience data; therefore, our conclusions necessarily represent only informed professional judgment. 

It is trusted that this audit meets your current requirements. Should you have any questions regarding this analysis, please contact the undersigned. 

 

	
	Yours very truly,
	
	GLJ PETROLEUM CONSULTANTS LTD.
	
	




	
	Leonard L. Herchen, P. Eng.
	Vice President


 LLH/jem 
 Attachments 

 








 Page 6 
  

 INDEPENDENT PETROLEUM CONSULTANTS’ CONSENT 

The undersigned firm of Independent Petroleum Consultants of Calgary, Alberta, Canada has prepared an audit of the Pemex Exploración y
Producción (the “Company”) Mexican oil and gas properties within Block N01 and hereby gives consent to the use of its name. 
 In the
course of the audit, the Company provided GLJ Petroleum Consultants Ltd. personnel with basic information which included land data, well information, geological information, reservoir studies, estimates of
on-stream dates, contract information, current hydrocarbon product prices, operating cost data, capital budget forecasts, financial data and future operating plans. 

According to the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information (SPE auditing standards) published by the Society of
Petroleum Engineers (2019), “An audit is an examination of Reserves information that is conducted for the purpose of expressing an opinion as to whether such Reserves information, in the aggregate, is reasonable and has been estimated by
qualified individuals and presented in conformity with generally accepted petroleum engineering and evaluation principles and in compliance with the relevant Reserves definitions”. 

Based on our review, including the data, technical processes and interpretations presented by the Company, it is our opinion that the overall procedures and
methodologies utilized by the Company in preparing their estimates of the proved reserves as of December 31, 2019 comply with the current SEC regulations, and that the overall proved reserves for the reviewed properties as estimated by the
Company are, in the aggregate, reasonable within the established audit tolerance guidelines of 10 percent set forth in the SPE auditing standards. 
  

			
		 	PERMIT TO PRACTICE
		 	GLJ PETROLEUM CONSULTANTS LTD.
		
	Signature:	 	




	Date:	 	 April 15, 2020

		
		 	PERMIT NUMBER: P 2066
		 	The Association of Professional Engineers
		 	and Geoscientists of Alberta

  
 



 

  
 



 









 Page 7 
  

 INTRODUCTION 

GLJ Petroleum Consultants Ltd (GLJ) was commissioned by Pemex Exploración y Producción (the “Company”), a subsidiary of Petroleos
Mexicanos, to prepare a reserves audit of the gross (100 percent) proved reserves and net gas reserves in 105 fields in Activo Integral de Producción Bloque N01 Burgos. The effective date of the proved reserves is December 31, 2019 and
the reserves audit was completed on February 12, 2020. The Political Constitution of the United Mexican States provides that the Mexican nation owns all petroleum and other hydrocarbon reserves for these fields; however, these fields have been
assigned to and are currently operated by the Company. 
 The estimates audited by GLJ were prepared by the Company based on the definitions and disclosure
guidelines of the United States Securities and Exchange Commission contained in the Title 17, Code of Federal Regulations, Modernization of Oil and Gas Reporting, Final Rule released January 14, 2009, in the Federal Register (SEC regulations).
GLJ’s third party reserves audit was prepared for public disclosure by Pemex in filings made with the SEC in accordance with the disclosure requirements set forth in the SEC regulations. 

According to the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information (SPE auditing standards) published by the Society of
Petroleum Engineers (2019), “A Reserves audit is the process of reviewing certain of the pertinent facts interpreted and assumptions made that have resulted in an estimate of Reserves and/or Reserves information prepared by others and the
rendering of an opinion about the appropriateness of the methodologies used, the adequacy and quality of the data relied upon, the depth and thoroughness of the Reserves estimation process, the categorization of Reserves appropriate to the relevant
definitions used, and the reasonableness of the estimated Reserves quantities and/or the Reserves information.” (section 2.2 (g)). Reserves Information may consist of various estimates pertaining to the extent and value of petroleum properties.

 Based on our review, including the data, technical processes and interpretations presented by the Company, it is our opinion that the overall procedures
and methodologies utilized by the Company in preparing their estimates of the proved reserves as of December 31, 2019 comply with the current SEC regulations, and that the overall proved reserves for the reviewed properties as estimated by the
Company are, in the aggregate, reasonable within the established audit tolerance guidelines of 10 percent set forth in the SPE auditing standards. 

  
 



 









 Page 8 
  

 For the reserves and income projections, the Company stated they used unweighted arithmetic average prices in
effect at the first day of the month during the 12-month period prior to December 31, 2019 (the effective date), unless prices were defined by contractual arrangements, as required by the SEC regulations.
Reserves were estimated by the Company to the economic limit of production. The following table sets forth the total proved net after royalty reserves under constant prices and costs as estimated by the Company attributable to the properties that
GLJ reviewed are summarized below: 
 SEC PARAMETERS 

Estimated Net Proved Reserves Audited by GLJ Petroleum Consultants 

Attributable to Certain Properties - Activo Integral de Producción Bloque N01, Burgos 

As of December 31, 2019 
  

																													
	 	  	 	 	  	Gross	 	  	Plant Inlet	 	  	 	 	  	Plant	 	  	Dry	 	  	 	 
	 	  	Oil(1) 	 	  	Gas(2) 	 	  	Gas(3) 	 	  	Condensate(4)
	 	  	Liquids(5)
	 	  	Gas(6) 	 	  	BOE(7) 	 
	 Category
	  	(MMbbl)	 	  	(MMMcf)	 	  	(MMMcf)	 	  	(MMbbl)	 	  	(MMbbl)	 	  	(MMboe)	 	  	(MMboe)	 
	 Proved Developed Producing
	  	 	1.4	 	  	 	464.6	 	  	 	365.7	 	  	 	2.8	 	  	 	5.2	 	  	 	69.1	 	  	 	78.5	 
	 Proved Developed Non-Producing
	  	 	1.7	 	  	 	242.1	 	  	 	193.9	 	  	 	1.6	 	  	 	2.6	 	  	 	36.7	 	  	 	42.6	 
	 Proved Undeveloped
	  	 	3.5	 	  	 	233.3	 	  	 	193.1	 	  	 	1.7	 	  	 	2.8	 	  	 	36.4	 	  	 	44.4	 
	 Total Proved
	  	 	6.6	 	  	 	940.0	 	  	 	752.7	 	  	 	6.1	 	  	 	10.6	 	  	 	142.2	 	  	 	165.5	 

  

	(1)	 Oil is produced oil and liquids separated from gas in the field 



	(2)	 Gross Gas is gas produced before any losses for fuel use, venting, transporting or plant shrinkage, net of re-injection 



	(3)	 Plant Inlet Gas is gas volumes measured at plant inlet, that is, gas in the reservoirs to be produced after
shrinkage resulting from field separation and flaring, net of re-injection 



	(4)	 Condensate is condensate extracted during processing within a gas plant 



	(5)	 Plant Liquids are liquids other than condensate extracted during processing within a gas plant




	(6)	 Dry Gas is gas after sweetening and removal of condensate and plant liquids and adjustment for re-injection and fuel losses. Units in barrels of oil equivalent using gas conversion factors provided by the Company 



	(7)	 Barrels of oil equivalent were estimated assuming property specific ratio based on sales gas heating values
provided by the Company 


 Liquid hydrocarbons are expressed in millions of barrels (MMbbl) and gas volumes are expressed in billions of
cubic feet (MMMcf) at the official temperature and pressure bases of the areas in which the gas reserves are located. The net remaining reserves are also shown herein on an equivalent unit (BOE) basis wherein natural gas is converted to oil
equivalent barrels using a specific factor for each field. MMboe represents million barrels of oil equivalent. 
 GLJ notes that the Company has represented
that its management of the of the produced fluids ends at the inlet of the gas processing plants. The reserves estimates include estimates of oil, plant condensate, plant inlet gas, sales gas, natural gas liquids and oil equivalent totals. 

As the Company has also represented that all subsurface hydrocarbons belong to the United Mexican States, and given that the Company has also represented that
it has been assigned a 100 percent interest in the audit properties by the United Mexican States, gross and net reserves are equal. 
 The Audit
Procedure section outlines general procedures used in preparing this audit. 

  
 



 









 Page 9 
  

 SEC RESERVES DEFINITIONS 

The following definitions are excerpts from Regulation S-X 210.4-10. Portions
of these definitions within square parentheses, [   ], have been transposed from other sections of Regulation S-X 210.4-10 to improve readability. 

Resources 
 Resources are
quantities of oil and gas estimated to exist in naturally occurring accumulations. A portion of the resources may be estimated to be recoverable, and another portion may be considered to be unrecoverable. Resources include both discovered and
undiscovered accumulations. 
 Reserves 

Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a given
date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means
of delivering oil and gas or related substances to market, and all permits and financing required to implement the project. 
 Note:
Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated
from a known accumulation by a non-productive reservoir ( i.e. , absence of reservoir, structurally low reservoir, or negative test results). Such areas may contain prospective resources (i.e., potentially
recoverable resources from undiscovered accumulations). 
 Proved Oil and Gas Reserves 

Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with
reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing the
right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the
operator must be reasonably certain that it will commence the project within a reasonable time. 
  

	 	(i)	 The area of the reservoir considered as proved includes: 



 

	 	(A)	 The area identified by drilling and limited by fluid contacts, if any, and 



 

	 	(B)	 Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous
with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data. 


  

	 	(ii)	 In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known
hydrocarbons (LKH) as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty. 



 

	 	(iii)	 Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the
potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with
reasonable certainty. 



  
 



 









 Page 10 
  


	 	(iv)	 Reserves which can be produced economically through application of improved recovery techniques (including, but
not limited to, fluid injection) are included in the proved classification when: 


  

	 	(A)	 Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the
reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was
based; and 


  

	 	(B)	 The project has been approved for development by all necessary parties and entities, including governmental
entities. 


  

	 	(v)	 Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be
determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by
contractual arrangements, excluding escalations based upon future conditions. 


 Developed Oil and Gas Reserves 

Developed oil and gas reserves are reserves of any category that can be expected to be recovered: 

 

	 	(i)	 Through existing wells with existing equipment and operating methods or in which the cost of the required
equipment is relatively minor compared to the cost of a new well; and 


  

	 	(ii)	 Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if
the extraction is by means not involving a well. 


 Undeveloped Oil and Gas Reserves 

Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from existing wells
where a relatively major expenditure is required for recompletion. 
  

	 	(i)	 Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are
reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances. 



 

	 	(ii)	 Undrilled locations can be classified as having undeveloped reserves only if a development plan has been
adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances, justify a longer time. 


  

	 	(iii)	 Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an
application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir [see Other Definitions below], or by other
evidence using reliable technology establishing reasonable certainty. 


 Other Pertinent Definitions 

Analogous Reservoir 
 Analogous reservoirs, as used in
resources assessments, have similar rock and fluid properties, reservoir conditions (depth, temperature, and pressure) and drive mechanisms, but are typically at a more advanced stage of development than the reservoir of interest and thus may
provide concepts to 

  
 



 









 Page 11 
  

 assist in the interpretation of more limited data and estimation of recovery. When used to
support proved reserves, an “analogous reservoir” refers to a reservoir that shares the following characteristics with the reservoir of interest: 
  

	 	(i)	 Same geological formation (but not necessarily in pressure communication with the reservoir of interest);



  

	 	(ii)	 Same environment of deposition; 



 

	 	(iii)	 Similar geological structure; and 



 

	 	(iv)	 Same drive mechanism. 



Reasonable Certainty 
 If
deterministic methods are used, reasonable certainty means a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will
equal or exceed the estimate. A high degree of confidence exists if the quantity is much more likely to be achieved than not, and, as changes due to increased availability of geoscience (geological, geophysical, and geochemical), engineering, and
economic data are made to estimated ultimate recovery (EUR) with time, reasonably certain EUR is much more likely to increase or remain constant than to decrease. 

Reliable Technology 

Reliable technology is a grouping of one or more technologies (including computational methods) that has been field tested and has been
demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation. 

Reservoir 
 A porous and
permeable underground formation containing a natural accumulation of producible oil and/or gas that is confined by impermeable rock or water barriers and is individual and separate from other reservoirs. 

  
 



 









 Page 12 
  

 AUDIT PROCEDURE 

The following outlines the methodology employed by GLJ Petroleum Consultants (GLJ) in conducting the audit of the Company’s oil and gas proved reserves
comprising the properties mentioned above. This audit has been prepared in accordance with definitions and standards under the U.S. Financial Accounting Standard Board (FASB) policies and legal requirements of the U.S. Securities and Exchange
Commission (SEC). 
 INTEREST DESCRIPTIONS 
 The Company
provided GLJ with current land interest information. 
 The Company has represented that all subsurface hydrocarbons belong to the United Mexican States,
and that the Company has been assigned a 100 percent interest in the audited properties by the United Mexican States; therefore, gross and net reserves are equal. The cash flow and production forecasts were limited by economic limits not by a
lease expiry. 
 DATA PROVIDED 
 The company provided a
table with their reserves estimates by field. Additionally, all pertinent well, reservoir and economic data such as geological maps, well logs, production and injection history, drill stem tests, workovers, pressure surveys, production tests, fluid
analysis, planned development activities, operating expenses, capital costs, abandonment cost, process losses, liquid yields, etc., were provided by the Company. 

TECHNICAL REVIEW 
 GLJ performs a bottoms-up analysis where individual properties are audited. Auditors review historical production, well activity, mapping, pressure data -and development plans as well as the
evaluation approach used by the Company. Meetings with the Company were held to determine the Company’s view of the reservoirs and technical justification for future development. 

The proved reserves prepared by the Company for the properties that GLJ reviewed were estimated based on volumetric calculations, decline analysis or material
balance methods or by any combination of the aforementioned methods depending on the available data and the significance of the property within the overall corporate portfolio. Where possible, performance based reserve assignments were made by the
Company. For significant properties with performance based assignments, GLJ reviewed the volumetric recovery to address the reasonableness of the assignment and development activity considered by the Company. In fields with significant performance
and pressure data, the Company maps and geological models were accepted, but in cases where volumetric analysis formed the primary basis for the Company’s reserves estimate, GLJ audited Company maps in more detail, including a review of
associated geophysical interpretations. 

  
 



 









 Page 13 
  

 Data used in the audit were obtained from Company personnel and Company files. In the preparation of our
report GLJ accepted as presented, and have relied, without independent verification, upon a variety of information furnished by the Company such as interests and burdens, production, product transportation and marketing and sales agreements, capital
costs, operating expense data, and capital cost estimates. If in the course of the audit, the validity or sufficiency of any material information was brought into question, GLJ did not rely on such information until such concerns were satisfactorily
resolved. 
 The economic parameters such as operating costs, capital costs, process losses, liquid yields, abandonment cost and product pricing provided by
the company were accepted by GLJ without review or verification. Prices, operating and capital costs, including maintenance capital, were provided by the Company. 

Reserves were estimated by the Company to the economic limit of production. 

MARKETABLE PRODUCTS 
 Recoverable reserves were estimated
by the Company to the following products: 
  

			
	Oil	  	Produced oil and liquids separated from gas in the field
		
	Condensate	  	Condensate extracted during processing within a gas plant
		
	Plant Liquids	  	Liquids other than condensate extracted during processing within a gas plant
		
	Plant Inlet Gas	  	Gas volumes measured at plant inlet, that is, gas in the reservoirs to be produced after shrinkage resulting from field separation and flaring, net of re-injection
		
	Dry Gas	  	Gas after sweetening and removal of condensate and plant liquids and adjustment for re-injection and fuel losses

 GLJ note that the Company has represented to GLJ that its management of the produced fluids ends at the inlet of the gas
processing plants. 
 The Company also presented quantities of hydrocarbons in barrels of oil equivalent (boe) using its conversion factors. 

  
 



 









 Page 14 
  

 LIST OF ABBREVIATIONS 
  

			
	 AOF
	  	absolute open flow
	 bbl
	  	barrels
	 Bcf
	  	billion cubic feet of gas at standard conditions
	 BIIP
	  	bitumen initially-in-place
	 boe
	  	barrel of oil equivalent, in this evaluation determined using 6 Mcf/boe for gas, 1 bbl/boe for all liquids, and 0 boe for sulphur
	 bopd
	  	barrels of oil per day
	 Btu
	  	British thermal units
	 bwpd
	  	barrels of water per day
	 DSU
	  	drilling spacing unit
	 GCA
	  	gas cost allowance
	 GIIP
	  	gas initially-in-place
	 GOC
	  	gas-oil contact
	 GOR
	  	gas-oil ratio
	 GORR
	  	gross overriding royalty
	 GWC
	  	gas-water contact
	 Mbbl
	  	thousand barrels
	 Mboe
	  	thousand boe
	 Mcf
	  	thousand cubic feet of gas at standard conditions
	 Mcfe
	  	thousand cubic feet of gas equivalent
	 Mlt
	  	thousand long tons
	 M$
	  	thousand dollars
	 MM$
	  	million dollars
	 MMbbl
	  	million barrels
	 MMboe
	  	million boe
	 MMBtu
	  	million British thermal units
	 MMcf
	  	million cubic feet of gas at standard conditions
	 MRL
	  	maximum rate limitation
	 Mstb
	  	thousand stock tank barrels
	 MMstb
	  	million stock tank barrels
	 NGL
	  	natural gas liquids (ethane, propane, butane and condensate)
	 NPI
	  	net profits interest
	 OIIP
	  	oil initially-in-place
	 ORRI
	  	overriding royalty interest
	 OWC
	  	oil-water contact
	 P&NG
	  	petroleum and natural gas
	 PIIP
	  	petroleum initially-in-place
	 psia
	  	pounds per square inch absolute
	 psig
	  	pounds per square inch gauge
	 PVT
	  	pressure-volume-temperature
	 RLI
	  	reserves life index, calculated by dividing reserves by the forecast of first year production
	 scf
	  	standard cubic feet
	 sge
	  	sales gas equivalent – if presented in this evaluation, determined using 1 barrel of oil or natural gas liquid = 6 Mcfe; 0 for sulphur
	 stb
	  	stock tank barrel
	 WI
	  	working interest
	 WTI
	  	West Texas Intermediate


  
 



 









 Page 15 
  

 PRODUCT PRICE AND MARKET FORECASTS 

December 31, 2019 
 The Company
provided prices for oil, condensate and gas on a field basis. In the economic forecasts, the gas prices presented is the well head price in terms of sales gas. As the gas price received is assumed to include value for plant liquids, no additional
revenue is forecast for plant liquids. 

  
 



 









 Page 16 
  

 APPENDIX I 

CERTIFICATE OF QUALIFICATION 

Leonard L. Herchen 

  
 



 









 Page 17 
  

 CERTIFICATION OF QUALIFICATION 

I, Leonard L. Herchen, Professional Engineer, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify: 

 

	1.	 That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of
certain Mexican oil and gas properties of Pemex Exploración y Producción (the “Company”). The effective date of this evaluation is December 31, 2018. 



 

	2.	 That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company
or its affiliated companies. 


  

	3.	 That I attended Queen’s University and that I graduated with a Bachelor of Science Degree in Engineering
Physics in 1989; that I am a Registered Professional Engineer in the Province of Alberta; and, that I have in excess of thirty years of experience in engineering studies relating to oil and gas fields. 



 

	4.	 That a personal field inspection of the properties was not made; however, such an inspection was not considered
necessary in view of the information available from public information and records, the files of the Company, and the appropriate provincial regulatory authorities. 



 
 



 
  

  
 



 









  

 Exhibit 10.2 

(Part 3 of 3) 
 PEMEX
EXPLORACIÓN Y PRODUCCIÓN 
 RESERVES AUDIT OF 

MEXICAN OIL AND GAS PROPERTIES 

ACTIVOS INTEGRALES DE PRODUCCIÓN BLOQUES S02 & S03 

PROVED RESERVES 
 (SEC
RESERVES DEFINITIONS) 
 Effective December 31, 2019 

  
 



 









  

 RESERVES AUDIT—SEC 

TABLE OF CONTENTS 
  

					
	 	  	Page	 
		
	 COVERING LETTER
	  	 	3	 
		
	 INDEPENDENT PETROLEUM CONSULTANTS’ CONSENT
	  	 	6	 
		
	 INTRODUCTION
	  	 	7	 
		
	 RESERVES DEFINITIONS
	  	 	9	 
		
	 AUDIT PROCEDURE
	  	 	12	 
		
	 PRODUCT PRICE AND MARKET FORECASTS
	  	 	15	 
		
	 APPENDIX I
	  	 	16	 
	 Certificate of Qualification
	  			

  

  
 



 










			
	



	  	Page 3

  

 April 15, 2020 

Project 1192189 
 Ing. Francisco Javier Flamenco
López 
 Subdirector Técnico de Exploración y Producción 

Suplente por Ausencia del Director General de 
 Pemex
Exploración y Producción en términos del 
 Artículo 127 del Estatuto Orgánico de Pemex Exploración y
Producción. 
 Pemex Exploración y Producción 

Avenida Marina Nacional No. 329 
 Torre Ejecutiva, Piso 41

 Colonia Verónica Anzures 
 Alcaldía Miguel
Hidalgo 
 11300 Ciudad de México, México 
 Ing.
Francisco Javier Flamenco López: 
  

			
	Re:	 	Pemex Exploración y Producción
		 	Proved Reserves Audit – SEC Reserves Definitions
		 	Activo Integral de Producción Bloques S02 & S03
		 	 Effective December 31, 2019



 At the request of Pemex Exploración y Producción (the “Company”), a wholly owned subsidiary of
Petróleos Mexicanos (Pemex), GLJ Petroleum Consultants Ltd. (GLJ) has conducted a reserves audit of the proved reserves estimates of certain oil and gas properties owned by the United Mexican States. The effective date of the proved reserves
is December 31, 2019 and the reserves audit was completed on February 7, 2020. The Company has represented that these properties account for 7.7 percent on a net oil equivalent barrel basis of Company’s net total proved reserves
as of the effective date. There are 39 fields associated with the properties reviewed by GLJ, and they are located in the Samaria-Luna and Bellota-Jujo business units in the Southern region of Mexico. 

The estimates audited by GLJ were prepared by the Company in accordance with the reserves definitions of Regulation
S-X Rule 4-10(a) of the U.S. Securities and Exchange Commission (SEC). GLJ’s third party reserves audit was prepared for public disclosure by Pemex in filings made
with the SEC in accordance with the disclosure requirements set forth in the SEC regulations. 
  

	
	4100, 400 – 3rd Ave SW Calgary, AB, Canada T2P 4H2   |   tel 403-266-9500   |   gljpc.com










			
	



	  	Page 4

  

 According to the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information (SPE
auditing standards) published by the Society of Petroleum Engineers (2019), “An audit is an examination of Reserves information that is conducted for the purpose of expressing an opinion as to whether such Reserves information, in the
aggregate, is reasonable and has been estimated by qualified individuals and presented in conformity with generally accepted petroleum engineering and evaluation principles and in compliance with the relevant Reserves definitions”. 

Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a given date, by
application of development projects to known accumulations. All reserve estimates involve some degree of uncertainty. The uncertainty depends chiefly on the amount of reliable geologic and engineering data available at the time of the estimate and
the interpretation of these data. The relative degree of uncertainty may be conveyed by placing reserves into one of two principal classifications, either proved or unproved. Unproved reserves are less certain to be recovered than proved reserves
and may be further sub-classified as probable and possible reserves to denote progressively increasing uncertainty in their recoverability. At Company’s request, this report addresses only the proved
reserves attributable to the properties reviewed herein. 
 The company provided a table with their reserves estimates by field and all pertinent well and
reservoir data such as geological maps, well logs, production and injection history, drill stem tests, workovers, pressure surveys, production tests, fluid analysis, and planned development activities. The proved reserves prepared by the Company for
the properties that GLJ reviewed were estimated based on volumetric calculations, decline analysis or material balance methods or by any combination of the aforementioned methods depending on the available data and the significance of the property
within the overall corporate portfolio. 
 The economic parameters such as operating costs, capital costs, process losses, liquid yields, abandonment cost
and product pricing provided by the company were accepted by GLJ without review or verification. Prices, operating and capital costs, including maintenance capital, were provided by the Company. 

While the oil and gas industry may be subject to regulatory changes from time to time that could affect an industry participant’s ability to recover its
reserves, we are not aware of any such governmental actions which would restrict the recovery of the effective date estimated reserves. 
 GLJ has used all
assumptions, data, procedures, and methods that it considers necessary and appropriate to prepare this report. For significant properties with performance-based assignments, GLJ reviewed the volumetric recovery to address the reasonableness of the
assignment and development activity considered by the Company. In fields with significant performance and pressure data, the Company maps and geological models were accepted, but in cases where volumetric analysis formed the primary basis for the
Company’s reserves estimate, GLJ audited Company maps in more detail, including a review of associated geophysical interpretations. 









			
	



	  	Page 5

  

 Based on our review, including the data, technical processes and interpretations presented by the Company, it
is our opinion that the overall procedures and methodologies utilized by the Company in preparing their estimates of the proved reserves as of December 31, 2019 comply with the current SEC regulations, and that the overall proved reserves for
the reviewed properties as estimated by the Company are, in the aggregate, reasonable within the established audit tolerance guidelines of 10 percent set forth in the SPE auditing standards. As in all aspects of oil and gas evaluation, there
are uncertainties inherent in the interpretation of engineering and geoscience data; therefore, our conclusions necessarily represent only informed professional judgment. 

It is trusted that this audit meets your current requirements. Should you have any questions regarding this analysis, please contact the undersigned. 

 

	
	Yours very truly,
	
	GLJ PETROLEUM CONSULTANTS LTD.
	
	




	Leonard L. Herchen, P. Eng.
	Vice President


 LLH/jem 
 Attachments 

 








 Page 6 
  

 INDEPENDENT PETROLEUM CONSULTANTS’ CONSENT 

The undersigned firm of Independent Petroleum Consultants of Calgary, Alberta, Canada has prepared an audit of the Pemex Exploración y
Producción (the “Company”) Mexican oil and gas properties within Blocks S02 and S03 and hereby gives consent to the use of its name. 

In the course of the audit, the Company provided GLJ Petroleum Consultants Ltd. personnel with basic information which included land data, well information,
geological information, reservoir studies, estimates of on-stream dates, contract information, current hydrocarbon product prices, operating cost data, capital budget forecasts, financial data and future
operating plans. 
 According to the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information (SPE auditing standards)
published by the Society of Petroleum Engineers (2019), “An audit is an examination of Reserves information that is conducted for the purpose of expressing an opinion as to whether such Reserves information, in the aggregate, is reasonable and
has been estimated by qualified individuals and presented in conformity with generally accepted petroleum engineering and evaluation principles and in compliance with the relevant Reserves definitionss”. 

Based on our review, including the data, technical processes and interpretations presented by the Company, it is our opinion that the overall procedures and
methodologies utilized by the Company in preparing their estimates of the proved reserves as of December 31, 2019 comply with the current SEC regulations, and that the overall proved reserves for the reviewed properties as estimated by the
Company are, in the aggregate, reasonable within the established audit tolerance guidelines of 10 percent set forth in the SPE auditing standards. 
  

			
	PERMIT TO PRACTICE
	GLJ PETROLEUM CONSULTANTS LTD.
		
	  
 Signature:
	 	 




  



			
		
	Date:	 	 April 15, 2020

	
	PERMIT NUMBER: P 2066
	The Association of Professional Engineers
	and Geoscientists of Alberta

  
 



 

  
 



 









 Page 7 
  

 INTRODUCTION 

GLJ Petroleum Consultants Ltd (GLJ) was commissioned by Pemex Exploración y Producción (the “Company”), a subsidiary of Petroleos
Mexicanos, to prepare a reserves audit of the gross (100 percent) proved reserves and net gas reserves in 39 fields in the Activos Integrales de Producción Bloques S02 & S03. The effective date of the proved reserves is December 31,
2019 and the reserves audit was completed on February 7, 2020. The Political Constitution of the United Mexican States provides that the Mexican nation owns all petroleum and other hydrocarbon reserves for these fields; however, these fields
have been assigned to and are currently operated by the Company. 
 The estimates audited by GLJ were prepared by the Company based on the definitions and
disclosure guidelines of the United States Securities and Exchange Commission contained in the Title 17, Code of Federal Regulations, Modernization of Oil and Gas Reporting, Final Rule released January 14, 2009, in the Federal Register (SEC
regulations). GLJ’s third party reserves audit was prepared for public disclosure by Pemex in filings made with the SEC in accordance with the disclosure requirements set forth in the SEC regulations. 

According to the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information (SPE auditing standards) published by the Society of
Petroleum Engineers (2019), “A Reserves audit is the process of reviewing certain of the pertinent facts interpreted and assumptions made that have resulted in an estimate of Reserves and/or Reserves information prepared by others and the
rendering of an opinion about the appropriateness of the methodologies used, the adequacy and quality of the data relied upon, the depth and thoroughness of the Reserves estimation process, the categorization of Reserves appropriate to the relevant
definitions used, and the reasonableness of the estimated Reserves quantities and/or the Reserves information.” (section 2.2 (g)). Reserves Information may consist of various estimates pertaining to the extent and value of petroleum properties.

 Based on our review, including the data, technical processes and interpretations presented by the Company, it is our opinion that the overall procedures
and methodologies utilized by the Company in preparing their estimates of the proved reserves as of December 31, 2019 comply with the current SEC regulations, and that the overall proved reserves for the reviewed properties as estimated by the
Company are, in the aggregate, reasonable within the established audit tolerance guidelines of 10 percent set forth in the SPE auditing standards. 

  
 



 









 Page 8 
  

 For the reserves and income projections, the Company stated they used unweighted arithmetic average prices in
effect at the first day of the month during the 12-month period prior to December 31, 2019 (the effective date), unless prices were defined by contractual arrangements, as required by the SEC regulations.
Reserves were estimated by the Company to the economic limit of production. The following table sets forth the total proved net after royalty reserves under constant prices and costs as estimated by the Company attributable to the properties that
GLJ reviewed are summarized below: 
 SEC PARAMETERS 

Estimated Net Proved Reserves Audited by GLJ Petroleum Consultants 

Attributable to Certain Properties - Activos Integrales de Producción Bloques S02 Samaria-Luna & S03 Bellota-Jujo 

As of December 31, 2019 
  

																													
	 Category
	  	Oil(1)
(MMbbl)	 	  	Gross
Gas(2)
(MMMcf)	 	  	Plant Inlet
Gas(3)
(MMMcf)	 	  	Condensate(4)
(MMbbl)	 	  	Plant
Liquids(5)
(MMbbl)	 	  	Dry
Gas(6)
(MMboe)	 	  	BOE(7)
(MMboe)	 
	 Proved Developed Producing
	  	 	164.9	 	  	 	437.1	 	  	 	429.7	 	  	 	1.5	 	  	 	32.3	 	  	 	68.6	 	  	 	267.3	 
	 Proved Developed Non-Producing
	  	 	97.9	 	  	 	216.6	 	  	 	211.8	 	  	 	1.0	 	  	 	15.8	 	  	 	33.9	 	  	 	148.6	 
	 Proved Undeveloped
	  	 	84.6	 	  	 	228.2	 	  	 	225.3	 	  	 	0.8	 	  	 	16.8	 	  	 	36.0	 	  	 	138.2	 
	 Total Proved
	  	 	347.5	 	  	 	881.8	 	  	 	866.8	 	  	 	3.3	 	  	 	64.8	 	  	 	138.5	 	  	 	554.1	 

 Notes 
  

	(1)	 Oil is produced oil and liquids separated from gas in the field 



	(2)	 Gross Gas is gas produced before any losses for fuel use, venting, transporting or plant shrinkage, net of re-injection 



	(3)	 Plant Inlet Gas is gas volumes measured at plant inlet, that is, gas in the reservoirs to be produced after
shrinkage resulting from field separation and flaring, net of re-injection 



	(4)	 Condensate is condensate extracted during processing within a gas plant 



	(5)	 Plant Liquids are liquids other than condensate extracted during processing within a gas plant




	(6)	 Dry Gas is gas after sweetening and removal of condensate and plant liquids and adjustment for re-injection and fuel losses. Units in barrels of oil equivalent using gas conversion factors provided by the Company 



	(7)	 Barrels of oil equivalent were estimated assuming property specific ratio based on sales gas heating values
provided by the Company 


 Liquid hydrocarbons are expressed in millions of barrels (MMbbl) and gas volumes are expressed in billions of
cubic feet (MMMcf) at the official temperature and pressure bases of the areas in which the gas reserves are located. The net remaining reserves are also shown herein on an equivalent unit (BOE) basis wherein natural gas is converted to oil
equivalent barrels using a specific factor for each field. MMboe represents million barrels of oil equivalent. 
 GLJ notes that the Company has represented
that its management of the of the produced fluids ends at the inlet of the gas processing plants. The reserves estimates include estimates of oil, plant condensate, plant inlet gas, sales gas, natural gas liquids and oil equivalent totals. 

As the Company has also represented that all subsurface hydrocarbons belong to the United Mexican States, and given that the Company has also represented that
it has been assigned a 100 percent interest in the audit properties by the United Mexican States, gross and net reserves are equal. 
 The Audit
Procedure section outlines general procedures used in preparing this audit. 

  
 



 









 Page 9 
  

 SEC RESERVES DEFINITIONS 

The following definitions are excerpts from Regulation S-X 210.4-10. Portions
of these definitions within square parentheses, [ ], have been transposed from other sections of Regulation S-X 210.4-10 to improve readability. 

Resources 
 Resources are
quantities of oil and gas estimated to exist in naturally occurring accumulations. A portion of the resources may be estimated to be recoverable, and another portion may be considered to be unrecoverable. Resources include both discovered and
undiscovered accumulations. 
 Reserves 

Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a given
date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means
of delivering oil and gas or related substances to market, and all permits and financing required to implement the project. 
 Note:
Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated
from a known accumulation by a non-productive reservoir ( i.e. , absence of reservoir, structurally low reservoir, or negative test results). Such areas may contain prospective resources (i.e., potentially
recoverable resources from undiscovered accumulations). 
 Proved Oil and Gas Reserves 

Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with
reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing the
right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the
operator must be reasonably certain that it will commence the project within a reasonable time. 
  

	 	(i)	 The area of the reservoir considered as proved includes: 



 

	 	(A)	 The area identified by drilling and limited by fluid contacts, if any, and 



 

	 	(B)	 Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous
with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data. 


  

	 	(ii)	 In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known
hydrocarbons (LKH) as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty. 



 

	 	(iii)	 Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the
potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with
reasonable certainty. 



  
 



 









 Page 10 
  


	 	(iv)	 Reserves which can be produced economically through application of improved recovery techniques (including, but
not limited to, fluid injection) are included in the proved classification when: 


  

	 	(A)	 Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the
reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was
based; and 


  

	 	(B)	 The project has been approved for development by all necessary parties and entities, including governmental
entities. 


  

	 	(v)	 Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be
determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by
contractual arrangements, excluding escalations based upon future conditions. 


 Developed Oil and Gas Reserves

 Developed oil and gas reserves are reserves of any category that can be expected to be recovered: 

 

	 	(i)	 Through existing wells with existing equipment and operating methods or in which the cost of the required
equipment is relatively minor compared to the cost of a new well; and 


  

	 	(ii)	 Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if
the extraction is by means not involving a well. 


 Undeveloped Oil and Gas Reserves 

Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from
existing wells where a relatively major expenditure is required for recompletion. 
  

	 	(i)	 Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are
reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances. 



 

	 	(ii)	 Undrilled locations can be classified as having undeveloped reserves only if a development plan has been
adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances, justify a longer time. 


  

	 	(iii)	 Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an
application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir [see Other Definitions below], or by other
evidence using reliable technology establishing reasonable certainty. 


 Other Pertinent Definitions 

Analogous Reservoir 

Analogous reservoirs, as used in resources assessments, have similar rock and fluid properties, reservoir conditions (depth, temperature, and
pressure) and drive mechanisms, but are typically at a more advanced stage of development than the reservoir of interest and thus may provide concepts to assist in the interpretation of more limited data and estimation of recovery. When used to
support proved reserves, an “analogous reservoir” refers to a reservoir that shares the following characteristics with the reservoir of interest: 

  
 



 









 Page 11 
  


	 	(i)	 Same geological formation (but not necessarily in pressure communication with the reservoir of interest);



  

	 	(ii)	 Same environment of deposition; 



 

	 	(iii)	 Similar geological structure; and 



 

	 	(iv)	 Same drive mechanism. 



Reasonable Certainty 
 If
deterministic methods are used, reasonable certainty means a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will
equal or exceed the estimate. A high degree of confidence exists if the quantity is much more likely to be achieved than not, and, as changes due to increased availability of geoscience (geological, geophysical, and geochemical), engineering, and
economic data are made to estimated ultimate recovery (EUR) with time, reasonably certain EUR is much more likely to increase or remain constant than to decrease. 

Reliable Technology 

Reliable technology is a grouping of one or more technologies (including computational methods) that has been field tested and has been
demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation. 

Reservoir 
 A porous and
permeable underground formation containing a natural accumulation of producible oil and/or gas that is confined by impermeable rock or water barriers and is individual and separate from other reservoirs. 

  
 



 









 Page 12 
  

 AUDIT PROCEDURE 

The following outlines the methodology employed by GLJ Petroleum Consultants (GLJ) in conducting the audit of the Company’s oil and gas proved reserves
comprising the properties mentioned above. This audit has been prepared in accordance with definitions and standards under the U.S. Financial Accounting Standard Board (FASB) policies and legal requirements of the U.S. Securities and Exchange
Commission (SEC). 
 INTEREST DESCRIPTIONS 
 The Company
provided GLJ with current land interest information. 
 The Company has represented that all subsurface hydrocarbons belong to the United Mexican States,
and that the Company has been assigned a 100 percent interest in the audited properties by the United Mexican States; therefore, gross and net reserves are equal. The cash flow and production forecasts were limited by economic limits not by a
lease expiry. 
 DATA PROVIDED 
 The company provided a
table with their reserves estimates by field. Additionally, all pertinent well, reservoir and economic data such as geological maps, well logs, production and injection history, drill stem tests, workovers, pressure surveys, production tests, fluid
analysis, planned development activities, operating expenses, capital costs, abandonment cost, process losses, liquid yields, etc., were provided by the Company. 

TECHNICAL REVIEW 
 GLJ performs a bottoms-up analysis where individual properties are audited. Auditors review historical production, well activity, mapping, pressure data-and development plans as well as the
evaluation approach used by the Company. Meetings with the Company were held to determine the Company’s view of the reservoirs and technical justification for future development. 

The proved reserves prepared by the Company for the properties that GLJ reviewed were estimated based on volumetric calculations, decline analysis or material
balance methods or by any combination of the aforementioned methods depending on the available data and the significance of the property within the overall corporate portfolio. Where possible, performance based reserve assignments were made by the
Company. For significant properties with performance based assignments, GLJ reviewed the volumetric recovery to address the reasonableness of the assignment and development activity considered by the Company. In fields with significant performance
and pressure data, the Company maps and geological models were accepted, but in cases where volumetric analysis formed the primary basis for the Company’s reserves estimate, GLJ audited Company maps in more detail, including a review of
associated geophysical interpretations. 

  
 



 









 Page 13 
  

 Data used in the audit were obtained from Company personnel and Company files. In the preparation of our
report GLJ accepted as presented, and have relied, without independent verification, upon a variety of information furnished by the Company such as interests and burdens, production, product transportation and marketing and sales agreements, capital
costs, operating expense data, and capital cost estimates. If in the course of the audit, the validity or sufficiency of any material information was brought into question, GLJ did not rely on such information until such concerns were satisfactorily
resolved. 
 The economic parameters such as operating costs, capital costs, process losses, liquid yields, abandonment cost and product pricing provided by
the company were accepted by GLJ without review or verification. Prices, operating and capital costs, including maintenance capital, were provided by the Company. 

Reserves were estimated by the Company to the economic limit of production. 

MARKETABLE PRODUCTS 
 Recoverable reserves were estimated
by the Company to the following products: 
  

			
		
	 Oil
	  	Produced oil and liquids separated from gas in the field
		
	 Condensate
	  	Condensate extracted during processing within a gas plant
		
	 Plant Liquids
	  	Liquids other than condensate extracted during processing within a gas plant
		
	 Plant Inlet Gas
	  	Gas volumes measured at plant inlet, that is, gas in the reservoirs to be produced after shrinkage resulting from field separation and flaring, net of re-injection
		
	 Dry Gas
	  	Gas after sweetening and removal of condensate and plant liquids and adjustment for re-injection and fuel losses

 GLJ note that the Company has represented to GLJ that its management of the produced fluids ends at the inlet of the gas
processing plants. 
 The Company also presented quantities of hydrocarbons in barrels of oil equivalent (boe) using its conversion factors. 

  
 



 









 Page 14 
  

 LIST OF ABBREVIATIONS 
  

			
	 AOF
	  	absolute open flow
	 bbl
	  	barrels
	 Bcf
	  	billion cubic feet of gas at standard conditions
	 BIIP
	  	bitumen initially-in-place
	 boe
	  	barrel of oil equivalent, in this evaluation determined using 6 Mcf/boe for gas, 1 bbl/boe for all liquids, and 0 boe for sulphur
	 bopd
	  	barrels of oil per day
	 Btu
	  	British thermal units
	 bwpd
	  	barrels of water per day
	 DSU
	  	drilling spacing unit
	 GCA
	  	gas cost allowance
	 GIIP
	  	gas initially-in-place
	 GOC
	  	gas-oil contact
	 GOR
	  	gas-oil ratio
	 GORR
	  	gross overriding royalty
	 GWC
	  	gas-water contact
	 Mbbl
	  	thousand barrels
	 Mboe
	  	thousand boe
	 Mcf
	  	thousand cubic feet of gas at standard conditions
	 Mcfe
	  	thousand cubic feet of gas equivalent
	 Mlt
	  	thousand long tons
	 M$
	  	thousand dollars
	 MM$
	  	million dollars
	 MMbbl
	  	million barrels
	 MMboe
	  	million boe
	 MMBtu
	  	million British thermal units
	 MMcf
	  	million cubic feet of gas at standard conditions
	 MRL
	  	maximum rate limitation
	 Mstb
	  	thousand stock tank barrels
	 MMstb
	  	million stock tank barrels
	 NGL
	  	natural gas liquids (ethane, propane, butane and condensate)
	 NPI
	  	net profits interest
	 OIIP
	  	oil initially-in-place
	 ORRI
	  	overriding royalty interest
	 OWC
	  	oil-water contact
	 P&NG
	  	petroleum and natural gas
	 PIIP
	  	petroleum initially-in-place
	 psia
	  	pounds per square inch absolute
	 psig
	  	pounds per square inch gauge
	 PVT
	  	pressure-volume-temperature
	 RLI
	  	reserves life index, calculated by dividing reserves by the forecast of first year production
	 scf
	  	standard cubic feet
	 sge
	  	sales gas equivalent – if presented in this evaluation, determined using 1 barrel of oil or natural gas liquid = 6 Mcfe; 0 for sulphur
	 stb
	  	stock tank barrel
	 WI
	  	working interest
	 WTI
	  	West Texas Intermediate


  
 



 









 Page 15 
  

 PRODUCT PRICE AND MARKET FORECASTS 

December 31, 2019 
 The Company
provided prices for oil, condensate and gas on a field basis. In the economic forecasts, the gas prices presented is the well head price in terms of sales gas. As the gas price received is assumed to include value for plant liquids, no additional
revenue is forecast for plant liquids. 

  
 



 









 Page 16 
  

 APPENDIX I 

CERTIFICATE OF QUALIFICATION 

Leonard L. Herchen 

  
 



 









 Page 17 
  

 CERTIFICATION OF QUALIFICATION 

I, Leonard L. Herchen, Professional Engineer, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify: 

 

	1.	 That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of
certain Mexican oil and gas properties of Pemex Exploración y Producción (the “Company”). The effective date of this evaluation is December 31, 2019. 



 

	2.	 That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company
or its affiliated companies. 


  

	3.	 That I attended Queen’s University and that I graduated with a Bachelor of Science Degree in Engineering
Physics in 1989; that I am a Registered Professional Engineer in the Province of Alberta; and, that I have in excess of thirty years of experience in engineering studies relating to oil and gas fields. 



 

	4.	 That a personal field inspection of the properties was not made; however, such an inspection was not considered
necessary in view of the information available from public information and records, the files of the Company, and the appropriate provincial regulatory authorities.