About

Number of years practice:

25

Principal practice areas:

Energy, Finance, Infrastructure, Real Estate

Bar admissions:

Mexico, State Bar of Texas Foreign Legal Consultant

Languages spoken:

English, Spanish Manuel Vera heads up the firm’s Latin America practice. As such, he is the ‘go-to’ lawyer at Bracewell in any deals involving Latin America. There is not a major Latin American transaction or dispute handled by Bracewell that Vera has not had a leading or advisory role. He has an outstanding specialisation in, and knowledge of, Mexico and a clear and thorough understanding of the local laws and complex geopolitical realities.

Led by Vera, Bracewell’s Mexico team is comprised of leading energy lawyers in Houston and London and is one of the few law firms that have been involved in all aspects of this liberalization process stated above. Recent representations include assisting clients with pre-qualification and bid auction processes; advising clients on proposed M&A transactions, including ‘swap’ transactions involving multiple PSCs; advising on the procurement process for the tender and subsequent negotiation of several contract packages, including drilling rig, drilling services, transport and installation and logistics; assisting clients with project development activities; and advising the borrower on the first upstream debt financing in Mexico to close since Mexico passed its constitutional reforms.

What differentiates your Mexico-facing practice from those of your US competitors and peers?

Although oil and gas exploration and production in Mexico has over 75 years of history, for most of that period the Mexican market was closed to private investment. In late 2013, Mexico de-nationalized its oil, gas and power industry and invited international companies to participate for the first time in the country’s history following the enactment of comprehensive legal reforms.

Prior to the 2013 constitutional reforms, the sole market producer was Mexico’s state-owned oil and gas company, Pemex Exploración y Producción (‘Pemex’). Since the reforms, international investment in Mexico has gained momentum and the oil and gas industry has quickly become competitive as international companies seek to take part in developing the country’s considerable hydrocarbon reserves. Demand has been high, with companies that meet pre-qualification criteria able to bid for blocks awarded directly by the Mexican State, or to participate through contractual arrangements with Pemex.

There are a wide range of possible investments for international oil and gas companies in Mexico. Opportunities exist for producing both conventional and unconventional resources, and are onshore and offshore in both shallow and deep water. Development is potentially aided by an existing infrastructure network for transportation and processing.

Multiple auction rounds have been successfully held. Oil and gas resources are identified by Mexico’s Ministry of Energy (Secretaría de Energía) (‘SENER’) before they are presented for open bidding by Mexico’s Comisión Nacional de Hidrocarburos (‘CNH’). SENER establishes the type of exploration and production contract to be awarded in the bid process. At the conclusion of the bid process, contracts are entered into between the winning company or consortium and CNH, on behalf of the Mexican State, and CNH continues to manage and supervise contracts after they have been awarded.

What are the advantages and disadvantages of advising Mexico-based clients from an office in the United States?

Being a Mexican lawyer is among the advantages; I know the culture and the needs of Mexican companies, how they want to be treated and what they are looking for and having the support of a US based law firm with global presence, we can provide first class service. A disadvantage is perhaps the distance and not being able to provide personal service while being present in Mexico all the time, but with the technology tools we have, that disadvantage is not material.

What changes in the commercial and/or legal market do you anticipate in the 12 months ahead in Mexico?

Mexico is going through difficult times with the new administration under President Andres Manuel López Obrador. We expect certain regulations to change that may restrict or limit foreign investment in Mexico in certain industries. We also expect some economic challenges that may cause tax increases and growth of public debt.

What influence will legal technology have on US/Mexico working practices in the future?

I think that will have a material influence. I have been practicing for more than twenty years and new technologies in the legal industry have changed our practice. From virtual meetings (go to meetings, etc) to electronic records systems, law firms have made huge investments to increase their efficiency.

What is your perception of in-house counsel’s priorities in terms of client service when working with US-based law firms?

Delivering first class service, being responsive and available all the time, providing cost-effective services, and complying with budgets.