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Mexico Says OPEC Has Not Approached It For Deal Extension

Mexico

OPEC has not yet approached Mexico to discuss the possibility of extending the oil production cut deal sealed last November, Mexico’s deputy energy minister Aldo Flores told Reuters. Mexico was one of the ten non-OPEC producers that agreed to join the cut in December 2016.

Yesterday, OPEC’s Secretary General Mohammad Barkindo told reporters at the Oil & Money conference in London that the platform of 24 countries should be made permanent, and that it would be discussed at the November 30 meeting in Vienna.

Flores added that Mexican officials will not travel to Vienna for the November OPEC meeting, as this meeting is strictly for OPEC members. Talk about extending the agreement beyond the March 2018 deadline has intensified during the last few weeks as the meeting’s date draws near, but nothing is yet certain.

Mexico pumped 1.73 million bpd last month, down by a tenth from August, as tropical storms and a major earthquake disrupted supply. The state oil company, Pemex, still plans to produce an average 1.94 million bpd for the year.

Mexico is currently busy preparing to start building a 30-day crude oil and gasoline stock as part of its application to join the International Energy Agency. The candidacy needs to be approved by the Senate.

Meanwhile, the government is preparing to hold another tender of oil and gas blocks in 2018, in addition to two announced earlier. The first one will take place in January and will focus on deepwater blocks.

Related: Are Combustion Engines Reaching Peak Demand?

The second one will offer shallow-water blocks and is scheduled for March. The third tender will offer onshore, conventional deposits, the head of the country’s National Hydrocarbons Commission, Juan Carlos Zepeda, said at a recent event. It should take place before the end of June.

A fourth tender is also being considered, which will focus on non-conventional oil and gas deposits as Mexico is eager to boost its oil and gas production to catch up with quickly growing demand.

Since the passing of an energy reform back in 2013, the NHC has held eight tenders, which have resulted in 72 licenses for 60 companies. The total investments seen to enter the Mexican economy through these licenses are estimated at US$61 billion.

By Irina Slav for Oilprice.com

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