• 4 minutes Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 7 minutes China Faces Economic Collapse
  • 13 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 15 minutes Iran in the world market
  • 18 minutes Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 2 hours USA Wants Iran War -- Shooty Shooty More
  • 3 hours Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 2 mins Experts review drone damage . Say Saudis need to do a lot of explaining.
  • 9 hours USA : Attack came from 'Iranian soil'. Pompeo to release 'evidence'.
  • 15 hours Never Bring A Rapier To A Gun Fight
  • 3 hours Yawn... Parliament Poised to Force Brexit Delay Until Jan. 31
  • 18 hours Bahrain - U.S.: Signed Deal To Buy Patriot Missiles
  • 20 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 19 hours Trump Will Win In 2020 And Beyond..?
  • 20 hours How OPEC and OECD play their role in setting oil price in light of Iranian oil sanction ?? Does the world agree with Iran's oil sanctions ???
  • 18 hours Democrats and Gun Views
Oil Demand Destruction: A Trade War Reality

Oil Demand Destruction: A Trade War Reality

The demand-side shock of the…

Is The Car Industry Facing A Crisis?

Is The Car Industry Facing A Crisis?

India’s car sales have plunged…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

PEMEX Approved To Explore New Deepwater Block

Offshore

PEMEX received regulatory approval to explore a new deepwater block on Tuesday, but with the condition that the state-owned oil giant seek a private partner that would eventually operate the new allotment, according to a new report by Reuters.

Government estimates say the new block, named the Chachiquin area, could pump 80,000 barrels per day at its peak. It’s located next to PEMEX’s Nobilis-Maximino block, for which the company is also looking for a development partner.

Development at Chachiquin, which is slated to be Mexico’s third deepwater joint venture, will not begin until 2024, PEMEX says.

"It's incredibly important for the country to move forward with deep water projects," said Hector Moriera of the National Hydrocarbon Commission. Roughly half of Mexico's prospective oil resources are offshore. "That's where much our country's oil future lies,” the commissioner added.

Five wells drilled in the Nobilis-Maximino block show up to 500 million barrels of reserves. PEMEX chairmen approved an auction to find a suitable partner to develop the field last month. They hope to finalize a deal with a foreign company by the end of 2017.

Joint ventures with private multinationals are new for Mexico. The entrance of foreign players in the oil-rich country comes after a wave of economic liberalization policies spearheaded by President Enrique Nieto in 2013. The goal of the initiative was to reverse the decline in the nation’s oil production and encourage green energy initiatives by ending the monopoly of Petróleos Mexicanos, or PEMEX, in the fossil fuel sector and opening up opportunities for foreign direct investment.

The reform also included a liberalization of fuel prices, which sparked widespread protests among the population earlier this year and brought the President’s popularity ratings to record lows.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play