• 1 min OPEC, Russia Said To Announce Oil Pact Extension On Nov 30
  • 3 hours Wintershall And LetterOne In Talks For $12B Oil, Gas Merger
  • 5 hours India Exempts State Oil Firms Mergers From Competition Approval
  • 7 hours Turkey Targets $5B Investment In Wind Energy By End-2017
  • 9 hours Weatherford Looks To Sell Assets To Ease Some Of $8B Debt
  • 10 hours OPEC Set To Move Fast On Cut Extension Decision
  • 12 hours Nigeria Makes First Step Away From Oil
  • 1 day Russia Approves Profit-Based Oil Tax For 2019
  • 1 day French Strike Disrupts Exxon And Total’s Oil Product Shipments
  • 1 day Kurdistan’s Oil Exports Still Below Pre-Conflict Levels
  • 1 day Oil Production Cuts Taking A Toll On Russia’s Economy
  • 1 day Aramco In Talks With Chinese Petrochemical Producers
  • 1 day Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 2 days Maduro Names Chavez’ Cousin As Citgo Boss
  • 2 days Bidding Action Heats Up In UK’s Continental Shelf
  • 2 days Keystone Pipeline Restart Still Unknown
  • 2 days UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 2 days Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 2 days Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 2 days German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 2 days Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 3 days Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 3 days Oil Prices Rise After API Reports Major Crude Draw
  • 3 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 3 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 3 days Statoil Looks To Lighter Oil To Boost Profitability
  • 3 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 3 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 3 days Whitefish Energy Suspends Work In Puerto Rico
  • 4 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 4 days Thanksgiving Gas Prices At 3-Year High
  • 4 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 4 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 4 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 4 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 4 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 5 days ConocoPhillips Sets Price Ceiling For New Projects
  • 7 days Shell Oil Trading Head Steps Down After 29 Years
  • 7 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 7 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
The 10 Most Influential Oil Countries

The 10 Most Influential Oil Countries

The world’s largest oil-exporting countries…

Pemex Is Looking For Partners In New Deepwater JV

Offshore

Mexico’s energy giant Pemex is looking for partners for the development of two oil and gas-rich areas in the Gulf of Mexico, Maximino and Nobilis, unnamed sources have told Reuters. A spokesperson for the company confirmed that Pemex is in search for a partner, adding that the board will review the proposal.

If the board approves it, Pemex will approach the country’s oil and gas regulator to gain approval for the launch of a tender. Winners, according to the Reuters sources, could be announced in December. They will work with Pemex under the so-called farm-out contracts, which the Mexican government devised as part of efforts to attract more foreign investments for its energy industry after breaking down Pemex’s monopoly.

Under Mexico’s farm-out contract, the energy regulator is the one that chooses which foreign company will develop which field, rather than Pemex, which would usually be the case with farm-out contracts.

Mexico opened up its energy industry for private investment a couple of years ago, and last fall it held its first large-scale tender, offering 10 oil and gas blocks in the Gulf of Mexico. Among the winners were Chevron, Exxon, Total, Statoil, BP, and CNOOC.

With Pemex’s monopoly now over after 75 long years, the auction will help to revitalize Mexico’s energy industry with an influx of fresh investments. As a result, the US Energy Information Administration has upped Mexico’s 2040 oil and gas production forecast by 76 percent.

Related: Reeling From Low Oil Prices, Saudis Look To Freeze Megaprojects

This, however, will only happen if the government holds more tenders. Last month, the National Hydrocarbons Commission warned that crude oil reserves fell by a tenth between 2015 and 2016, to 9.16 billion barrels. Since 2013, the decline has been more substantial, at 34 percent.

The head of the energy regulator, Hector Acosta, said along with the announcement that more new drilling is necessary, otherwise what remains of the country’s recoverable reserves will run out in less than nine years.

By Irina Slav 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