• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 1 min Which producers will shut in first?
  • 2 hours The Most Annoying Person You Have Encountered During Lockdown
  • 16 hours Saudi Aramco struggling to raise money for this year's dividend of $75 billion. Now trying to sell their pipelines for $10 billion.
  • 8 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 13 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 8 hours How to Create a Pandemic
  • 7 hours Breaking News - Strategic Strikes on Chinese Troll Farms
  • 2 hours Death Match: Climate Change vs. Coronavirus
  • 13 hours A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 9 hours Where's the storage?
  • 12 hours KSA taking Missiles from ?
Saudi Arabia Is Ignoring U.S. Pressure

Saudi Arabia Is Ignoring U.S. Pressure

Saudi Arabia is unlikely to…

Is Oil Heading To $10?

Is Oil Heading To $10?

As Saudi Arabia continues to…

Pemex, Talos Strike Deal To Evaluate Overlap Of Two Blocks

pipelines

Mexico’s state energy company Pemex and a consortium led by U.S. Talos Energy have agreed to evaluate whether a field discovered by Talos in the Gulf of Mexico extends into a neighboring block, where the exploration rights belong to Pemex, a joint statement of the companies said.

The evaluation will continue for two years. It is the first deal of this kind for the Mexican state oil company.

The Talos-led consortium recently made headlines again as the newly elected Mexican government began a review of oil contracts that president-elect Andres Manuel Lopez Obrador pledged on the campaign trail.

Talos Energy holds 45 percent in the venture, which also involves Premier Oil with 10 percent and Mexican independent Sierra Oil & Gas, with 45 percent. The chief executive of the Mexican company welcomed the review.

“They should check everything,” Ivan Sandrea told Reuters. “Along with the entire industry, I’m most interested that they clear up all of their thoughts that there was manipulation.”

The consortium was among the winners of exploration rights to Mexican oil and gas blocks in the first tender of Enrique Pena Nieto’s government. It won the rights to two blocks and later announced a discovery that could hold 1.2 to 1.8 billion barrels of crude in Mexico’s shallow waters.

No wonder then, that Pemex wants to know if some of these barrels are part of its block. According to the statement, the consortium and Pemex will immediately form a working group “with the objectives of maximizing operational and informational efficiencies, defining activities on each tract that optimize the collection of data in the area, and reducing any potential hazards, all to maximize the benefits for México.”

The President-elect has big plans for Mexico’s oil, chief among them an increase in production. However, this will be delayed as all oil and gas tenders have been temporarily suspended until the contract review is completed.

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