• 25 mins Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 2 hours Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 3 hours Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 hours OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 5 hours London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 7 hours Rosneft Signs $400M Deal With Kurdistan
  • 9 hours Kinder Morgan Warns About Trans Mountain Delays
  • 15 hours India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 20 hours Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 1 day Russia, Saudis Team Up To Boost Fracking Tech
  • 1 day Conflicting News Spurs Doubt On Aramco IPO
  • 1 day Exxon Starts Production At New Refinery In Texas
  • 1 day Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 2 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 2 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 2 days China To Take 5% Of Rosneft’s Output In New Deal
  • 2 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 2 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 2 days VW Fails To Secure Critical Commodity For EVs
  • 2 days Enbridge Pipeline Expansion Finally Approved
  • 2 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 2 days OPEC Oil Deal Compliance Falls To 86%
  • 3 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 3 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 3 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 3 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 3 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 3 days Aramco Says No Plans To Shelve IPO
  • 6 days Trump Passes Iran Nuclear Deal Back to Congress
  • 6 days Texas Shutters More Coal-Fired Plants
  • 6 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 6 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 6 days Chevron Quits Australian Deepwater Oil Exploration
  • 7 days Europe Braces For End Of Iran Nuclear Deal
  • 7 days Renewable Energy Startup Powering Native American Protest Camp
  • 7 days Husky Energy Set To Restart Pipeline
  • 7 days Russia, Morocco Sign String Of Energy And Military Deals
  • 7 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 7 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 7 days India Needs Help To Boost Oil Production
Kuwaiti Minister: OPEC Deal Extension May Be Unnecessary

Kuwaiti Minister: OPEC Deal Extension May Be Unnecessary

Kuwaiti Oil Minister Al-Marzouk has…

Mass EV Adoption Could Lead To $10 Oil

Mass EV Adoption Could Lead To $10 Oil

As the adoption of electric…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Pemex To Farm Out Production At The Trión Oil Field

Offshore Rig

Mexico’s state-run Pemex announced on the 10th June that it has selected the Trión deep-water field for its maiden farm-out deal to other operators, according to Reuters.

Pemex Chief Executive Jose Antonio Gonzalez Anaya explained at a news conference that the area would require $11 billion worth of investment and will likely be operated by a separate company in conjunction with Pemex. Doing so, he argued, would help “share the risk and costs” of operation along with the Mexican oil giant that recently suffered its fourteenth straight quarterly loss to the tune of around $3.6 billion.

Trión was Pemex’s first discovery in the Perdido Fold Belt in the northwestern Gulf of Mexico near the U.S. border, which is believed to contain approximately 30 billion barrels of oil. Trión itself encompasses an area of some 8.7 square miles and is estimated to have the equivalent of 305 million to 500 million barrels of oil.

Gonzalez claimed that there is a “huge interest” by other firms to participate in the farm out of Trión, though he did not specify how many or which ones. Gonzalez anticipates that Pemex will announce its partner(s) for the Trión project on the fifth of December, when Mexico has scheduled its first auctions for deep-water fields.

Related: $50 Oil Has U.S. Rig Count Increasing For 2nd Week In A Row

Mexico broke up its Pemex energy monopoly in 2013, and the following year announced the farm-out process of fields assigned from the “Round Zero” auction. The plan was then delayed until the Pemex announcement last week, which Mexican energy analysts feel is overdue since the long-term development of oil fields could last from eight to ten years.

Tore Loseth, vice president of Statoil Exploration in the U.S. and Mexico, said the Norwegian firm would be interested in collaborating with Pemex on future farm out agreements, yet refrained from commenting on possibility of joining Pemex at Trión.

By James Burgess of 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