Mexico's Oil Reform a Boon for Hard-hit Oil Service, Seismic Firms
," said Luis Vierma, exploration and production consultant and former vice-president of Venezuela's PDVSA. The CNH has said the data, which includes information from 30,000 oil and gas wells, belongs to the country, not Pemex. For Pena Nieto's government, the stakes are high. Energy reform was one of its top economic priorities, and the administration wants to show progress ahead of a presidential election in July. Mexico faces stiff competition from other Latin American countries keen to attract investment from energy firms. Brazil, Ecuador, Uruguay and Argentina are
Mexico Sets Next Deep-water Oil, Gas Tenders
, which for decades have profitably developed other fields in U.S. waters nearby. Mexico's first deepwater oil auction last December included blocks from the Perdido Fold Belt straddling the U.S.-Mexico maritime border, and the Salina basin further to the south. A 2013 constitutional energy reform ended Pemex's decades-long exploration and production monopoly, paving the way for seven oil auctions since then. (Reporting by Ana Isabel Martinez; Editing by Tom Brown
Mexico Auctions Two-thirds of Blocks in Shallow Water Oil Tender
Sierra Perote to win another block in the southern Gulf of Mexico. Top government officials told Reuters before the auction they were hopeful that Mexico would assign at least one-third to 40 percent of the blocks in the shallow water round. The auction was the fifth since the energy reform, including one deep water and two previous shallow water tenders. They yielded 39 contracts signed with forecast investment over their lifespan of $48.8 billion, according to energy ministry data. Mexico hopes that by opening up the energy sector it will help reverse years of declining
Pemex Delves Deep into UK Subsea Sector
also gained an insight into the subsea industry from a UK perspective and as a global sector, looking at how subsea fields are developed, and how subsea systems are designed, installed, operated and decommissioned around the world. Neil Gordon, chief executive of Subsea UK, said, “The Energy Reform in 2013 saw Mexico’s oil and gas industry undergo some big changes as it opened its doors to international companies for the first time. This fact-finding mission has allowed us to showcase the UK’s subsea industry and demonstrate why the UK leads the way around the world in subsea
Offshore Deepwater Rebound?
further strengthens and develops the optionality in Statoil’s long-term international portfolio,” says Løseth. “With the Deepwater tender bringing Mexico’s historic Round 1 to a conclusion, we are starting to see the fruits of Mexico’s comprehensive energy reform. Statoil has a long-term perspective in Mexico, and we look forward to contributing to developing the energy sector by assessing the block(s) awarded,” says Løseth. Statoil has had a representative office in Mexico City since 2001
Multiclient Wide-Azimuth Deepwater Seismic Survey in Campeche Basin
is a step towards achieving our growth strategy and demonstrates our long-term commitment to exploration in Mexico. This will enable PETRONAS’ growth efforts in high grading selective new investments to strategically position ourselves and grow in the region, in support of Mexico’s Energy Reform. In addition to Gulf of Mexico, PETRONAS also has a sizeable library of multi-client seismic data covering the southern Atlantic Margin, which is also part of our exploration focus area.” The WesternGeco Campeche WAZ deepwater multiclient seismic survey is located in the southern
Mexico Announces Bid Terms for First Deep Water Oil Joint Venture
Mexico's oil regulator on Wednesday announced bid terms for a first-ever joint venture between state-owned oil company Pemex and would-be private partners to develop oil reserves in the Gulf of Mexico's deep waters. The call for bids to partner with cash-strapped Pemex on the Trion light oil field follows the constitutional energy reform enacted in 2013 which promised to reverse a decade-long slump in crude production. (Reporting by David Alire Garcia, Ana Isabel Martinez and Adriana Barrera)
Pemex Sees Oil Output Boost from Looming Joint Ventures
United States. Pemex has previously said the joint ventures will require investment of about $32 billion. In 2013, President Enrique Pena Nieto's newly-appointed Pemex chief executive Emilio Lozoya pledged to boost output to 3 million bpd by 2018 following the approval of a sweeping energy reform that ended the company's decades-long monopoly and paved the way for new private producers to begin operating. But the Pemex forecast puts 2018 production at about 2.3 million barrels per day (bpd) while simultaneously assuming new daily production from as yet unsigned joint ventures
Oil Majors Pay Mexico Regulator $80 Mln for Deepwater Data
executives say the sum reflects only a fraction of their spending in the past year to acquire geological data ahead of the Dec. 5 auction, which will feature 10 largely unexplored blocks in the Gulf of Mexico. The deep water auction is part of the so-called Round One tender, fruit of an energy reform finalized in 2014 that ended a decades-long production monopoly of state-owned oil firm Pemex. "It's a commitment to invest in Mexico," an oil company executive said about the purchase of deep water seismic data. Speaking on condition of anonymity, the executive said
February 2024
