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Pemex Reports Net Production from January to September 2017

Source: www.gulfoilandgas.com 10/27/2017, Location: South America

Petroleos Mexicanos (PEMEX) announced its financial and operating results for the third quarter of 2017. Pemex points out that it guaranteed fuel supplies throughout the country despite hurricanes Calvin, Harvey and Katia that hit the coastlines of several entities of the Country and the earthquakes of 7 and 19 September.

Pemex also, in accordance with the established protocols, carried out several measures in its terrestrial and marine facilities to safeguard the safety of the personnel and the integrity of the installations.

The positive net income accumulated at September 30, 2017 was 19 billion pesos, which was not recorded since 2012, although the price of the Mexican crude oil blend in that year was above the current price. The average price of the Mexican oil mix from January to September 2012 stood at US $ 104 per barrel, while for the same period this year the average price was US $ 43 per barrel.

Thanks to the instruments provided by the Energy Reform, and in accordance with the Business Plan 2017-2021, Pemex continues to materialize strategic alliances. In this regard, Pemex won contracts in Round 2.1, jointly with DEA ??Deutsche Erdoel AG and Ecopetrol to operate two shallow water fields that correspond to two blocks tendered by the National Hydrocarbons Commission. These alliances allow sharing of risks, investment and technology for the exploration and production of oil.

In addition, Petroleos Mexicanos carried out the first farmouts in two of its terrestrial fields: Cardenas-Mora and Ogarrio. For the first field the winning company was Cheiron Holdings Limited and for the second DEA Deutsche Erdoel AG.

In 2014 in the Zero Round of the Energy Reform, Pemex received titles of hydrocarbon field assignment. However, the profitability of some allocations is diminished by the applicable tax regime. Last August was published in the Official Gazette of the Federation the regime established by the Ministry of Finance and Public Credit for such allocations up to 150 thousand barrels of crude per day. In this way the incentives for the adequate development of these allocations are aligned.

With these types of actions, Pemex reiterates its commitment to consolidate its finances through a focus on strategic and productive activities, within the new context of the national energy industry and in accordance with the 2017-2021 Business Plan.

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