Gulf Oil and Gas accountACCOUNT

Pemex Seeking Allies for Deepwater Blocks Won in Auction

Source: Reuters 3/5/2018, Location: South America

Mexico’s state-run oil company Pemex plans to reach out to existing partners to form new joint ventures for a pair of deepwater blocks it won in a January auction, the company’s chief told Reuters on Monday.

Pemex is running out of time to find partners for key oil and gas projects as the government looks to show progress from its energy agenda ahead of a July presidential election. The oil company is relying on foreign capital to reverse declining output and refining amid an ambitious energy reform.

Finding partners willing to take part in the ventures “has indeed taken more time than planned, but we are moving forward,” Pemex Director Carlos Trevino said in an interview with Reuters. The search for partners will start next year, after completing its exploration programs.

The company has streamlined its processes and bundling of assets to speed up the farmout process, which requires foreign companies to buy into existing Pemex projects.

“We have reduced internal approval times to 30 days and formed clusters of blocks to configure projects,” he said.

The company will start talks with oil companies, including Chevron Corp, Japan’s Inpex Corp and Australia’s BHP Billiton Ltd, which are its partners in other oil and gas projects, Trevino said on the sidelines of the CERAWeek energy conference.

Pemex also expects to find companies this year to invest in its Nobilis-Maximino and Ayin-Batsil projects in Mexico’s Gulf under more flexible terms, after failing to land partners for those developments in 2017.

Mexico blames the lack of interest in the projects on competition from Brazil’s offshore offerings, low oil prices and costs Pemex previously incurred that would be transferred to the partners.

Pemex this year will offer eight onshore projects, including 29 oil blocks for partnerships in an auction that is expected to be decided in September-October.

Trevino also said the company, whose reserves slightly declined in 2017, intends to participate in Mexico’s coming auction of unconventional blocks at the border with the United States. It would like to operate the blocks if it wins, but it could look for partners, he said.

Mexico enacted a wide-ranging reform in 2013-2014 to encourage foreign investment and end a multiyear slide in oil output. The reform ended Pemex’s 75-year monopoly over the energy sector, a key revenue generator for the government.

Around 90 exploration and production contracts have been signed so far with companies including Chevron and Italy’s Eni SpA.

Exploration News in Mexico >>

Ghana >>  12/6/2018 - UK oil explorer Tullow Oil is seeking partners in a bid to acquire a new oil block in Ghana which launched its first oil bidding round in October, the...
Kazakhstan >>  12/4/2018 - Reach Energy has announced that its exploration well, North Kariman-3 ('NK-3'), located in the North Kariman field in the onshore Emir Oil Concession ...

Russia >>  11/29/2018 - Rosneft Oil Company and Chinese Hengli Group signed a cooperation agreement as part of the first Russian-Chinese energy business forum. The document w...
South Africa >>  11/29/2018 - South Africa will relax a moratorium on gas and oil exploration licences implemented earlier this year to allow exploration and production application...

Russia >>  11/28/2018 - The Board of Caspian Sunrise is pleased to provide the following update at its BNG Contract Area: ...
United States >>  11/27/2018 - EnVen Energy Corporation announced that it spud its King Crab well on Ewing Bank Block 873 in its Lobster field. The King Crab well targets an oil-fo...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Mexico Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.