The National Hydrocarbons Commission (CNH) and the National Petroleum, Natural Gas and Biofuels Agency (ANP) of Brazil signed a technical cooperation agreement, according to a press release of the CNH.
The Secretariat of Finance and Public Credit (SHCP) announced the additional royalty values for the Trión block. According to Reuters, the maximum and minimum values are 4% and 3% respectively. On 5 December the bidding of this field will take place.
The Federal Government plans to add 10,000 km to the National Gas Pipeline System and expects to complete them in 2019.
Pemex received a ship called “Pemex Reform”, recently in a private ceremony in Vigo, in the community of Galicia (Spain), a report in El Financiero mentions. It will be used to accommodate oil platforms workers.
The Federal Government is seeking to reduce public spending. The new Secretariat of Finance and Public Credit, José Antonio Meade, said that the economic package for 2017, envisages a reduction of MXN$100B for Pemex budget.
The oil prices drop has forced Mexican Authorities to buy coverage to ensure a minimum income per barrel. According to a report in Bloomberg, the government has spent US$1B buying put options.
Low oil prices have forced companies to make budget cuts which has seriously affected exploration projects.
According to Economía Hoy, 2.700 mmbbl were discovered worldwide in 2015, this figure is the lowest since 1947. These oil discoveries represented one-tenth of oil found annually on average, since 1960.
Mexican authorities had high expectations on the Farm-out agreement in the field Trión, but as we mentioned a few days ago, the National Hydrocarbons Commission (CNH) could postpone this tender. But why has been so low the interest in this agreement?