Oro Negro, a Mexican oil service company, filed for bankruptcy recently because it could not reach an agreement with its creditors after two years of negotiations, reflecting the reality of the national oil sector.
The government of Andres Manuel Lopez Obrador (AMLO) started a strategy against fuel and oil theft at the beginning of the year. Authorities argue that this problem has diminished. However, this problem is affecting propane as well and the number of clandestine taps has increased considerably compared with last year.
Mexico’s energy security issues are escalating, as the country has just three days of fuel storage capacity. This is what companies are dong to improve this issue. The development of these and more stories in our periodic Infrastructure summary.
The companies that won blocks in the past oil rounds continue to show their optimism about the results of their projects in the short and medium term in Mexico. Petrobal talked about its plans and gave an estimated date to start producing oil in the country.
Andres Manuel Lopez Obrador (AMLO), President of Mexico, has rejected private investment in the oil sector, as he believes that Pemex can develop Mexico’s potential in this area. However, the NOC is working on its new business plan and private companies will play an important role in this.