Despite the regulatory and political challenges, ExxonMobil is in Mexico to stay; Pemex will not drill Zama well; Supreme Court to hear Cofece-CRM dispute.
Russian oil producer Lukoil is set to drill its first exploration well in Mexico; Pemex gets approval to adjust plans for Uchukil and Samaria; Analysts see the upside in Deer Park compared to Dos Bocas.
AMLO says once an election in the Pemex workers’ union occurs there will be a review of its collective contract; ENI will invest nearly US$ 30M into an offshore exploratory well; AMLO says the Salina Cruz refinery has been a target of sabotage.
Pemex was forced to import more fuel to cover for a 25% drop in output in April; AMLO assures the NOC will produce no more than 2Mbd; Roma Energy gets an exploratory well approved by the CNH
AMLO signed the Hydrocarbons Law into effect in May, only to have it halted by the judicial system. The Mexican President promises a Supreme Court showdown, and his bet on buying out Shell at the Deer Park Refinery in Texas has many questioning the financial implications.
Hokchi Energy received approval for its work plan from the CNH, Pemex will invest up to US$ 40M in the Soledad assignment, AMLO and Romero claim Pemex became a cash cow for private companies under past administrations
CNH approves Jaguar E&P’s Miguel Hidalgo field transition program, Pemex has plans to develop the Octli field and IEnova targets regasification for growth despite Mexico’s slow energy transition.
AMLO continues on his crusade to return the fuel monopoly to Pemex claiming it is necessary due to corruption, the exploration strategy of Pemex is creating risks for public finances in the future and Pemex will now buy the 50% stake of Shell in the Houston based Deer Park refinery.
Northern neighbors called on Mexico to respect investments, Pemex’s lax reporting standards could be creating a conflict with the SEC, the NOC has a green light for its Copali well.
Despite a need for Fracking, Pemex is planning to resurrect its attempts at producing the Chicontepec resource; the NOC’s bunker oil production is hitting new highs: and Pemex also plans to reacquire two hydrogen plants.