The National Hydrocarbons Commission (CNH) tendered 29 blocks last Wednesday in the Round 2.4. The results of this auction surpassed the government’s expectations, managing to award several blocks. Major industry players participated actively in this round.
The government liberalized the gasoline market last year, eliminating subsidies so others could compete, but this caused an increase in prices, generating much social discontent. However, it did help Pemex improve its fuel revenues.
Pemex has been reporting a constant fall in its oil production during several years and this tendency could continue in the short and medium term. The Mexican Association of Hydrocarbons Companies (AMEXHI) is pessimistic about the behavior of this metric in the future, but Carlos Treviño, Pemex CEO, believes that the negative trend will change in a couple of years.
The NOC’s CEO, Carlos Treviño Medina, will participate in the World Economic Forum in Davos (Switzerland), to explore business opportunities for the firm and present the benefits of Energy Reform in Mexico.
Pemex has been reporting poor figures in its production metrics for several years and this behavior could continue in the short and medium term. The company published its first production estimates for 2017.
Ciudad Madero’s City Council reported that Pemex failed to comply with security regulations for storage and transportation of fuels and hazardous materials, jeopardizing the safety of the municipality’s inhabitants.
Pemex operational metrics keep showing poor performance and there is no short-term solution has been found so far. The company reports a gas production below 5,000mmcfd, but the positive side is that this metric has increased for two months in a row.