The Mexican government created the Energy Reform to boost the oil industry and seize the potential in hydrocarbons resources. Oil production could reach historically high levels in a positive scenario in 2030, despite bad extraction metrics at present.
The National Hydrocarbons Commission (CNH) issued an invoice to Argentina’s Hokchi consortium for the value of US$183,084, corresponding to a test production of 4.2mbbl of medium oil in a block the companies won in Round 1.2.
The company’s production metrics continue to decline. Pemex announced an additional drop in its oil production during April. The firm’s production target is 1,944mbd, according to its business plan for 2017-2021.
Pemex’s Board of Directors pronounced on the company’s situation and gave recommendations for advancement in the coming years. The Board analyzed the firm’s performance during 2016.
Pemex reported a historical low number of working rigs during 1Q17. Last year figures were bad, but were worse in the first quarter of 2017. Budget cuts and low oil prices are the main reasons for this critical situation.
The NOC reported its results for 1Q17. Despite good financial performance, the company is still showing red numbers in production and international commerce. This time we will analyze the Pemex trade balance.