According to President Andrés Manuel López Obrador (AMLO), foreign firms’ production is so limited that it makes it impossible to restart the country’s oil rounds. Here is why.
The Ministry of Finance and Public Credit (SHCP) spoke about the NOC’s new Business Plan, which includes important topics like the recovery of oil production and modifications to the firm’s tax burden.
Pemex reported its production for February 2019, and it started to recover some of the lost ground in previous years. In addition, Chevron (NYSE: CVX) talked about the fuel market future with the new government and its plans in the country.
Pemex published extraction figures for February 2019, and the firm started to recover some lost ground in this important metric, compared to previous month. Octavio Romero Oropeza, CEO of Pemex, showed his optimism about the company’s performance in coming months.
Andres Manuel Lopez Obrador (AMLO) plans to recover the metrics of the energy sector quickly, and the Secretary of Energy (Sener) announced a plan for the refining sector with challenging goals. This strategy could create a dilemma between exporting oil and refining.
Rocio Nahle, Secretary of Energy (Sener), spoke about relevant issues to the energy sector such as production, oil contracts, regulation and fracking. She pointed out the role of oil contracts signed in previous rounds to increase production.
The National Hydrocarbons Commission (CNH) reported private (non-Pemex) oil production in December 2018. The companies have been producing for a two years and a half in the country and current figures represent a small portion compared to Pemex metrics, but they have increased considerably in recent months.
Pemex published extraction figures for January 2019, and this important metric began the year on the wrong foot. The NOC reported its lowest production in the last 40 years and its heavy oil extraction is below 1,000mbd.
The National Hydrocarbons Commission (CNH) recently published total hydrocarbons reserves during 2018. As expected, these decreased, and there is no possible solution for the short or medium term.