The oil prices drop has forced Mexican Authorities to buy coverage to ensure a minimum income per barrel. According to a report in Bloomberg, the government has spent US$1B buying put options.
Low oil prices have forced companies to make budget cuts which has seriously affected exploration projects.
According to Economía Hoy, 2.700 mmbbl were discovered worldwide in 2015, this figure is the lowest since 1947. These oil discoveries represented one-tenth of oil found annually on average, since 1960.
Mexican authorities had high expectations on the Farm-out agreement in the field Trión, but as we mentioned a few days ago, the National Hydrocarbons Commission (CNH) could postpone this tender. But why has been so low the interest in this agreement?
José Antonio González Anaya became director of Pemex seven months ago and he says that during this time in charge of the state-company, he fells proud to have succeeded in launching the first farm-out for Trion field.
It is not a secret that Pemex is in a delicate moment in financial and operational terms. Some rating agencies say the company should prove that it can be viable economically in the coming years.