The company wants to position itself as a big player in the Mexican oil industry so it plans to carry out different projects to leverage Energy Reform opportunities. Sierra Oil & Gas announced the first exploratory well drilled by a private company.
Known as the ‘Red Triangle’ and made up by six municipalities in the state of Puebla, this area of southern Mexico has local and national authorities worried about the increase in oil theft cases, which have escalated during the last six years.
The NOC reported a new decline in its refining production in 1Q17 compared same period last year. The positive side is that it increased compared to previous quarter. The Salina Cruz refinery is the most important in terms production.
Energy Reform created many investment opportunities for foreign companies. Several firms from different countries have shown their interest in the country and Finland is interested in joining the competition.
Pemex has implemented more than 10 different programs to control oil theft in its pipelines, but far from eradicating it, the crime has exponentially increased.