Renaissance Oil Corp. (TSX-V: ROE) announced the acquisition of the 25% working interest (WI) in the integrated E&P contract for the Amatitlán Block in Veracruz, according to a press release. The corporation joins Lukoil (50% WI) and Marak Capital (25% WI).
Craig Steinke, CEO of Renaissance, said that this agreement is a great opportunity for the companies involved due to their huge expertise.
The company reported its gas production data for 2016. The NOC continues to show negative numbers, but the reduction is not as steep as for crude. The Cantarell block remains as the most important.
According to Pemex data, gas production was 5,792mmcfd in 2016. This means a 9.51% decrease compared to 2015, when the figure stood at 6.401mmcfd.
The Mexican hydrocarbon industry wants to grow but there is much competition. Some oil firms are interested in investing in Cuba as the country unveils its offshore and onshore hydrocarbons investment projects.
About 280 oil-company executives from around the world attended a meeting in Havana to know Cuba´s investment projects. The country has doubled its crude reserves according to recent studies.
Mexican Ministry of International Trade said BlueSun and Sky Solar are two of the eight Canadian companies interested in investing in Mexico’s energy sector.
Rowena Dias, director of the Ontario mission for the Ministry of International Trade in Mexico, said Canada has a long history of working with Mexican companies in sectors other than the energy, such as mining, technology and agriculture.
The National Organization of Petroleum Retail Companies (Onexpo) said buying fuel in Mexico is cheaper than importing it from other countries.
About the current fuel import conditions set by the government, Onexpo’s treasurer and adviser, Mauricio González said continuing with Pemex’s franchise is the most viable option for gasoline entrepreneurs, as it generates fuel supply certainty.
Both, the Federal Electricity Commission (CFE) and Gas Natural Fenosa (GNF) were chosen to be part of the 30% of contracted clients that can choose to stay with Pemex’s services.
CFE and GNF, with contracts that together account for 15% of Pemex’s natural gas sales, need to decide whether they want to self-supply or stay with Pemex’s best offer.
CFE and GNF were chosen to be part of the 30% of contracted clients that can stay with Pemex’s services, in exchange for a binding offer that improves current selling costs: US$73.5/cf in continuous delivery; US$95.5/cf on a flexible basis, and US$132/cf per volumetric contract, according to a CRE’s statement.