Eni announced it will drill four wells offshore Mexico following approval from the Mexican authorities.
Mexico opened its state-operated oil and gas industry in…
READ MOREOil reserves6.1 billion barrels
Oil production1.93 million bopd
Gas reserves200 bcm
Gas production29.2 bcm
The implementation of the Energy Reform Act in August 2014 marked a new era not only for the Mexico’s domestic hydrocarbons industry, but also for the country itself. Among the changes resulting from the act are the restructuring of NOC Pemex to increase efficiency and the opening of oil and gas value chain from E&P to retail to private foreign and domestic companies. Since 2015, two four-tender rounds have taken place, as well as the first auction of Round 3.1. Three more tenders were scheduled for 2018, but have been postponed. Additionally, in 2016, Pemex began farming out some of its more complex acreage to private companies with greater technological expertise and financial resources.
In addition to the reform, one of the biggest drivers of change in Mexico’s energy industry is growing demand for natural gas. Consumption is expected to rise by 64% between 2013 and 2027. Since 2010, Mexico’s gas imports from the USA have grown by 300%, and the US Energy Information Administration predicts they will double by 2019. Demand is outpacing storage and distribution capacity, a problem that spurred the government to lay out the Five-Year National Integrated Natural Gas Transportation and Storage Plan 2015-2019 which aimed to expand the natural gas pipeline network.
Despite being a crude oil exporter, Mexico has been a net fuel importer since 1998. Pemex has taken steps to stem losses downstream, by partnering with private investors for upgrades and expansions at several of its ageing refineries. Additionally, the country’s new president is promoting a project to build a new mega-refinery in Tabasco. The liberalisation of fuel prices across the country was completed in November 30, 2017. That, coupled with fuel demand growth, has created an environment in which local and foreign, small and large fuel retailers can prosper. In March 2017, BP became the first private foreign fuel retailer in the Mexican market. Since then, several others have entered the sector.
Diamond Offshore has won a USD 350-million extension for an ultra-deepwater drillship deployed for Anadarko Petroleum.
READ MORESeadrill has won two drillship contracts in South Korea and the US Gulf of Mexico worth $118 million.
READ MOREThe US government has unveiled plans for 12 offshore wind auctions over the coming five years, including four by end-2024.
READ MOREMexico's presidential frontrunner has unveiled a plan to invest USD 13.57 billion in energy generation projects through 2030.
READ MORECNOOC has filed for arbitration to assert its right to first refusal on Hess' stake in Guyana's Stabroek block, joining…
READ MORESubsea7 has won a contract from Woodside Energy to provide subsea installation services for the Trion field, Mexico's first…
READ MOREEni announced it will drill four wells offshore Mexico following approval from the Mexican authorities.
Mexico opened its state-operated oil and gas industry in…
READ MOREMexico’s Pemex has awarded Fluor a $1.1-billion engineering, procurement and construction services contract for the upgrade of its Hidalgo refinery in Tula. The…
READ MOREMexico has submitted an official statement of interest in becoming an International Energy Agency (IEA) member. This is one of the country’s latest steps to transform…
READ MOREMexico’s National Hydrocarbons Commission announced major changes for both the Third Call Bidding Process and its contract on Monday. These include alterations to the…
READ MOREMarathon has struck a deal to sell most of its assets in the US Gulf of Mexico for $205 million to an undisclosed buyer, the US oil and gas independent announced Monday…
READ MORENoble Energy started production earlier this week at the Gulf of Mexico’s Big Ben oil development, according to a Wednesday statement released by the Houston-based…
READ MOREThe US government has granted Mexico’s Pemex a licence to import crude oil from the US in exchange for crude from Mexico, the state-owned company announced…
READ MOREPemex has granted Dutch multinational surveying company Fugro a $13-million extension to a $31.5-million geophysical and geotechnical contract for work off the coast of…
READ MOREA $20.8-billion settlement has been reached for the BP Deepwater Horizon spill in 2010, US attorney general Loretta Lynch announced on Tuesday.
The five states most…
READ MORELondon-listed MX Oil and Mexican services provider Geo Estratos have submitted bids as a joint venture to participate in the third phase of Mexico’s upcoming onshore…
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