Pemex suspends deepwater exploration projects

Pemex, Mexico’s state-run oil company, has put a selection of deepwater exploration projects on hold and will make personnel cutbacks in response to the plunge in oil prices.
“There are […] some exploration projects in deep waters, those that carry higher risks, well if we haven’t started them, then they will be delayed,” Pemex CEO Emilio Lozoya told local radio on Wednesday.
Mexico’s oil industry has been hit by price drops to almost six-year lows in January, as the country undertakes major energy reforms by inviting private investment for the first time in decades to modernise its hydrocarbons supply chain. Lozoya said the bidding on Round One of projects will go ahead in 2015 as planned.
Pemex also announced on February 16 that it would put capital projects such as major refinery configurations and those involving ultra-low sulphur fuel on hold. The company reported it would slash spending by $4.16 billion from its 2015 budget, as part of a broader government cutback of $8.4 billion.

Recent Posts

UK allows oil exploration in North Sea wind project zones

The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More

8 hours ago

ExxonMobil closes acquisition of Pioneer, creating Permian powerhouse

ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More

12 hours ago

BP-Eni joint venture Azule Energy enters Namibia’s Orange Basin

BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More

14 hours ago

Chariot starts gas drilling campaign in Morocco

Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More

18 hours ago

Touchstone acquires Trinidad E&P player Trinity

Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More

1 day ago

ExxonMobil “optimistic and pushing forward” with Mozambique’s Rovuma LNG

ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More

1 day ago

This website uses cookies.