Eni to Invest $1.8 Bln in Offshore Mexican Oil Fields by 2040
Italian oil major expects to invest $1.795 billion in three offshore Mexican oil fields by 2040, according to a development plan approved by Mexico's oil regulator on Tuesday.The plan covering the Amoca, Mizton and Tecoalli shallow water fields is the second one approved by the regulator, known as the National Hydrocarbons Commission (CNH), following a landmark 2013 energy opening that has led to more than 100 oil and gas contracts being awarded in a series of auctions.Eni sees initial crude oil production of 8…
Mexico Lifts Bidding Limits for First Batch of Oil Tenders
Mexico's oil regulator voted on Friday to relax rules on bidding terms and contracts that form the first step in a historic sector opening that kicks off this summer with the public auction of 14 shallow water fields. The July auction will mark the first of five packages of oil fields up for grabs, part of a so-called Round One tender that follows a major energy reform approved by Congress last year. The constitutional reform ended the decades-long monopoly enjoyed by state-owned oil company Pemex and aims to reverse a decade-long slide in Mexican crude output. Responding to complaints from private and foreign companies, the national hydrocarbons commission, or CNH, eliminated caps on how many contracts firms can bid on.
Mexico Removes Bid Limit on Shallow Water Oil Tenders
Mexico's oil regulator voted on Friday to relax previously established rules on bidding terms and contracts that form the first step in an historic sector opening that kicks off this summer with the public auction of 14 shallow water fields. The July auction will mark the first of five packages of oil fields up for grabs, part of a so-called Round One tender that follows a major energy reform approved by Congress last year. The constitutional reform ended the decades-long monopoly enjoyed by state-owned oil company Pemex and aims to reverse a decade-long slide in Mexican crude output. Responding to complaints from private and foreign companies, the national hydrocarbons commission, or CNH, eliminated caps on how many contracts firms can bid on.
Round Zero Makes Pemex Major Player
Mexican regulators on Wednesday granted Pemex the bulk of its acreage request as the nation's oil industry opens to private participation, consolidating the state-led company's status as a major force despite losing its monopoly status. Meanwhile, the country's initial Round One acreage offering will include a range of opportunities including shale, deep-water, shallow-water, heavy oil and the nation's Chicontepec area. Those contracts, to be awarded between May and September of next year, will cover probable reserves for development of 3.78 billion cubic feet equivalent and prospective reserves for exploration of 14.6 trillion cfe. Round One will include ample feedback from industry and see some initial terms released at the end of November.
Mexico's Senate OKs Bills Expanding Power of Energy Regulators
Mexico's Senate gave general approval on Monday to legislation laying out expanded powers for energy regulators, part of the fine print needed to implement a constitutional reform that overhauls the oil, gas and electricity sectors. Senators must still debate reservations to the regulatory legislation, which is likely to last into the night. The legislation forms part of the so-called secondary laws needed to flesh out the opening of the energy market, which is the centerpiece of the government's reform agenda. Once the reservations have been voted on in the Senate, the focus will move to the lower house of Congress, which is already debating the secondary laws passed by the upper chamber.
Pemex Crude Output Lowest In March
Crude oil production from Mexico's state-run oil company Pemex totaled 2.469 million barrels per day (bpd) in March, the company said on Friday, marking the lowest level of output since the 1990s. The level of crude production in March was the lowest level of monthly output since June 1990, according to energy ministry data, excluding a single month in 1995 when output was down by more than 800,000 due to Hurricane Roxanne. Meanwhile, crude oil export volumes in March were down 11 percent at 1.133 million bpd compared to the previous month, Pemex said, which was the lowest level of shipments since June. Since hitting peak production of 3.38 million bpd in 2004, Mexican crude output has slid by a quarter to settle at 2.52 million bpd last year.
