Round Zero Makes Pemex Major Player

By Joseph R. Fonseca
Friday, August 15, 2014
Mexican regulators opens its acreage to private participation

 

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. Data rooms are expected to be open early next year

"With this act, we begin the major task of getting energy reform under way," energy secretary Joaquin Coldwell said during a ceremony in which he presented Pemex chief executive Emilio Lozoya Austin with the company's first acreage assignment.

Mexican energy ministry Sener assigned Pemex all of its requested probable reserves, which amount to 83% of the country's supply, estimated by the US Energy Information Administration to be about at least 10 billion barrels of oil equivalent.

Sener was somewhat stricter on prospective reserves, where it awarded the company 67% of what it asked for or 21% of the national total.

"Pemex will be a central actor in the expansion of the national oil industry, which is the central objective of energy reform," Lozoya said.

Pemex also revealed that it will offer partnerships or farm-outs in 10 "priority" areas on prime deep-water finds in the Perdido fold-belt, as part of the initial round.

For Round One, Mexico's National Hydrocarbons Commission (CNH) envisions offering about 109 exploratory blocks of which 11 will be in the deep-water Perdido area, deputy energy minister Lourdes Melgar said.

The goal is to attract investment of $8.525 billion per year in the first few years, a figure that could expand to $12.6 billion when investments from farm-outs are included.

The precise blocks to be included in the round will be finalised at the end of November, when preliminary commercial and fiscal terms will be released for the blocks, CNH president Juan Carlos Zepeda Molina said at the event.

Data rooms will be opened in February and terms finalised after the conclusion of a consultation period with industry.

The CNH expects to begin awarding contracts in May and continue throughout the middle of the year, wrapping up with deep-water contracts by September.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

Offshore Oil Oscillations In West Africa

Global excess oil supply still looks likely to average 0.5m bpd in 2016 – sufficient, it would seem, to stop oil prices rising much above $50/bbl and therefore

BP Receives its First Venezuelan Crude Cargo under Swap Deal

Britain's BP Plc this month received a Venezuelan crude cargo from state-run PDVSA, according to Thomson Reuters trade flows data, the first since the companies

Oil Up on US Crude Draw; Brent Back Above $50

Oil prices surged 4 percent on Wednesday, with Brent settling above the psychological $50 a barrel mark, after a larger-than-expected drawdown in U.S. crude inventories.

News

Light at the End of the Tunnel Distant for Multipurpose Shipping

The demand outlook for the multipurpose fleet has not improved since the first quarter of 2016. The breakbulk and project cargo sector remain weak, with little

VLCC Delivered to Gener8 Maritime

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, has taken delivery of the ECO VLCC the Gener8 Constantine on June 27,

COSCO Says Piraeus Port Sale Terms Inconsistent with Deal

COSCO Greece objected on Wednesday to terms submitted to parliament for the sale of Piraeus Port to China COSCO Shipping, saying they were inconsistent with those

Government Update

BP Receives its First Venezuelan Crude Cargo under Swap Deal

Britain's BP Plc this month received a Venezuelan crude cargo from state-run PDVSA, according to Thomson Reuters trade flows data, the first since the companies

List: Top Five UK Ship Owners

Following last week's landmark referendum results, VesselsValue has compiled a list of the top five U.K.-based shipowners and their total fleet value in USD billions.

FMC's Doyle Addresses VGM Rules

U.S. Federal Maritime Commission (FMC) Commissioner William P. Doyle issued a statement on the upcoming implementation of the SOLAS Convention’s verified gross mass (VGM) requirements:   On Friday,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0923 sec (11 req/sec)