Mexico

Veracruz’s Chamber of Commerce held a Fracking and Renewable Energy Forum on Sept. 24 to discuss the controversial method of hydrocarbon’s extraction.

 

Mexican oilfield services company Oro Negro filed for insolvency protection to gain time and protection against creditors as it restructures its US$961 million debt.

 

According to PEMEX, on Sept. 25, for the first time in two years, mixed Mexican crude oil surpassed the 50USD per barrel price tag.

 

Italian ENI announced a successful drilling operation for a new offshore well in Miztón-2, located in the shallow waters of Campeche bay. The field is estimated to contain 350 million boe in place, boosting the potential estimates of the contractual area up to 1 to 1.4 bcoe.

 

Mexico’s Ministry of Energy is withdrawing block 30, the largest of Round 2.4 with 4,440km2, from the bidding process. The environmental implications of submitting the Alacranes reef located inside the block are unclear, the Ministry of Energy will request the Security, Energy and Environment Agency (ASEA) to undergo the pertinent environmental impact studies prior to making the block eligible to be included in future rounds.

 

Mexico’s hydrocarbon regulator, CNH, published the biding bases for Round 3.1, which will comprise 35 contractual areas for exploration and extraction in the Gulf of Mexico’s shallow waters through shared production contract schemes. The contractual areas represent an area of 26,265km, with an estimated 1,988 mmboe. Mexico’s Minister of Energy, Pedro Joaquín Coldwell, estimates these bidding rounds will generate an estimated US$3,800 million in investments throughout the lifespan of the contracts.

 

PEMEX E&P announced the signing of hydrocarbon exploration and extraction contracts with German Deutsche Erdoel AG and Colombian Ecopetrol for blocks 2 and 8, won during Round 2.1 and executed by CNH.

 

International

The American Fuel & Petrochemical Manufacturers Association (AFPM), representing 450 American petrochemical companies, wants the American delegation renegotiating NAFTA to protect American hydrocarbon exports to Mexico, allowing American refineries to continue supplying gasoline and diesel under competitive prices.

 

French Total announced the signing of an agreement with Chevron to jointly develop seven prospects covering 16 blocks in deepwater areas located in US side of the Gulf of Mexico.

 

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