Cheiron and DEA Deutche Erdoel were winners during the second phase of PEMEX’s farmouts for the onshore fields of Cardenas-Mora and Ogarrio, respectively, held Wednesday Oct. 4. Egyptian Cheiron Holdings Limited won the bidding for the Cardenas- Mora fields with a bid including additional royalties of 13% and a down payment of US$41.5 million. German DEA Deutsche Erdoel won the bid for the Ogarrio field by offering an additional royalty of 13% and a down payment of US$213.87 million .
On the other hand, the Ayin-Batsil field, which remained without bidders, may be farmed out again in the first trimester of 2018 in Round 3.1, according to a statement made by the Minister of Energy Pedro Joaquín Coldwell. According to Joaquín Coldwell, PEMEX CEO, José Antonio González Anaya, favors rescheduling the farmout for Ayin-Batsil earlier in round 2.4. (Reforma, Business section page 5, Friday ,Oct. 6, 2017)
Mexican Minister of Energy, Pedro Joaquín Coldwell, celebrated the conclusion of 11 bidding processes since Mexico’s Energy Reform took effect. He noted that 72 new contracts have been issued to 67 different companies of which 33 are Mexican.
Friday, Oct. 6, BP officially announced the opening of its first thirteen gas stations in the city of Puebla. The company is currently reviewing 170 contracts for supplying gasoline and service stations in various Mexican states.
According to the Wall Street Journal, the enthusiasm for shale oil and gas is diminishing leading to a slowing of growth in the number of new platforms. According to the newspaper the number of platforms grew by only 6% in the third quarter of 2017 compared to an average of 20% in the four previous quarters.
US household spending on gasoline will remain below US$2,000 in 2017 according to projections in EIA’s Short-Term Energy Outlook.
Russian President Vladimir Putin said after a meeting with King Salman of Saudi Arabia, held in Moscow, that the energy pact forged between the two countries in 2016 could be extended to March 2018. The two countries also launched a joint energy investment fund worth US$1 billion.
Oil ports, producers and refiners in Louisiana, Mississippi and Alabama, closed due to Hurricane Nate, were planning to reopen this Monday as the storm past according to Reuters.