Mexico

Many of the world’s most important IOC’s are lining up for licensing round 2.4 with 21 companies participating among which ExxonMobil, Shell and Chevron.

Mexican crude oil price reached Dec. 2014 levels, reaching US$59.58 per barrel last Wednesday Jan. 24.

Mexico will auction 37 onshore blocks the 25th of July 2018 with an estimated investment value of US$3.3 billion.

PEMEX closed 2017 with its worst production decline ever registered since records started in 1960, falling by 9.54 percent year-over-year.

International

The Oklahoma Supreme Court ruled that workers in the oil and gas industry can seek legal redress for work related injuries.

Saudi Arabia’s Energy Minister Khalid al-Falih commented that he was still anxious about the fragility of oil market despite prices rallying.

Russia’s Sakhalin-1 oil field being developed under leadership of ExxonMobil rolled back planned production increases in what has been seen as an effort by Russia to honor its production cut agreement with OPEC.

In a survey by Norwegian consultants DNV GL, more than 60 percent of executives replied that they expected increased capital spending in 2018.

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