PEMEX joins forces with private players
The Mexican productive enterprise of the state dominated shallow waters’ Round 3.1, winning seven contract areas. Six contract areas were awarded with consortiums and one as lone player. For a detailed analysis of Round 3.1, click here.
Alfa to close close partial sale of Eagle Ford Shale holding
Mexican conglomerate Alfa reached an agreement to sell close to 770 hectares of its Eagle Ford Shale holding in Texas for a US$19 million price tag to Australian Sundance Energy through its energy subsidiary, Newpek. The area is estimated to produce 200boe per day and the agreement is set to close in the second quarter of 2018.
E&P Royalty Payment guidelines available
Mexico’s Ministry of Energy issued guidelines for E&P royalty payments to landowners as an obligation for oil and gas companies to settle as owners are entitled to receive a cash flow percentage as the upstream project asset reaches commercial production.
Public Policy in Natural Gas Storage published
As its faculties enable it, the Ministry of Energy published the public policy for natural gas storage, in line with the Ministry’s objective of granting Mexico a secure supply of natural gas with the constitution of a 5-day minimum strategic inventory—45bcfs—by 2026.
Olstor and PEMEX closed storage deal
French Deepwater Drilling in Mexico
H-Oil plant to be revamped through international tender
PEMEX is preparing an international tender open to local and foreign companies to rehabilitate its H-Oil plant for its Tula, Miguel Hidalgo refinery. it can be consulted in PEMEX Industrial Transformación’s official website.
Stage set for private gasoline imports
ExxonMobil announced its plans to import 2 million gasoline barrels throughout 2018 via rail.
Taking advantage of Mexico’s rail infrastructure
Bulkmatic de Mexico is importing 25 million liters of gasoline and diesel per month into Nuevo León and Hidalgo. The company is betting on reaching 55 million liters per month and planning MX$500 million between 2018-20 to build storage tanks and further its capacity and improve its logistics.
Fuel storage business rises
CRE estimates US$2.4 billion in investment for five storage projects alone, adding 10.94 million barrels to Mexico’s storage capacity.
Gasoline flows soar from first Open Season
PEMEX Logística agreed to share its storage and distribution with Andeavor in Baja California and Sonora, the latter was awarded the rights to use 320,679 barrels of storage capacity for gasoline and diesel, as well as 9,535b/d of combined pipeline capacity over the next three years, generating “an uptick in USWC ship traffic to Mexico’s Pacific Coast” in 2018, as outlined by S&P Global Platts.
Tamaulipas, energy investment magnet
The state is expecting US$50 billion in investments from the 23 E&P awarded contracts in the state’s deep and shallow waters.
Mexico’s rail wants to enlarge its fuel transportation footprint
Case in point, KCSM, Watco Companies, LLC and WTC industrial joined forces to invest US$45 million in the construction of a storage terminal in San Luis Potosí.
Mexico walks its first steps as member of the International Energy Agency (IEA)
The Agency inaugurated Mexico’s first-ever IEA online courses on energy efficiency indicators at the Ministry of Energy.
Shell advocates in favor of renewable energy
As the Dutch multinational’s booklet, Shell Scenarios: Sky, Meeting the goals of the Paris Agreement published in March 2018, Shell considers a priority to put all hands on deck to maintain global temperature increases well below 2°C. To do so, the Dutch oil and gas giant considered urgent to extend carbon capture practices, tax companies that use energy generated from coal-based technologies to foster the use of bioenergy and renewables.
Chevron reassures with operational normalcy in Venezuela
Amid concerns of Venezuela’s oil producing performance and exit strategies of ExxonMobil, among other oil and gas corporations, Chevron declared to be operating undisturbed in its 30 percent holding of Petropiar, a joint venture with state-owned PDVSA.
Mexico and Brazil toe-to-toe in attracting oil and gas investment
Latin America’s economic drivers are organizing parallel rounds to develop their respective oil and gas blocks. As private companies analyze the comparative advantages to participate in either Mexican or Brazilian tenders, the success met in the respective rounds showcase investors are less interested in political risks compared to geological and asset-related risks.