Last week, Mexico’s incoming administration revealed in more detail how it plans to materialize the country’s revamped refining capacity and the people at the helm of key energy dependencies, ASEA published new regulations and private IOCs want an increased foothold in the country’s oil and gas industry. Meanwhile, Russia announced an increase in its crude oil production, while Lukoil is looking to strike oil in the Caspian Sea.
Ready to strike oil? Here’s your weekly news roundup:
President-elect Andrés Manuel López Obrador (AMLO) confirms new heads of PEMEX and CFE. In a press conference on July 27, AMLO confirmed the nomination of Octavio Romero as Director General of PEMEX and Manuel Bartlett as Director General of CFE. He also outlined four priorities for its upcoming administration: urgently increase oil production to 2.5 million b/d, rehabilitate the country’s six operational refineries, build a new refinery in Paraiso, Tabasco as soon as 2019 and generate more electricity by revamping CFE’s plants and hydroelectric capacity. Additional nominations include the confirmation of Rocío Nahle as Minister of Energy, Alberto Montoya as Deputy Minister of Energy, Carlos Morales as Deputy Director of CFE and Luis Abelardo González as Coordinator of Renewable Energy Policy within the Ministry of Energy.
Tamaulipas wants to be the energy agencies’ headquarters. The state’s governor, Francisco García Cabeza de Vaca, wants Tamaulipas to reflect its energy commitment by becoming the preferred location for the country’s energy agencies, following AMLO’s agency decentralization plan.
Malva field to receive US$12.9 million for drilling activities. During its 43rd extraordinary session, CNH approved Renaissance Oil’s modifications to its original development plan plan to include drilling operations in the Malva LOC 2, representing an additional investment of US12.9 million.
AMEXHI announces re-election of Alberto de la Fuente at the helm of the association. Director General of Shell Mexico and President of AMEXHI since 2016, Alberto de la Fuente was reelected by the association’s Board of Directors for the 2018-2020 period.
ASEA publishes new minimum insurance requirements. The administrative dispositions stipulate the guidelines of the minimum insurance requirements for distribution, storage, transport, compression, decompression, liquefying, regasification or public retailing activities for hydrocarbons and petroleum products.
Vista Oil & Gas reaches 24,400 boe/d in 2Q18. In its second quarter report, the independent E&P operator reported its first regional step in Mexico consisted of three blocks with a 50 percent joint venture with Jaguar E&P for 3Q18. The company also expressed interest in participating in the country’s Rounds 3.2 for onshore fields and 3.3 for unconventionals, as well as PEMEX’s farmouts.
PEMEX schedules maintenance works for “El Señor del Mar” vessel. The tank vessel’s maintenance works will reduce the NOC’s daily production by 95,000 b/p and 28 Bcfs. Maintenance works are scheduled to last from July 28 to Aug. 4, 2018.
PEMEX seeks open season success. PEMEX Logística will undertake its sixth open season for storage capacity in the Pacific Gulf System, comprised of Michoacan, Guerrero, Oaxaca, Chiapas and Tabasco.
Future Minister of Energy announces refinery investment plan. Rocío Nahle, to-be Minister of Energy in AMLO’s administration, announced that PEMEX’s resources will be redirected to place MX$38 billion to rehabilitate the capacity of the six existing refineries plus the construction of two new ones.
Russia set to increase oil production for the remainder of 2018. Alexander Novak, Russia’s Minister of Energy, announced that based on the agreements reached with OPEC members, Russia will reach an oil production of 11.065 million b/d.
Lukoil schedules field development in the Caspian Sea. The IOC is planning to build a fixed, ice-resistant platform and is expecting to launch production in 2023.
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