Last week marked a preliminary NAFTA 2.0 agreement between Mexico and the US, Fluvio Ruiz, incoming Director General of PEMEX Exploración y Producción, claimed the Ministry of Finance owed PEMEX MX$70 billion and OPEC members are gauging their options to compensate Iran’s dropping oil exports.
Ready to strike oil? Here’s your weekly news roundup:
NAFTA’s Energy Chapter Stays. Amid claims that NAFTA’s Energy Chapter was to be removed from the agreement, Jesús Seade, President-Elect López Obrador’s chief NAFTA negotiator, said the chapter was rather refocused and rewritten to guarantee investment protection and ensure the Mexican government’s public policy scope in energy is reflected and coherent with the Mexican Constitution.
Glencore Inaugurates Fuel Storage Infrastructure. Dos Bocas, Tabasco, will host Swiss Glencore’s new storage terminal with a 600,000-barrel storage capacity, representing an investment of US$50 million.
PEMEX’s Gasoline Imports Share of Total Sales on the Rise. According to the latest report of the NOC’s petroleum indicators, PEMEX sold a total 751,100b/d of gasoline in July 2018, a 4.7 percent decrease compared to 2017. Meanwhile, the NOC’s gasoline imports amounted to 590,100b/d in July 2018, representing 78.56 percent of the country’s total sales.
Ministry of Finance Owes PEMEX MX$70 billion. Incoming Director General of PEMEX Exploración y Producción, Fluvio Ruiz, considers the Ministry of Finance should return PEMEX’s investments allotted to Round Zero fields that the NOC did not retain. This amount represents 32 percent of PEMEX’s exploration and production subsidiary’s budget.
ABB Publishes Guide for Oil and Gas Operators. The document is meant to guide E&P operators looing to implement digital strategies to better integrate IoT technologies to reduce costs and improve operational efficiency.
Petroleum Companies Lagging Behind in Job Creation. Between 2012 and July 2018, only the petroleum states Campeche, Veracruz, Tabasco and Chiapas were unable to decrease its unemployed population, according to INEGI’s statistics.
Iran Criticized OPEC Members’ Alignment With the US. OPEC’s decision to increase oil production was interpreted by Iranian Petroleum Minister, Bijan Zanganeh, as a maneuver to reduce his country’s market share in global oil production, parallel to US sanctions.
Vantage Drilling Owed US$622 Million Over Arbitration Against Petrobras. An international tribunal fined the Brazilian state-controlled oil company the exorbitant fine after finding it guilty of breaching a 2009 drilling contract with the US-based contractor.
OPEC Meets to Address Iran’s Diminishing Oil Exports. Alaa al Yasiri, head of Iraq’s state-oil marketer SOMO, told Reuters in an interview that OPEC’s next meeting will tackle preparing its members to compensate Iran’s decreasing oil production.
PDVSA Signs Agreements with Private Players for US$430 Million. Venezuela’s state oil company is looking to boost production in 14 of its crude oil field to compensate its production drop.
Exxon Mobil Keeps Striking Oil in Hammerhead-1. The IOC reported an important discovery in Guyana’s offshore field based on its rapid phased developments and accelerated exploration plans. It is the latest addition of five discoveries in the Stabroek block.
Canada’s Trans Mountain Expansion Project is Scaring Off Investors. A new wave of potential delays, added to 2016’s Federal Court of Appeal decision that effectively overruled Cabinet’s approval of the pipeline is setting back the pipeline’s timeline, frustrating US investors.
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