Last week, CNH approved stock ownership transfers from the Talos Energy, Sierra Oil & Gas and Premier Oil consortium to the benefit of Hokchi Energy and approved the exploration plans for the joint production contract between PEMEX and DEA Deutsche Erdoel. Meanwhile, the US is planning to waive eight countries to be allowed to trade Iranian crude oil despite the US’ sanctions on Iran and South American NOCs are preparing their investment plans for the near future.


Ready to strike oil? Here’s your weekly news roundup:





CNH Approves Stock Ownership Transfers and Exploration Plans During its 58th Extraordinary Session. On Oct. 30, the oil and gas industry regulator approved PEMEX E&P’s exploration plan, work program and budget associated to it for the CNH-R02-L01-A2.TM/2017 PSC with DEA Deutsche Erdoel. CNH also approved stock ownership transfer request emitted by the Talos Energy, Sierra Oil & Gas and Premier Oil Consortium. With it, Hokchi Energy gained a 47.5 percent share of controlling interest, Sierra Oil & Gas retaining 22 percent, Talos Energy 20 percent and Premier Oil retained its 10 percent share.


McDermott’s Abkatún-2 Platform Sets Sail to the Bay of Campeche. Designed to process 220,000 b/d and 352Mcf p/d, Abkatún-2 was built to replace PEMEX’s crippled platform from a fire outbreak in 2016. The platform is expected to begin operations in April 2019.


First Light Oil Shipment Arrives to Veracruz. The vessel arrived on Nov. 01, with 358,000 barrels of light oil and is programmed to be sent to the Salina Cruz refinery to be mixed for gasoline production. This import marks the first in 10 years in which PEMEX resorts to import light oil from the US due to the NOC’s production drop for this specific crude quality level.


PEMEX Anticipates Production Drop for 4Q18 and Throughout 2019. Ulises Hernández, Director of Resources, Reserves and E&P Associations at PEMEX, considers the NOC will close 2018 with a 1.83 million b/d production level and is expecting average production levels of 1.822 million b/d throughout 2019.


Using Ethanol Could Lower Gasoline Prices. Following the Mexican Petroleum Institute’s (IMP) study on the impact of a 10 percent ethanol addition in automotive gasoline to measure ethanol’s environmental impact, Stephan Wittig, President of the Mexican Association for Sustainable Mobility, said it could represent a cost decrease of up to MX$5 per liter.


CFE and PEMEX in Red Numbers for 3Q18. The NOC registered a net loss of MX$1.22 billion between Jan. and Sept. 2018, primarily due to higher financial costs and a lukewarm performance of PEMEX’s financial instruments.


Oro Negro Creditors Facing Legal Backlash. Benito Zurita, judge in charge of Oro Negro’s insolvency case, requested a formal dismissal of the goods restitution order favoring the company’s creditors and the eviction of the creditor’s representatives present in Oro Negro’s Decus drilling platform.





Can America’s Shale Bonanza Keep the Global Oil Market at Ease? New volatility in global oil prices are making apparent shale production’s calming effects to be slowly dissipating. As oil demand continues to grow, it remains unclear if shale production growth rates can provide a match for this consumption surge.


Argentina’s YPF poised to invest US$5 billion per Year until 2023. Daniel González, CEO of YPF, says this investment flow is meant to increase its crude oil and gas production by 5-7 percent per year, with unconventional fields at the helm given the petroleum company’s significant investments in Vaca Muerta.


US Announces Iranian Oil Purchase Exceptions. Eight countries made the list to be allowed purchasing Iranian oil after the US imposed sanctions on Iran, including China, Japan, India, South Korea and Turkey.


Ecopetrol plans US$3 Billion Investments for 2019. Felipe Bayón, President of Ecopetrol, anticipates the NOC’s investments for 2019 will range between US$3-3.5 billion, an amount close to 2018’s investments. The lion’s share of these investments will be allocated to reinforcing Ecopetrol’s E&P activities.




Would you like to know more about Mexico’s Oil and Gas industry? Click here!



Looking for something?

Use the form below to search the site:

Still not finding what you're looking for? Drop a comment on a post or contact us so we can take care of it!

Visit our friends!

A few highly recommended friends...