Mexico’s newest and largest project, the Dos Bocas Refinery has finally been set in stone, or at least has been made official in the National Development Plan. The private participants of the restricted tender said it could be ready by 2023 at the earliest, but President López Obrador has decided to tackle the project through PEMEX and SENER instead. In other news, the private sector is working full steam in Mexico’s deepwaters in search of first black gold.

Gabriel Casillas, Deputy Director General of Economic Analysis and Investors Relations at Grupo Financiero Banorte, said at the Mexico Business Forum that less uncertainty is on the horizon. “AMLO is following his development plans to the letter,” he said.

Ready to start the week in the know? Here is your news roundup!

The Dos Bocas Refinery will be constructed by PEMEX and SENER themselves. After the first tender for the construction of the refinery, President López Obrador has “deserted” the tender because the participating companies “wanted too much”.

A new Baker Institute study says there may be a possible shale-development ban in Mexico regardless of whether or not AMLO implements his campaign promise to ban hydraulic fracturing.

Atlantica has invested US$42 million in a Monterrey electric gas plant. It has been in operation since 2018 with a capacity of 142MW.

Rolling in the Deep

Last week PEMEX abandoned its recent deepwater activities. The business plan it will present in the next weeks incorporates the cancelation of deepwater investments in the Gulf of Mexico and it will focus solely on shallow water and onshore activities, as well as restoring mature fields. All with its own investment.

By the end of 2019, Shell will begin drilling activities in Mexico’s deepwaters. It looks to invest US$1 billion.

Chevron has proposed the acquisition, processing and reprocessing of almost 3,000km2 of the 3D Waz, eight exploration studies, the drilling of one well, as well as the integration of the results.


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