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.
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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”.
- Media outlets are saying this call to build Dos Bocas could be more serious than the cancelation of the new Mexico airport (NAIM).
- The Minister of Energy, Rocio Nahle, has stated that the main goal of the Dos Bocas Refinery is to recover energy sovereignty.
- The private sector is doubting that PEMEX will build the new refinery and investors are asking for guarantees.
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.