All eyes were on the Mexican Petroleum Congress during the last week, as the country’s industry leaders gathered in Leon, Guanajuato. Speakers at the event included General Director of PEMEX Octavio Romero, who underlined the current administration’s commitment to the pursuit of Mexico’s energy sovereignty. For all this and more, read on!
PEMEX to Refinance US$2.5 billion of Debt
PEMEX CFO, Alberto Velázquez, said that US$2.5 billion of the company’s debt will be refinanced this year to stop its US$106.5 billion net financial debt from growing.
According to Reuters, the company will approach both the domestic and international markets and consider bilateral agreements with banks despite the potentially higher costs following the NOC’s recent Fitch downgrade.
PEMEX will Invest US$6.4 billion into Ixachi
PEMEX announced that over the next 20 years it will invest US$6.4 billion into the development of the Ixachi reservoir, discovered in 2017, which the national oil company said was its most important onshore find of the last 15 years.
Located in Tierra Blanca, Veracruz, Ixachi could represent a peak production rate of 82.5Mb/d of condensate.
PEMEX’s Romero Says Billions Saved by Anti-theft Measures
General Director of PEMEX Octavio Romero said the government’s anti-theft measures had successfully reduced fuel theft, known in Mexico as huachicol, by 93 percent.
Speaking during the Mexican Petroleum Congress’ inauguration, Romero said the government’s actions, which included shutting off six of the country’s major pipelines, had saved MX$32.617 billion this year.
PEMEX to Target Shallow Waters and Onshore Conventionals
Chief Financial Officer of PEMEX Alberto Velázquez told the audience at the Mexican Petroleum Congress that the national oil company would seek to exploit potential in Mexico’s shallow water fields and conventional onshore resources. Until at least 2024, deepwater and onshore unconventionals will not be the focus for PEMEX.
New PEMEX Fields to Produce 1MMb/d
PEMEX Director General Romero said this past week that 1 MMb/d of crude and 2.7Bcf/d of natural gas will be added to the NOC’s production rates by 2024, via the 22 fields that are set to start this year and the other fields soon to be developed.
These oil production numbers are set to represent 62.5 percent of the company’s current production rate and will contribute to the government’s intended doubling of oil production.