PEMEX set a major milestone for the future of the country’s energy vision with the release of its Business Plan. And the Mexico Oil & Gas Summit took place, with industry leaders offering exclusive insights into the industry’s future. Read about it all here, on this week’s oil and gas weekly roundup!
PEMEX Business Plan Released
The big news of the week, and one that Mexico’s entire oil and gas industry has been waiting for, was the release of the PEMEX Business Plan. The hefty 221-page document marks a milestone for President Andrés Manuel Lopéz Obrador’s administration, which has put the reinvigoration of the national oil company at the core of its development plan for Mexico.
The plan officially announced government support of US$6.6 billion over the next two years and the intention to reduce PEMEX’s financial burden, which will free up an additional US$7.2 billion across the next three years. Among the key objectives outlined in the document by Director Octavio Romero was the company’s intention to aggressively intensify exploration onshore and in shallow waters, the modernization of the country’s refinery system including the construction of Dos Bocas, and improving the security of oil field operations.
The plan generated mixed reactions from the industry. Those least impressed included financial service and credit rating agencies Standard & Poor’s and Moody’s, which said the plan did not change its expectations.
Mexico Oil & Gas Summit 2019 Brings Leaders Together
The Mexico Oil & Gas Summit 2019 took place at the Mexico City Sheraton María Isabel Hotel last week, bringing together key industry players from both the public and private sectors.
Keynote speeches from ASEA Director Luis Vera, Director General of IMP Marco Antonio Osorio, and Commissioner at CNH Sergio Pimentel, offered insight into the intentions of the public sector for the next few years. Panels covering topics as diverse as the operators’ opinions on Mexico’s exploration activity and race to first oil, and the role of natural gas in the country’s pursuit of energy sovereignty made for an enthralling and unmissable event.
To check out all the highlights of speakers and panels or re-watch the summit’s livestream, visit the website here.
Grupo R Spuds Xikín
Good news for national companies this week as Grupo R began its drilling operations on the Xikín field, one of the 16 offshore fields that PEMEX will be developing as it seeks to double oil production.