CNH has approved PEMEX’s development plans for 10 fields, which total US$10.5 billion in investments. Last Wednesday, CNH approved PEMEX’s plans to develop the shallow water Octli field through an investment of US$330.5 million to take the field from drilling to decommissioning by 2039.
This is the tenth early production field development plan approved since last November, with the first nine being Xikin, Chocol, Esah, Cheek, Cahua, Ixachi, Uchbal, Manik and Mulach.
Check out our Interview of the Week with José Arráiz, Country Manager of EXPRO, where we discussed what his company’s technology brings to the field of deepwater well testing and their general experiences working in Mexico. Read it here!
PEMEX Gets to Keep its Blocks
After CNH announced at the beginning of the week that PEMEX had less than a month, or until August 27th, to fulfill minimum work and discovery requirements for 52 blocks awarded to it during Round Zero or risk losing them, SENER stepped in and granted the NOC special permission to keep these blocks for at least three more years.
SENER was able to do this through special reassignment of the blocks in question to PEMEX. A majority of CNH commissioners voted in favor of this notion, with the lone dissenting vote belonging to Commissioner Sergio Pimentel.
Macuspana, Tabasco: Dig for water, Strike Oil
The Fortuna Nacional neighborhood of the town of Macuspana, Tabasco honored its namesake on Tuesday night when a group of workers digging a 48m well to find water struck oil instead.
Authorities arrived on the scene to cordon off the affected area and await an official analysis from PEMEX authorities that could confirm whether a new reservoir had indeed been found or if instead a pipeline had been accidentally opened.
IEA Cuts Oil Demand Growth Forecasts
After a week of volatility in oil prices and an escalating US-China trade war, the International Energy Agency (IEA) cut back on its global oil demand growth forecasts for 2019 and 2020.
New forecasts estimate that oil demand growth will reach 1.1MMb/d (100Mb/d less) in 2019 and 1.3 million (50Mb/d less) in 2020.
Greg Abbott to AMLO: Natural Gas Must Find a Way
The Houston Chronicle revealed this week that Texas Governor Greg Abbott wrote a two-page letter to Mexican President Andrés Manuel López Obrador urging him to stop delaying the development of pipeline projects across the border to resume the commerce and use of natural gas.
This request references the ongoing dispute between AMLO’s government and four pipeline contractors (TC Energy, Sempra, Fermaca and Grupo Carso) regarding suspended payments contemplated in contracts covering seven pipelines.