Opinion

Pemex’s New Discoveries Leave the Company Aligning With New Administration Plans, Mitigating its Permanent decline, Says GlobalData

Posted by OilVoice Press - OilVoice

10-Oct-2018


Following Carlos Treviño's, Pemex CEO, announcement of two new discoveries, Manik-101A and Mulach-1, in Mexico's shallow water opposite Tabasco state,

Adrian Lara, Senior Oil and Gas Analyst at GlobalData, a leading data and analytics company, offers his view on the impact on the upstream sector:

“The announcement of these discoveries seems too opportune after the recent statements made by the transition team with respect to injecting more capital to the NOC. It is as if Pemex was creating momentum and indirectly telling the new government which are the projects where additional resources are needed, or where to focus the new contracting schemes for awarding oilfield service contracts. During the session, Carlos Treviño was very careful not to talk about farm outs or bidding rounds and repeatedly emphasized how viable these projects are for adding production in the next two years.

“Besides the two announced discoveries, there are four other fields which are being appraised or transitioning into production phase. All together, these six fields are considered to potentially produce up to 210 thousand barrels per day (mbd) and could recover beyond 800 million barrels of oil equivalent (mmboe) in reserves. The total investment is in the order of US$8 to 10bn, as indicated by the Pemex executives during the Q&A session.   

Lara continues: “Nonetheless, an addition of 210 mbd by end of 2020 seems too good to be true given the production decline and the challenges Pemex has had to concrete planned offshore farm outs. To begin, the investment budget for developing the new discoveries still needs to be approved by congress this next December. Then for the other four fields, the financing will likely come from a mix of Pemex resources and possibly some of the new contracting schemes proposed by the transition team, but there is no practical evidence yet on how this will evolve. On top of this, the pace for developing these projects can be influenced by how the new administration, which probably will replace some key Pemex executives, favours and directs these opportunities.”

GlobalDataPemexDiscoveryMexicoOffshore

More items from oilvoice


CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 19 hours agoPress > CNOOCChina National Offshore Oil CorporationChevron +11

Total Announces the Distribution of its Second 2018 Interim Dividend

The Board of Directors met on December 12, 2018 and declared  the distribution of a second interim dividend for the 2018 fiscal year of €0.64 per share, in accordance with the Board's decision of July 25, 2018, an amount equal to the first 2018 interim dividend and an increase of 3.2% compared to t ...

OilVoice Press - OilVoice


Posted 2 days agoPress > TotalDividend

Methyl Tertiary Butyl Ether Capacity Will Grow at a CAGR of 16.8% in India Over Next Four Years, says GlobalData

India's Methyl Tertiary Butyl Ether (MTBE) plant capacity is forecasted to grow at a compound annual growth rate (CAGR) of 16.8% from 0.211 million tons per annum (mtpa) in 2017 to 0.460 mtpa in 2022, according to GlobalData , a leading data and analytics company. The company's report: ‘ Met ...

OilVoice Press - OilVoice


Posted 2 days agoOpinion > GlobalDataIndiaMTBE

Gazprom and Itochu Sign Memorandum of Understanding on Baltic LNG Project

A working meeting between  Alexey Miller , Chairman of the Gazprom Management Committee, and Yoshihisa Suzuki, President and Chief Operating Officer of Itochu Corporation, took place in St. Petersburg today. Alexey Miller (center) Enlarged photo (JPG, 1.5 MB) Yoshihisa Suzuki ...

OilVoice Press - OilVoice


Posted 2 days agoPress > GazpromItochuLNG +4

Coming Changes in Marine Fuel Sulfur Limits Will Affect Global Oil Markets

For the next two weeks (December 17–December 31), Today in Energy will feature a selection of our favorite articles from 2018. New articles will resume on January 2, 2019. Source: U.S. Energy Information Administration, based on International Maritime Organization (IMO) International re ...

OilVoice Press - OilVoice


Posted 2 days agoPress > EIAEnergy Information Administration EIAMarine Fuel +3
All posts from oilvoice