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Mexico regulator approves Pemex plan to drill new deepwater wells

Pemex plans of drilling new wells by late 2016 have been approved by Mexico’s oil regulator. The two deep water wells, Vasto-1001 and Nobilis-1, are near the border with United States in the Gulf of Mexico and are believed to hold 203 and 161 million barrels of oil equivalent. by David Alire Garcia, Reuters, Jan….

Reinassance, three oil blocks winner to partner with Pemex

Reinassance Oil Corp., is a British Columbia onshore producer that won rights in the December 15th oil auction to develop three onshore fields in Chiapas. The Canadian company is looking for partnering opportunities with Pemex for exploration of unconventionals and help them overturn a 11-year decline in the country’s oil production. by Petroleum World, Jan. 07,…

Samsung Engineering wins $550m refinery contract from Pemex in Mexico

Samsung Engineering in South Korea just signed a $550 million contract with a Pemex refinery in Salamanca, Mexico. Through Samsung, Pemex’s refinery will expland its capacity by 53,000 barrels a day and provide engineering, procurement, construction and commissioning services by the end of 2018. by Energy Business Review, Dec. 22, 2015 South Korea-based Samsung Group’s…

Mexico Plans Deep-Water Oil Auction Next Year

Mexico Plans Deep-Water Oil Auction Next Year

Mexico is planning for a fourth auction, this time of deep-water exploration blocks. The auction will be announced and open for proposals on the third quarter of 2016 and held by the end of the same year. This time, ten blocks will be offered, including some in the Gulf of Mexico area close to the…

Mexico’s Pemex says it has added more than 1 bn boe of 3P reserves in 2015

Earlier this week, Pemex’s CEO said that discoveries made in the second half of the year total an equivalent to more than 1 billion barrels of oil. The two shallow water finds, Teocalli and Japsol, are expected to have reserves of 40,000 barrels of crude and 25 million cubic feet of natural gas. These are an…

Mexico to spend US$23b to cut greenhouse gases

Mexico commits to reduce its gas emissions from gasoline by 90% through several projects around the country. The total investment by the Mexican government adds up to $23 billion in refinery projects such as reducing the sulfur content in gasoline produced by six refineries, increasing capacity to process crude oil, reduce imports of diesel with sulfur…

Mexico’s Pemex says two oil discoveries to add 40,000 bpd

by Ana Isabel Martinez, Reuters, Dec. 08, 2015 Mexico’s state-owned oil company, Pemex, has discovered two shallow-water oil deposits that will eventually produce 40,000 barrels a day, the company’s top executive said on Tuesday. Pemex Chief Executive Emilio Lozoya said the discoveries were made during the second half of this year, adding 180 million barrels…

Pemex Sees Total Debt Rising Above $100 Billion Next Year

Pemex estimates to borrow $21 billion in 2016, making its debts go past the $100 billion by next year. The company attributes this number to the slump in oil prices and a continuous decline in production. Just by the end of third quarter, Pemex had reported a loss of $10.2 billion. The oil giant intends…

Mexico’s Pemex inks deal with Global Water Development Partners

Pemex has partenered with Global Water Development Partners (GDWP) and aim to invest $800 million in water treatment projects in Mexico. by Reuters, Nov. 30, 2015 Mexico’s state-owned oil company Pemex has entered into a partnership with Global Water Development Partners (GWDP) that aims to invest $800 million in water treatment infrastructure projects, the Mexican…

Eni tapping into offshore Mexico

Eni tapping into offshore Mexico

This past Monday, Eni International and the Mexican government signed an agreement which will allow the italian company to operate in three oil fields of Area 1. Eni International is the first global corporation to work oil fields in Mexico, bringing in a billion dollar investment. Eni expects to find reserves of 800 million oil…

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