Mexico's state-run oil firm Pemex could delay to next year a call to energy...
HOUSTON - Mexico’s state-run oil firm Pemex could delay to next year a call to energy companies to form joint ventures planned for October, amid government complaints that firms have not invested quickly enough to make good on the promises of the energy reform, the country’s energy secretary said on Wednesday.
Pemex has so far had mixed results in its strategy of finding foreign partners to form joint ventures. In 2016, BHP Group was chosen to partner with Pemex in the country’s flagship offshore project Trion.Oil firms have only invested $800 million out of the billions of dollars committed to over 100 new Mexican energy projects, Rocio Nahle told journalists at CERAWeek by IHS Markit conference in Houston.
Mexico is under pressure to boost the country’s oil output and strengthen Pemex following a long-standing production decline that reduced the oil firm’s crude output to 1.62 million barrels per day in January, below the 2019 target. Crude exports were 1.07 million bpd. “Pemex has its own project of drilling 116 wells. As that project develops, it will decide if farmouts will be called this year or next,” the secretary added.Low refining rates increasingly are forcing Pemex to import over 800,000 bpd of gasoline and other refined products, according to official data, even as the government strives to minimize fuel theft.
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