Changes in PEMEX Aim to Boost Production

Changes in PEMEX’s executive positions aim to increase efficiency in the company’s financial capabilities. Additionally, new discoveries from PEMEX will allow the country to maintain growth expectations regarding crude oil and gas production.

Here is the Week in Oil and Gas!

Carlos Cortez to Be Appointed PEMEX CFO

Reuters revealed this week that PEMEX is set to replace its Director of Finances for the second time in 10 months. While PEMEX is yet to issue an official statement regarding this change in administration, sources close to the NOC revealed to Reuters that Carlos Cortez is to be named the newest Director of Finances.

Satellites Show Huge Methane Plumes Above KMZ

Satellite footage obtained this week depicts yet another major methane leak from Mexico’s top-producing oil field cluster, Ku-Maloob-Zaap. The three satellite images, taken across six days, display huge methane plumes mapped from space with high resolution. Itziar Irakulis-Loitxate, Scientist, Polytechnic University of Valencia, estimated that some 44,064 tons of methane were released into the atmosphere during the time in question, equivalent to 3.7 million tons of CO2.

Repsol Begins Negotiations to Lease FPSO

Repsol has begun negotiations with contractors to lease a Floating Production, Storage and Offloading vessel (FPSO) as part of its plans to expand its offshore development efforts in the Gulf of Mexico.

Natural Gas Key for Mexico’s Long-Term Energy Security

The pivotal role to be played by natural gas in the energy transition is something Mexico does not quite appreciate yet. Nevertheless, in the coming years, the importance of natural gas as cleaner fossil fuel is only going to grow, outlined CNH Commissioner, Héctor Moreira.

Price of Oil Barrel Falls for The First Time Since Russian Invasion

WTI fell below US$84 on Wednesday for the first time since early February, prior to the Russian invasion in Ukraine. Likewise, Brent, a reference for crude oil in Europe, registered a loss of 3.18 percent to US$89.88 a barrel.

PEMEX Finds New Hydrocarbon Deposits

PEMEX has identified eight new hydrocarbon deposits that will allow the country to maintain its growth expectations in crude oil and gas production. The deposits were found in shallow waters in southeast basins and two more in onshore fields. CNH carried out the ratification of 10 hydrocarbon discoveries made by Pemex from Sept. 1, 2021 to June 30, 2022.

Experts of the Week

• Geophysical Exploration and Its Impact on Discovery - Gerardo Clemente Martinez, President, Mexican Association of Exploration Geophysicists
• More Efficient Well Testing: Small Step Toward Greener Future - Carlos Adrián Gómez and Maricela Méndez, PetroHorus