Image credits: PEMEX
Weekly Roundups

Close to 2,000 PEMEX Contracts Downloaded

Thu, 03/25/2021 - 20:12

The comprehensive PEMEX online contract database has now registered over 1,800 downloads, reports La Jornada. Additionally, the website has recorded over 7,000 searches and over 3,000 hits. The website was created as part of an effort to increase the NOC’s transparency and degree of public engagement and as part of an agreement with AMESPAC to more precisely schedule remaining payments owed to suppliers and service providers. 

Ready for more? Here’s the Week in Oil and Gas!

PEMEX to Invest Over US$9 Billion in Agua Fria Field

CNH has approved PEMEX’s modified development plan for the Agua Fria field, which calls for over US$9 billion in investments, reports Oil & Gas Magazine. The onshore field is located on the border between the states of Veracruz and Puebla and 702 wells have already been drilled within its more than 176km2. While the field is technically categorized as “in decline,” the latest EOR and IOR technologies are expected to make the field’s production levels increase. The development plan also calls for the construction of additional infrastructure, including 92 new ducts. 

Platform Robberies Down 92.3 Percent: SEMAR

According to SEMAR Deputy Minister Admiral Eduardo Redondo, robberies to offshore platforms in the Campeche Basin have decreased 92.3 percent thanks to “Operation Basin Reinforcement,” a SEMAR effort that started on May 2, 2020, reports Milenio. This operation also included joint efforts with SEDENA, PEMEX and offshore contractor Marinsa, along with other federal, port and state authorities from Tabasco and Campeche. 

Fuel Theft Moving to Hidalgo

SEDENA head Luis Cresencio Sandoval said that the state of Hidalgo reported the largest market for illicit fuel sale in the last month. There were 177 related arrests in other states, including the State of Mexico, Guanajuato, Michoacan and Tamaulipas. Cresencio Sandoval said that the government’s actions regarding fuel theft have resulted in cost cuts. “We have saved US$6.6 billion. That is more than what we designate to the pension of the elderly in one year.” 

Government to Assume PEMEX Debt in 2021

Mexico’s government will absorb PEMEX’s debt payments in 2021, a commitment that amounts to US$6.4 billion. “The president is committed to protecting and rescuing PEMEX,” stated Octavio Romero, PEMEX Director General. According to several analysts, the company is going through an unprecedented financial crisis, with a debt that in 2020 increased by 38 percent compared to 2019. In February, the government injected US$1.5 billion to pay debt amortizations, while implementing actions aimed at reducing the NOC’s fiscal pressure. President López Obrador defended his financial rescue strategy for the benefit of the state-owned oil company during a press conference. “Before, the Treasury took everything from PEMEX. Now, there is a process to limit that tax burden, something that will help the company. Taxes will be reduced to strengthen PEMEX and CFE. We will boost companies so that they do not lack resources for the exploration and production of oil fields,” he added. PEMEX grew by 13.9 percent in one year, something that has failed to contain its enormous debt.

The data used in this article was sourced from:  
MBN, Milenio, La Jornada, Oil & Gas Magazine
Photo by:   PEMEX