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Weekly Roundups

Former PEMEX Director Arrested in Spain

Fri, 02/14/2020 - 18:39

Emilio Lozoya Arrested

The big story this week was the capture of former PEMEX Director, Emilio Lozoya, in Malaga by Spanish police.

Lozoya, one of former President Enrique Peña Nieto’s closest allies and director of the NOC between 2012 and 2016, is accused of large-scale fraud. In statements to the Spanish courts, Mexican authorities claim that Lozoya received some US$10 million in bribes and fraudulently awarded at least four major public construction contracts to the Brazilian construction conglomeration Odebrecht, estimated to amount US$280 million.

Mexico’s Federal Superior Audit (ASF) has also highlighted “irregularities” around some US$1.08 (MX$20 billion) that PEMEX and its subsidiaries received between 2013 and 2016.

 

Shell’s Mexico Investment Could Hit US$2 Billion

Shell could invest US$2 billion (approx. MX$37.1 billion) in Mexico if its assets prove successful, Pablo Tejera Cuesta, Shell’s Mexico Upstream director has stated.

The IOC is involved in 11 blocks in Mexico, operating nine, and has plans to expand its exploration intentions.

“Our interest in Mexico is long term and clear. We have a very large exploration area, double the size of our US area, which gives an idea of the potential we see in the country,” said Tejera Cuesta.

 

Shell Signs Grupo R

Shell announced the signing of a Grupo R platform, La Murulla IV for use in its deepwater blocks in the Gulf of Mexico.

The Dutch company won nine blocks as operator in Round 2.4 and will use La Murulla IV for a minimum of three well drills, though an option to extend this has been written into the contract.

 

PROFECO Criticizes Retail Price Rises at Shell and OXXO Gas Stations

The Office of the Federal Prosecutor for the Consumer (PROFECO) accused OXXO Gas and Shell of raising their fuel prices “without reason.”

PROFECO Director Ricardo Sheffield Padilla reportedly told President López Obrador that the two companys’ retail prices had risen in an “independent manner”. He also noted that LaGas, Gulf and Fullgas provided the lowest prices in Mexico.

 

PEMEX Delaying Zama Drilling: GlobalData

Adrian Lara, Oil and Gas Analyst at GlobalData believes that PEMEX is to blame for progress delays in the Zama reservoir dispute.

The analyst said that Talos Energy, which originally discovered the offshore reservoir, had moved quickly to appraise Zama’s potential and have an independent resource evaluation of the discovery, during the disagreement over its ownership.

PEMEX must start drilling for the unification agreement between the NOC and Talos to begin. Delays in drilling will lead to delays in field development.