Fuel Subsidies Continue to Soften Blow of Energy Prices

The federal government will keep applying tax subsidies until October 21. With the full gas stimuli, fuel station customers will be exempted from paying the Special Tax on Production and Services (IEPS). Meanwhile, PEMEX increased its fuel oil production in August and promised that it will grow production at the Quesqui field. 

Hokchi Energy Increased Production by 20 Percent in August

Hokchi Energy extracted its highest level of crude oil since it started commercial production in 2020. The oil company plans to produce 33Mb/d in 2023. With 24,694 b/d in August 2022, the company increased its production by 20 percent compared to July. According to the information from the National Hydrocarbon Commission (CNH), Hokchi’s namesake field is currently the largest private producing area, trailing only the state-owned PEMEX.

Full Gasoline Tax Subsidies Return

The Ministry of Finance published the tax subsidies on fuels for the week from October 15 to October 21, 2022. These subsidies for Magna and Premium gasoline, as well as diesel, will return to 100 percent.

PEMEX Increased its Fuel Oil Production

PEMEX increased its production of fuel oil in August compared to the previous month. According to the NOC, fuel oil represented 33 percent of its refined products, in contrast to the goal of 28 percent for 2022. Meanwhile, gasoline represented 30 percent of the company’s refined fuels.

PEMEX Promises Oil Production Increase at Quesqui

PEMEX CEO Octavio Romero Oropeza assured that the Quesqui field currently produces around 133M b/d, but the NOC is expecting to close the year with much higher production figures.

CTEP provides technological solutions through scientific research

The Technology Center for Exploration and Production (CTEP) of the Mexican Petroleum Institute (IMP) is focused on incorporating, developing and improving technologies for the development and operation of oil fields through qualified human resources, first-class equipment and laboratories, geared toward generating added value, efficiency and opportunities.

PEMEX to Receive Training from Woodside Energy in Houston

PEMEX CEO Octavio Romero Oropeza signed a collaborative agreement with Woodside Energy, incorporating the NOC’s Mexican into the IOC’s activities in Houston. The main goal of this strategy is for the personnel to “acquire knowledge in exploration and production strategies,” said PEMEX, particularly regarding deepwater operations. Woodside, which runs Mexico’s landmark deepwater Trión field, will cover the expenses of the training.

New IMP Tool SONIMP-R3 A Boon for Hydrocarbons Storage

The Mexican Petroleum Institute (IMP) has answered a request from the Ministry of Energy, PEMEX and the National Natural Gas Control Center (CENAGAS) to increase Mexico’s hydrocarbon storage capacity by developing a tool to accurately determine the volume and geometric dimensions of caverns created for such a purpose in salt domes.