Image credits: Lukoil
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Weekly Roundups

Major Oil Field Discovery Made In Mexican Offshore Block

Thu, 11/25/2021 - 17:35

Russian IOC Lukoil announced its discovery of an offshore field this week in its Block 12 that could contain up to 250MMB. The discovery was made in the Yoti West-1 exploration well, the first one drilled in the block, located 60km off the coast of Tabasco. The well was drilled by a Valaris 8505 semi-submersible platform that penetrated a sand reservoir in Upper Miocene sediments, according to Lukoil’s official press release.

 

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Alonso Ancira Begins Paying Damages to PEMEX for Agronitrogenados Case

AHMSA President and so called the “Steel King” Alonso Ancira has started paying the damages owed to the NOC over the overpriced purchase of the Agronitrogenados plant, one political corruption case that has engulfed former PEMEX leaders such as Emilio Lozoya. A first payment of US$50 million was made through a bank in Texas, according to a Forbes report, the first of three payments to cover a total debt of US$216.6 million.

 

PEMEX Would Be Bankrupt Without Me: AMLO

President López Obrador said had his administration not taken office in 2018 and changed the course of the NOC, he speculated that PEMEX would have been bankrupt by now. As he further explained, “If the past policies of plunder had not been changed, the country would have sunk and it would have been unable to face the pandemic and many more lives would have been lost. The country now has economic and financial stability, and it has not indebted itself. Technocrats wanted to destroy PEMEX, but now it is protected by the state.”

 

In Meeting With Biden and Trudeau, President Defends Oil Policy In his recent Washington meeting with US President Biden and Canadian Prime Minister Trudeau, President López Obrador said he told both dignitaries that his energy policies, though controversial, were meant to stop private companies that “had looted the country. The meeting allowed me to inform them of this so that our actions would not be misinterpreted. I considered the meeting to be very good for that reason. I told them that the privatization of oil had delivered 110 concessions and only two were resulting in investment while the rest had been used to speculate.”

 

Dos Bocas Refinery Declared A Project Of National Security

Through a presidential decree, the Dos Bocas refinery was declared a project of national security, along with all other major federal infrastructure projects, such as the Mayan Train. This designation shields the projects against certain legal requirements, such as transparency, and accelerates all permitting and licensing processes. President López Obrador declared that this was done to “streamline” the construction of these projects.

Photo by:   Lukoil