Oil Investment Plummeted to US$1.621 Billion in 2022
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Oil Investment Plummeted to US$1.621 Billion in 2022

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Perla Velasco By Perla Velasco | Journalist and Industry Analyst - Thu, 02/09/2023 - 08:00

ExxonMobil signs a contract with Mexico Pacific to purchase LNG. Moreover, the Mexican Navy will further invest in infrastructure for its Naval base at Dos Bocas to carry out security operations for the Olmeca Refinery and the Campeche Bank.

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Mexican Oil Investment Plummeted in 2021

Oil investments in Mexico have plummeted in 2022 to US$1.621 billion, the lowest level in four years. Despite the increase in crude prices, both PEMEX and private players invested fewer resources in the exploration and development of oil and gas fields.

ExxonMobil, Mexico Pacific Sign LNG Sales and Purchase Agreement

ExxonMobil and Mexico Pacific signed two long-term Sales and Purchase Agreements (SPAs) for the sale of a combined 2MMTPA of LNG. The agreement between Mexico Pacific and Exxon represents an important step in Exxon’s environmental plan. 

Mexican Navy to Invest in Dos Bocas Infrastructure

The Mexican Navy (SEMAR) will invest MX$650 million (US$34.31 million) to further develop the military zone in Dos Bocas to protect the Olmeca Refinery and the Campeche Bank. With the project, the navy aims to protect the zone from risks stemming from the industrial activities carried out in Dos Bocas.

Mexico's Energy Policy: From Dependency to Self-Sufficiency

According to CNH, national natural gas production grew by 6% in 2022. Although this uptake slightly decreased Mexico’s US gas imports, the country is expected to have a  higher demand for the next couple of years. Moreover, as CFE plans to increase its natural gas-fired power generation capacity, its demand for fossil fuel will grow. 

CNH Commissioner Discusses Energy Sector

Héctor Moreira, Commissioner, CNH, opened a new Twitter account and took the chance to discuss important energy topics in Mexico. This is not the first time that CNH and experts have highlighted the importance of venturing into unconventional plays. Due to Mexico’s declining oil reserves, experts have underlined the potential that those plays have to boost the country’s reserves. 

One Year of Deer Park’s Mexican Operations

One year after the purchase of the Deer Park Refinery, PEMEX says that the investment has yielded solid results. On the back of these results, the NOC announced that it plans to replicate the model in the National Refining System (SNR).

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