PEMEX Eyes 10 Percent Production Growth in 2022By Cas Biekmann | Thu, 11/18/2021 - 16:51
PEMEX can continue to be trusted as a cornerstone for the government's fourth transformation, boosted by an increased output, says CEO Octavio Romero. In other news, Mexico aims to stop exporting oil starting in 2024 onward and GATE Energy opens a Mexico City office. Read this and more on the weekly roundup!
During his speech at the inauguration of the famous Mexican Oil Congress (CMP), PEMEX CEO Octavio Romero said the NOC aims to increase production by 10 percent in 2022. By 2024, PEMEX wants to produce 2.063MMb/d, as well as rehabilitate the oil giant in general.
During COP26, SEMARNAT’s head María Luisa Albores confirmed Mexico’s commitment to sustainability. For this reason, the government will continue its ban on fracking and will stop exporting oil starting in 2024 onward, focusing only on production for internal consumption.
State owned oil company PEMEX is set to invest US$82 million in its Cadereyta refinery, one of the NOC’s six Mexican refining installations located in the state of Nuevo Leon. The investment will renovate boilers and plans to foster processes creating less-polluting emissions while adhering to a new green tax plan from Nuevo Leon’s governor.
As global produced water volumes continue to increase, the treatment and management of water has become an increasingly important element in oil and gas treatment and production. Water management infrastructure is constantly evolving according to the needs of the energy transition, and various environmental and government regulations and policies are accelerating the trend.
PEMEX will invest US$115 million in spudding exploratory oil wells in Tabasco and Veracruz. The developments are part of PEMEX’s increasing developments aiming to reach 2MMb/d by the end of 2024.
PEMEX has launched a tender for the EPC of onshore pipelines in northern and southern Mexico, as well as for the creation of a maintenance program for its undersea pipelines.
The company furthermore stated these imports will grow further following an initiative to offset lower supplies coming from PEMEX.
The Ministry of Labor emphasized that the election day at STPRM, PEMEX’s trade union, occurred without incidents, despite media reporting irregularities through an electric system.
The company, specialized in engineering, commissioning and field services has established a new office in Mexico City.
“While we are investing in the energy transition, the most cost-effective and least contaminating fossil fuel is the best bridge we have to get from where we are today to where we need to be. Natural gas is not only the cleanest of the main fossil fuels; it also holds the most promise for an equitable and socially just transition to a greener, more sustainable world,” writes Warren Levy, CEO, Jaguar E&P in an Expert Opinion.
Oil companies proved interested in bidding for drilling rights on federally owned oil and gas fields located in the US Gulf of Mexico. Biden had previously tried to suspend the sales, but this was challenged successfully by attorney generals from Republican-led states. Chevron and ExxonMobil were among the biggest winners.