Private Industry to Offer Valuable Energy InvestmentFri, 03/06/2020 - 19:17
Mexico’s energy aims may be in for a huge financial windfall. This week, Reuters reported a US$91.5 billion investment that the private sector is set to offer the national government to be involved in the 275 energy projects set to be undertaken between 2020 and 2024. All this, and more, in the Week in Oil and Gas!
This week’s major news is the US$91.5 billion investment (MX$1.787 trilling) into the energy sector that major companies present in Mexico are planning. The investment is intended to aid the Mexican administration’s energy aims and will be offered by companies including Shell, IEnova, Sempra Energy and Engie SA. The government’s National Energy Plan, set to be released in under 10 days, could benefit. President Andrés Manuel López Obrador is yet to give a definite comment on the private sector’s proposal, but would be meeting with cabinet figures to see what could be worked out.
Talos to Go Alone?
As the Zama dispute rolls on, Talos Energy’s Timothy Duncan has insisted that his company can develop the field itself, with the development proposal likely to be submitted this summer.
Dos Bocas Goes Global
The Dos Bocas development has reached international news territory, with an article written by American media outlet, Quartz, claiming the development has unlawfully destroyed mangroves.
No Movement for Moody’s
PEMEX received some financial rest bite as global financial ratings agency, Moody’s, said it would not be revising nor downgrading the company’s rating for the first half of 2020.
Wet Gas Goes Up
The NOC’s production of wet gas grew by 52MMcf/d during 4Q19 in comparison to 4Q18. This meant a rise to 2.8billion cf/d.
Food for Oil with Venezuela
The privately owned Mexican company, Libre Abordo SA, has swapped corn and water trucks for 6.2MMb of crude oil with Venezuela’s state-run oil company, PDVSA. More trade is expected.