Pemex weighs inviting JV partners to join offshore projects

Pemex, Mexico’s state oil firm, is considering inviting partners to help develop some of its solo offshore projects in the Gulf of Mexico, according to Reuters.

Two are the deep-water Nobilis-Maximino and Ayin-Batsil projects.

And the Ayatsil and Tekel heavy crude fields in shallow waters could also be offered up for partnerships, Pemex’s CEO Carlos Trevino said.

Among the potential partners are Chevron of the US, Japan’s Inpex and Australia’s BHP Billiton, companies that are already involved in other joint ventures (JVs) with Pemex.

Pemex is also, along with partner BHP Billiton, leaning towards using a floating production storage and offloading (FPSO) vessel for the development of their $11 billion Trion JV.

An FPSO would allow output to be loaded to tankers which gives more flexibility in determining export destinations rather than the alternative of pipelines to the US.

Trion is estimated to contain about 500 million barrels of oil.

Since Mexico instituted energy reform in 2013 Pemex’s 75-year monopoly position has been eroded and foreign firms have been allowed in to the sector in the hope of boosting production levels.

Some 90-odd E&P contracts have been made with private and foreign firms since the reforms began.

Political uncertainty lurks over the sector, though, because leftist candidate Andres Manuel Lopez Obrador is favoured to win July’s presidential election and he may want to review the energy reform policy.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.
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