U.S. Oil Company Confirms Big Find in Mexico

January 8, 2020

Source: The Wall Street Journal
By: Robbie Whelan

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Mexico City— One of Mexico’s largest oil discoveries of the last two decades, the Zama field in the shallow waters of the southern Gulf of Mexico, likely contains 670 million barrels of recoverable oil, according to new estimates released by a consortium of drilling companies that owns rights to it.

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Check out the latest Mexico Institute publications on Mexico’s energy reform debate, as well as opportunities for U.S.-Mexico cooperation on solar, wind and bioenergy projects.

Pemex announces huge 500-million-barrel oil deposit, biggest find in 30 years

12/7/19 – Mexico News Daily

Source: Notimex (sp), Reuters (en)

“Pemex announced on Friday that it has discovered a huge oil deposit in Tabasco that could yield 500 million barrels of crude.

State oil company CEO Octavio Romero said Pemex could confirm the existence of a “giant deposit” at the Quesqui field, located in Huimanguillo.”

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Oil companies swap stakes in Mexico as government holds off on auctions

energy - oil pumps

12/04/19 – Reuters

By Marianna Parraga, Adriana Barrera

With Mexico’s government insisting that energy companies increase oil and gas output before it auctions off more of the country’s vast reserves or offers more partnerships with state-run Pemex, firms ranging from foreign majors to local players are scrambling to buy and sell blocks they already own.

The negotiations are creating a dynamic secondary market for oil acreage, which could be the only investment opportunity left for firms until leftist President Andres Manuel Lopez Obrador unblocks his predecessor’s flagship energy reform that has seen no new licensing rounds since 2018.

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Mexico’s Clean Energy Sector Gets Renewable Credit Win

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11/29/19  – Bloomberg

By Justin Villamil

Mexico’s clean energy industry was handed a big win on Thursday after a federal court reversed an earlier decision on a renewable credits rule change that critics said would have been damaging to the sector.

After clean energy companies, including American power generator AES Corp. and Italian utility giant Enel SpA, filed for injunctions in courts across Mexico, a federal judge in Mexico City reversed a lower court decision of the rule change on Thursday, according to people familiar with the case who asked not to be identified as the information isn’t public.

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Gunmen in Mexico try to steal fuel convoy

energy - oil barrels

11/20/19 – AP News

Armed thieves tried to abduct an entire convoy of fuel tanker trucks in northern Mexico, but security forces fought off the gang in a shootout.

Mexico began moving fuel in tanker trucks this year to combat thefts from government pipelines. But now thieves appear to be attacking even fuel convoys.

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Mexican environment officials protest budget cuts

 

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Photo by Pixabay on Pexels.com

10/13/19 – AP News

In a rare protest against his own administration, Mexico’s environment secretary decried 50% budget cuts to his agency and issued a public appeal for more funds Wednesday.

Environment Secretary Victor Toledo and the heads of ecological enforcement for almost all of Mexico’s 31 states signed an open letter appealing to all three levels of government to increase funding.

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Mexico’s Pemex won’t pay ransom after cyberattack: energy minister

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11/13/19 – Reuters

By Adriana Barrera

Mexican national oil company Pemex will not pay a ransom demanded by suspected cyberattackers who targeted the firm’s computer systems, Energy Minister Rocio Nahle told reporters on Wednesday.

Nahle, who also serves as chair of the Pemex board, added that the attack hit the company’s administrative headquarters in Mexico City and that its “plants and wells” continued to operate.

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