Celebration of Mexican Independence Day: Up to 20% OFF!

Dear Offshore Colleague,

Mexican state oil company Pemex said Tuesday it made several light crude-oil discoveries in the Gulf of Mexico, which could contain reserves of about 200 million barrels of crude-oil equivalent.

Pemex had monopolized Mexico’s oil & gas sector until the energy reform and restruction from 2013. The drop in oil prices in the past two years has led to hefty budget cuts at Pemex, which has seen its production fall steadily for more than a decade from a peak around 3.4 million barrels a day in 2004 to just under 2.2 million at present.

The deep water deposits are close to the Trion field for which Pemex is seeking partners to develop in a joint venture, while the partners will be determined in December at Round 1.4’s auction.

Even the proposed budget for 2016 is being cut by some 20%, Pemex said Monday that it plans to drill 16 exploratory wells in 2017, including 12 wells in shallow waters and four in Perdido.

Will Pemex revive its drilling in 2017? Besides Pemex, who will be the new operators in the upcoming bidding rounds? What opportunities will these operators bring to offshore Mexico? Now you can join the Offshore Mexico Congress 2016 (OMC 2016) (Nov. 17-18, Mexico City) to find out your position in the market!