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2018-02-05 07:42:00

MEXICO'S OIL INVESTMENT $100 BLN

MEXICO'S OIL INVESTMENT $100 BLN

FT -  Mexico secured almost $100bn in investment in its most successful oil tender to date as Anglo-Dutch oil major Royal Dutch Shell positioned itself as the biggest player in deepwater exploration and new companies including Qatar Petroleum burst on to the scene. 

Aldo Flores, hydrocarbons undersecretary, said the $93bn secured was 1.5 times the total investment in nine previous tenders since a landmark reform in 2013 that opened Mexico's oil and gas sector to foreign investment for the first time in nearly 80 years.

Shell, which is also the biggest foreign operator in Brazil's deepwater sector, obtained a total of nine contracts — four solo, four in partnership with Qatar Petroleum, the world's largest liquefied natural gas producer, and one in alliance with Pemex, Mexico's state oil company. 

In all, 19 out of 29 contracts on offer in three areas of the Gulf of Mexico were awarded. That brought to more than 60 the number of companies committed to developing Mexico's promising hydrocarbons assets at a time when Pemex's production is at a four-decade low, underscoring the country's potential, particularly when oil prices are at $70.

"This is a vote of confidence in Mexico," said Mr Flores. Mexico holds presidential elections in July in which hard-leftist Andrés Manuel López Obrador is shaping up as the man to beat. Although he has softened initial opposition to the energy reform, Mr López Obrador and his team have hinted that the pace at which the sector is opened up could slow down if he won.

However, analysts agree that rolling back the reform would be virtually impossible and any changes would not be retroactive. Furthermore, any increase in production at a company that is an important government cash cow would be hard to turn down.

Juan Carlos Zepeda, head of the National Hydrocarbons Commission, the sector regulator, said that if all the blocks awarded were successful "we're talking about 1.5m [additional] barrels of oil [per day] — almost doubling the current level of 1.9m". In gas, the potential for increased prodcution was similar — some 4bn additional cubic feet a day, compared with current output of some 5bn, he said.

While such a success rate may be a stretch, especially in the largely virgin Salina basin in the Gulf where the potential rewards are high but so are the risks, Wednesday's successful bidders have committed to drilling 23 wells, bringing to 129 the total number of wells committed since the reform. The $93bn investment is contingent on blocks proving commercially successful. 

The government also stands to gain heavily with a total tax take of 63 to 67 per cent of profits — higher, Mr Zepeda said, than in both US and Brazilian deepwater blocks.

Some companies also offered eye-popping cash bonuses to secure their winning bids, amounting to $525m in all. In the highest single cash offer, a consortium made up of Repsol of Spain, Petronas of Malaysia, Mexico's Sierra Oil & Gas and PTT Exploration & Production of Thailand committed more than $151m.

The biggest competition was seen for 10 blocks in the Salina basin, which Mexico believes contains very attractive sub-salt reserves.

Other winners included Chevron of the US, Inpex of Japan and Eni of Italy. 

"This will translate into real and effective work for Mexcio — we are all winners," Alberto de la Fuente, Shell's country chief, told reporters, adding he saw "no impact" from concerns over the future of the North American Free Trade Agreement. The blocks awarded have a lifespan of up to 50 years.

Cash-strapped state-run Pemex raised some eyebrows by winning four blocks, either alone or with partners. The rationale of the oil reform was to allow private investors into Mexico precisely because Pemex did not have the firepower or experience to develop everything itself, especially costly deepwater projects.

"In 20 years [exploring in the Perdido], Pemex has not produced a single barrel of oil in deepwater," noted George Baker, an oil analyst.

But one senior executive at the company who asked not to be named said the idea was to bring in partners. "They're looking for us already," he said. 

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Earlier:

 SAUDIS CLEAN INVESTMENT
2018, January, 22, 08:30:00

SAUDIS CLEAN INVESTMENT

BLOOMBERG - Mexico, Chile and Peru offer strong potential for growth in renewable energy, and governments in the region are courting international investors to help diversify the electricity mix.

 

 MEXICO BECOMES BIGGER
2017, July, 19, 14:45:00

MEXICO BECOMES BIGGER

US Energy Sec. Rick Perry observed, “History teaches us that the world is not stagnant. Mexico had one of its biggest natural gas discoveries in history last week. I’ve just returned from talks with government leaders there, and I believe Mexico will become an even bigger oil and gas supplier as we go about building this new North American energy partnership.”

 

 CHINA'S VICTORY IN MEXICO
2016, December, 6, 18:35:00

CHINA'S VICTORY IN MEXICO

The auction of the deepwater blocks, four in the Perdido Fold belt near the US side of the Gulf and six in the unexplored Salina basin further south, marked the culmination of the first round of auctions since Mexico enacted a sweeping reform to open a sector closed to private exploration and production for nearly 80 years.

 

 MEXICO'S POTENTIAL: $415 BLN
2016, November, 7, 18:40:00

MEXICO'S POTENTIAL: $415 BLN

After a decade of volatile GDP growth and steadily increasing gas and power demand, Mexico continues to progress toward an unbundling of the monopolies Pemex and CFE once held over its gas and power sectors. According to a recent study by Wood Mackenzie, these reforms have created the potential for approximately US$415 billion in investment over the next two decades as the country builds pipelines, develops a renewables market to meet clean energy targets, and sets the stage for M&A.

 

 U.S. - MEXICO'S GAS UP
2016, July, 4, 18:45:00

U.S. - MEXICO'S GAS UP

Midway through 2016, U.S. pipeline exports to Mexico have been increasing substantially. Daily PointLogic data show that year-to-date, pipeline exports to Mexico have averaged 3.5 Bcf/d, 37% above year ago levels and 89% above the five-year (2011–15) average level. Mexico’s growing use of natural gas in the power sector and flat-to-declining production have led Mexico to increase its pipeline imports. At the same time, the growth in power burn has been driven by the increased availability of low natural gas prices as a result of the infrastructure buildout.

 

 U.S. WANTS AMERICA
2016, June, 29, 18:15:00

U.S. WANTS AMERICA

The U.S. and Mexico will commit to joining Canada in boosting their use of wind, solar and other carbon-free sources of electricity, helping North America meet an ambitious goal of generating at least 50 percent of its energy from “clean” sources by 2025.

 

 СОТРУДНИЧЕСТВО ЛУКОЙЛА И МЕКСИКИ
2016, May, 26, 20:35:00

LUKOIL & MEXICO COOPERATION

The parties discussed the implementation of a joint project, the Amatitlán Block which LUKOIL entered on the terms of a service contract with a 50% interest in July 2015, and the company’s participation in forthcoming bidding rounds. This resolution was positively received by the Government of Mexico.

Tags: MEXICO, OIL, INVESTMENT

Chronicle:

MEXICO'S OIL INVESTMENT $100 BLN
2018, June, 18, 14:00:00

U.S. IS BETTER

IMF - Within the next few years, the U.S. economy is expected to enter its longest expansion in recorded history. The Tax Cuts and Jobs Act and the approved increase in spending are providing a significant boost to the economy. We forecast growth of close to 3 percent this year but falling from that level over the medium-term. In my discussions with Secretary Mnuchin he was clear that he regards our medium-term outlook as too pessimistic. Frankly, I hope he is right. That would be good for both the U.S. and the world economy.

MEXICO'S OIL INVESTMENT $100 BLN
2018, June, 18, 13:55:00

U.S. ECONOMY UP

IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.

MEXICO'S OIL INVESTMENT $100 BLN
2018, June, 18, 13:50:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

U.S. FRB - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2017) average.

MEXICO'S OIL INVESTMENT $100 BLN
2018, June, 18, 13:45:00

SOUTH AFRICA: NO BENEFITS

IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.

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