CERAWeek: Pemex Looking For Partners In Several Exploration Projects

March 7, 2018

 

Mexico’s Pemex is looking for new partners in some deepwater joint ventures, and its director, Carlos Trevino, said the state-run oil company has reduced its paperwork and approval process for joint projects  because it needs to move relatively fast.

Trevino said it’s talking with partners that are already on board for other projects, including Inpex Corp. of Japan and Chevron, about joining in on two offshore blocks the company successfully bid for in January.

Trevino said at CERAWeek in Houston that it has a deal with Australia’s BHP Billiton Ltd. to explore in one of the offshore fields in the Western Gulf of Mexico, but is still looking at partners for more than 25 onshore blocks along with an offshore block in the Perdido region.

Pemex is also expecting to take part in an auction later this year for some blocks along the border with the United States, for which it may also seek partners.

Pemex is said to be under pressure to display its ability to forge partnerships and move more quickly on gas and oil projects as Mexico’s presidential election in July approaches.

The front-runner in the election campaign so far, Andres Manuel Lopez Obrador, has said he’d like to see a slowdown in the pace of Mexico’s oil auctions.

The nation’s remarkable 2013 decision to ease the government monopoly on energy has proven successful, Trevino said, and any slowdown of energy reform would be “a shame.”