Friday, June 14, 2019

The Road To Venezuela: Mexico Cancels Auctions To Choose Partners For Joint Ventures -- June 14, 2019

Predictable and just like clockwork.

Over at "the big stories," under "Energy and the Western Hemisphere": Mexico: Could Go The Way of Venezuela."

Now from Reuters, predictable and just like clockwork: Mexico cancels October auctions to pick Pemex partners.
Mexico’s oil regulator announced on Thursday the cancellation of October auctions to pick joint-venture partners in seven onshore areas for state oil company Pemex, which is struggling to reverse more than a decade of falling crude output.
The move represents a fresh blow to the flagship energy reforms of Mexico’s previous government that had allowed Pemex to partner with private oil companies for the first time in an effort to boost production. 
Joint ventures aimed at developing oil and gas projects, or “farmouts,” have been seen as a way to help reverse a nearly 15-year slide in output by luring significant outside investment from private partners.
Other oil auctions to offer exploration and production rights were previously canceled by Mexican President Andres Manuel Lopez Obrador, who has criticized former President Enrique Pena Nieto’s reforms.
The leftist [Reuters article] has instead focused on downstream investment, including a plan to build an $8-billion refinery.
AMLO also says Mexico will build that refinery with no outside help. 

More at the link.

Note: Saudi Arabia (SABIC) is partnering with American firms to expand energy opportunities in the US. The Pemex story linked above helps me understand why Saudi Arabia is not partnering with Mexico.

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