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Pemex begins signing contracts to initiate new oil projects

Pemex contracts

Pemex plans to explore and discover at least 20 new oil and gas fields annually

Mexican national oil company Pemex has started signing contracts with oilfield service firms for new exploration and production projects. These firms have been invited to submit a bid for new oil field projects. 

Pemex plans to explore and discover at least 20 new oil and gas fields annually, media reports said. CEO Octavio Romero at an energy event told the media that Pemex contracts related to this year’s projects will be finalised mid-term.

Romero said, “We invite the companies, who form consortia to carry out these comprehensive projects, from construction of the facilities, the drilling of wells, laying both marine and onshore pipelines … and the consortium that offers the best price wins.” 

According to Mexican oil regulator CNH, only three of Pemex’s 20 projects selected last year produced crude. Last month, Pemex laid claim to Mexico’s largest private discovery of the giant Zama field. However, the US firm Talos Energy claims to have a 60 percent stake in the discovery. 

Pemex was in talks with Talos and the Energy Minister over the matter, media reports said. It is reported that Pemex would get a share of the Zama field under the terms of a unitisation agreement. 

However, Pemex is required to verify the information related to the drilling plan of Zama field. 

The Zama offshore discovery was made in 2017 by a consortium led by Talos. The consortium includes Germany’s Wintershall Dea and Britain’s Premier Oil.Although both oil firms claim to own the majority of the Zama oil field, investors have been warned of repercussions in the oil sector if the unitisation agreement is not reached. 

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