02/05 Closing Prices / revised 02/06/2025 07:34 GMT | 02/05 OPEC Basket  $77.17 +$0.27 cents | 02/05 Mexico Basket (MME)  $67.24 –$1.36 cents | 12/31 Venezuela Basket (Merey)  $61.13   +$1.55 cents  02/05 NYMEX Light Sweet Crude  $ 71.03   -$1.57 cents | 02/05 ICE Brent  $74.61 +-$1.59 cents  02/05 Gasoline RBOB NYC Harbor  $2.0507 –0.0483 cents 02/05 Heating oil NY Harbor  $2.3842 -0.0456 cents | 02/05 NYMEX Natural Gas  $3.360 +0.107 cents | 01/31 Baker Hughes Rig Count (Oil & Gas)  582 +6 | 02/06 USD/MXN Mexican Peso  $20.6325 (data live) | 02/06 EUR/USD Dollar  $1.0388 (data live) | 02/06 US/Bs. (Bolivar)  $59.46050000 (data BCV) | Source: WTRG/MSN/Bloomberg/MarketWatch/Reuters

New Reforms to Grant Pemex Greater Flexibility in Forming Partnerships

Reforms Grant Pemex Greater Flexibility for Partnerships

Pemex to have more freedom for partnerships under reform

Adriana Barrera, Reuters

MEXICO CITY
EnergiesNet.com 02 06 2025

Mexican state-owned oil firm Pemex is set to have a wider berth to operate jointly with private companies under a bill sent to Congress on Wednesday, loosening restrictions implemented by the previous administration.

According to the bill, which is expected to pass by a wide margin, Pemex will then be able to enter exploration and extraction agreements with private firms, after such contracts had been canceled by former President Andres Manuel Lopez Obrador.

Reuters reported in August, before Lopez Obrador’s successor Claudia Sheinbaum took office in October, that her government would look to restart joint ventures for Pemex in a bid to boost its reserves and navigate mounting debt.

The text sent to Congress on Wednesday lays out the so-called “secondary laws,” or the guidelines, to roll out an energy reform passed last year.

Pemex may request the energy ministry convert some existing service contracts, such as one it has with billionaire Carlos Slim’s Grupo Carso (GCARSOA1.MX), opens new tab in the Lakach deepwater natural gas field, to joint partnerships or exploration and extraction contracts, according to the bill.

Reuters reported last week that Pemex and Carso were discussing major changes to the project to make it profitable. The project had been abandoned by the state company twice previously due to high costs.

Under the reform, Pemex will not need regulatory approval or a bidding process to convert existing contracts, though it will face such hurdles for new exploration and extraction deals.

The state firm will maintain exclusive rights to the exploration area, and does not have to pour its own funds into the joint contracts, according to the bill.

SUPPORT FOR PEMEX

Pemex is one of the most heavily indebted state oil firms in the world, and lacks the cash to invest in projects that would allow it to meet crude production goals promised by Sheinbaum in her term.

The proposal will allow the energy ministry to launch auctions for exploration and extraction contracts, a once-frequent practice suspended by Lopez Obrador.

Pemex will be able to bid for contracts with “alliances or associations,” according to the bill, and the energy ministry can determine Pemex’s stake in the project.

Pemex’s ability to choose its own partners will also be new. They had previously been assigned by oil regulator CNH, whose duties are now being absorbed by the energy ministry.

Reporting by Adriana Barrera; Writing by Kylie Madry; Editing by Jamie Freed

reuters.com 02 05 2025

Share this news

Leave a Comment


 EnergiesNet.com

About Us

 

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas,
Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com


CopyRight©1999-2024, Petroleumworld.com
, EnergiesNet.com™  /
Elio Ohep – All rights reserved
 

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the materia

 

Energy - Environment

No posts found!

Point of View

EIA Total Energy Review
This Week in Petroleum