Government of Mexico: PEMEX alliances are 'working well'

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29 April 2021

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Mexico, Apr 29 (Prensa Latina) The alliances of Petróleos Mexicanos (PEMEX) with private companies are working well and demonstrate trust in the government, said Hector Moreira of the National Hydrocarbons Commission (CNH) of Mexico.

The official expressed official satisfaction with the results of the work of the 2021 National Petroleum Convention, organized by the Mexican Association of Hydrocarbon Companies (AMEXHI), where businessmen pledged to invest 13 billion dollars in the coming years.

Moreira said that the transfers through the alliances have granted the State some five billion dollars distributed in the quota of the exploratory activity, the royalties, the public participations and the signing bonus, among others.

He pointed out that together all the contracts expect more or less 49 billion dollars of investment for the next 14 years, and of those, around 13 billion in alliances through PEMEX and private companies, an amount that was never achieved by Mexico.

Regarding expectations, the head of CNH assured that in terms of oil production by 2035 the alliances will allow an extraction of 200 thousand barrels per day.

In his words, by that year all the contracts in their different variants will be producing 600 thousand barrels of oil per day more or less, a number that is already registered in the extraction plans of both parties.

He recalled that the plans of the oil industry are long-term maturing. What is going to be seen in Mexico in 20 years, he added, is what we are building now. The time to achieve exploitation in deep waters is 10 to 12 years, six years in shallow waters and four years on land.