Exclusives

Mexico, Round 2, oil and gas, Gulf of Mexico

The tender was held about six months after the country’s successful deepwater auction and comes amid a shaky market recovery.

artificial lift, EOR, Mexico, farm-out

EOR and artificial lift systems are needed to rejuvenate the Cardenas-Mora and Ogarrio fields.

mexico_perdido_oil_drilling

The Trion, Maximino and Exploratus area could produce at least 500,000 barrels of oil equivalent of 3P reserves through farm-outs, some of which Pemex has received and others which it has already applied for.

Prior to “the big one,” North America was a bit of an energy enigma.

What will be the next big thing in the North American oil patch? Look to “some things old, something new.”

Deepwater International

The emerging Paleogene play in the US Gulf of Mexico continues to offer increasing encouragement for major deepwater discoveries, with Chevron confirming a significant find.

Shell's CEO Ben van Beurden says, "there is a lot more to do" in its North American deepwater sectors. 

Exploration

ConocoPhillips reported a surprise quarterly loss on May 2 as operating costs came in higher than Street estimates, sending its shares down as much as 2.4% in early trade.

Suncor Energy, Canada's largest energy producer, is still evaluating opportunities for oil sands acquisitions in northern Alberta as foreign oil majors exit the high-cost region, CEO Steve Williams said April 27.

The deal, announced in March, effectively doubled the size of Cenovus Energy, but wiped out about a fifth of its market value, with some investors complaining that the price was too high.

Cenovus Energy said it may sell parts of the Deep Basin natural gas assets it recently bought from Houston-based ConocoPhillips, Royal Bank of Canada analysts wrote in a research note.

Mexico, seismic, exploration, CNH, SENER, Gulf of Mexico

More than 2 million sq km (772,204 sq miles) of new 2-D and 3-D seismic are expected to lure companies to Mexico’s E&P sector.

Production

Drillers added 11 oil rigs in the week to June 2, bringing the total count up to 733, the most since April 2015, energy services firm Baker Hughes Inc. (NYSE: BHI) said.

Reuters reported that there is a 50% likelihood of commercial recovery of 2P reserves using existing technology, and there is a 10% likelihood of commercial recovery of 3P reserves using existing technology.

Drillers added two oil rigs in the week to May 26, bringing the total count up to 722, the most since April 2015, energy services firm Baker Hughes Inc. said on May 26.

Drillers added eight oil rigs in the week to May 19, bringing the total count to 720, the most since April 2015, energy services firm Baker Hughes Inc. (NYSE: BHI) said on May 19.

Drillers added nine oil rigs in the week to May 12, bringing the total count up to 712, the most April 2015, energy services firm Baker Hughes Inc. (NYSE: BHI) said on May 12. While that is more than double the same week a year ago when there were only 318 active oil rigs, the pace of those additions has declined with the total over the past four weeks falling to the lowest since March.

Technology

The ministry said in a statement that the minimum extra royalty payments for the June shallow-water auction range from 8.5% to 24.8% depending on the block, while two onshore auctions set for July have minimum values that range from 2.4% to 3.9%.

Goldman Sachs commodity strategist Jeff Currie said May 10 if the U.S. government were to introduce a border tax adjustment on crude oil imports, the spread between Brent and WTI would widen dramatically.

U.S. energy firms added oil rigs for a 16th week in a row, extending a drilling recovery into a 12th month even as the pace of those additions has slowed in recent weeks as crude prices have held below $50 a barrel.

Revenue at the company was up 55% to 349 billion pesos ($18.6 billion), according to a filing with the Mexican stock exchange.

A U.S. "border adjustment tax" could slap a tax of up to 20% on imports including crude oil, affecting Canadian companies, which send most of their products southward.