Mexico’s energy company is struggling and auctions continue to lag, particularly in unconventional areas.
EMGS has been providing 3-D seabed-based receiver CSEM surveys to PEMEX for years, but under Mexico’s new energy reform, it’s widening its net.
Spending on shale oil plays has fallen 52% in the past two years and China has taken the lead in total energy spending in the U.S.
The company said cash flow will allow it to deploy two rigs to the Delaware and D-J basins.
Recent discoveries might help ease a declining trend that could make meeting longer-term energy demand challenging.