For Pemex, partnerships and profitability are the new focus (JPT)

06 / MAY / 2017
petroleo

Journal of Petroleum Technology

The new head of Pemex spoke Wednesday at the Offshore Technology Conference (OTC) in Houston, explaining his plan to reverse the direction of the state-owned company’s financial and production situation.

Appointed a little over a year ago, Pemex Chief Executive Officer Jose Gonzalez-Anaya told how the historic energy reforms of 2013 have freed his company to implement an “aggressive farm-out strategy” with oil companies from around the world. The aim is to boost Mexico’s oil production from 1.95 million B/D to 2.2 million B/D by offering these firms a piece of the upside, something that was previously unconstitutional.

“That’s the way all the oil companies in the world do it—and that’s the way we’re going to do it,” Anaya said, noting that the first Pemex farm out to Australian-based BHP Billiton for a subsea field in the Gulf of Mexico had no other way of being developed.

“We could not finance it on our own, we don’t have the technology to do it on our own,” he added. “With our new partner we have the finances and the technology, and that’s the way we’re going to move forward.”

When asked about his plans for Mexico’s unconventional prospects, which are largely unexplored but thought to have significant potential, Anaya said that farmouts will also be used to get shale and tight rock projects running.

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