Vista Energy Holding II and PC Carigali have given up developing some areas of the contracts they won during the oil rounds
Beyond the moment we are living to know who will be the successor in Pétroleos Mexicanos (Pemex) of the direction currently held by Octavio Romero Oropeza, or what will happen in the sector, if they will return or activate relations with private investment in that area, there is still high potential in that industry.
Although, on the one hand, the private oil companies, Vista Energy Holding II and PC Carigali, renounced in advance to develop some areas of the contracts they won during the oil rounds, on the other hand, investors consider that there is a large market, of more than 60 percent, that remains uncontracted.
Commissioner José Alfonso Pascual Solórzano of the National Hydrocarbons Commission (CNH) has explained the reasons for the withdrawal of the Argentine company, Vista Energy Holding II, which decided to initiate an Early Termination Procedure for partial return of an area of the contract CNH-R02-L03-CS-01/2017. However, it will retain 55.3 square kilometers, but will give up a 3.3 square kilometer area located approximately 30 km from Villahermosa, Tabasco.
PC Carigali Mexico Operations, which also initiated an Early Termination Procedure for partial surrender of the area of contract CNH-R01-L04-A4.CS/2016, which is located approximately 90 km off the coast of Veracruz and Tabasco, was also rescinded.
But despite these early terminations, it is estimated that around 60 percent of the potential oil resources located in Mexican territory remain unallocated, so greater private investment is necessary to be able to exploit these resources and satisfy the growing demand for energy.
Firms such as Wood Mackenzie have estimated that the country’s total prospective resources are estimated at almost 113 billion barrels equivalent, of which 67.6 billion correspond to 528 unallocated areas located in various terrestrial and marine basins. Of the volumes discovered through exploration since 2020, on average, only 36 percent have been commercially viable; in addition, currently only Pemex and three other operators have committed a budget for future exploration activities.
Therefore, a reactivation of the oil rounds is expected, as well as a review of fiscal issues, but above all, that the next administration shows interest in continuing to work together with the private sector so as not to lose sight of the fact that there is an important source of income for future government plans. Will there be changes?
Source: elfinanciero
