Mexico achieved, starting this year, a turning point in the attraction of Foreign Direct Investment (FDI) destined for the extraction of oil and gas, according to data from the Ministry of the Economy and projections from the United States Department of Commerce.
From January to September 2021, Mexico attracted 1,216 million dollars of FDI in the productive branch of oil and gas extraction, a record.
According to the Commerce Department, several private sector oil and gas contractors that received contracts for land, shallow water and deep water projects from 2015 to 2018 began implementing their investment plans in 2021.
Among the companies that began their investments in Mexico in 2021 are BPH, BP, Shell, Murphy Energy, Chevron, ExxonMobil, Fieldwood, Talos, Diavaz, Grupo R, INPEX, Total, Premier Oil, Petrobal, Hunt, Grupo México, Jaguar, Petrofac, Lukoil, China Offshore Oil Corporation and Hokchi Energy.
The Commerce Department noted that these companies will invest an estimated $ 18 billion from 2021 to 2024 to purchase seismic services, exploration, drilling and extraction equipment, including platforms and related services for 794 wells.
The previous historical maximum of Mexico in the arrivals of FDI in the extraction of oil and gas occurred in 2015, when they totaled 1,074 million dollars, considering the 12 months of the same.
Cumulatively, this branch has raised $ 6.301 million, since 1999, the period when public statistics are available online.
In another parallel aspect, in March 2014 an asset allocation process for hydrocarbon resources of “Round Zero” was completed when Pemex presented to the Ministry of Energy the areas in which they intended to retain exclusive production rights or develop production at a future date.
Pemex hand
The Round Zero farmouts allowed Pemex to maintain control of 83% of the reserves for current and future investments and development.
Under the energy reforms, Pemex may partner with other private companies to develop these resources.
Round Zero included the migration of contracts that Pemex formalized in 2013 with private companies for the exploration and production of mature fields of crude oil and gas.
In 2016 and 2017, the Ministry of Energy awarded deepwater exploration blocks to Equinor, BP, Shell, PC Carigali, Murphy Energy, China National Offshore Oil, Chevron and ExxonMobil. Within the framework of the first Farm Out project, CNH-A1-TRION / 2016, the award was awarded to Pemex in alliance with BHP Billiton.
The Hydrocarbons Law and the Hydrocarbons Revenue Law regulate activities that range from exploration, extraction and refining to the distribution, storage, sale and commercialization of hydrocarbons and allow Mexican and non-Mexican investors to participate in the bidding process for exploration , production and transportation of oil and gas.
Reference-www.eleconomista.com.mx