RSS   Newsletter   Contact   Advertise with us

Pemex: Brazil's to blame for our deepwater auction fail

Staff Writer | December 8, 2017
Mexican national oil company Pemex on Friday blamed the cancellation of a potentially lucrative deepwater Gulf of Mexico project on weak investor appetite due to competition from recent auctions in Brazil and low oil prices.
Pemex
Oil exploration   Lessening interest in Mexican project
Mexico's oil regulator on Thursday canceled a tender to pick an equity partner for Pemex's Nobilis-Maximino project, as company interest was not as robust as expected.

Pemex, or Petroleos Mexicanos, on Friday cited a late October deepwater sub-salt oil auction in Brazil for lessening interest in its project. Six of eight blocks in Brazil were awarded to majors, including Royal Dutch Shell and ExxonMobil.

"(One) factor that affected appetite for new projects was the investment commitment recently taken on by possible bidders," Pemex said in a statement. Companies that won blocks in Brazil had looked at the Nobilis-Maximino data, it added.


 

MORE INSIDE POST