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posted 2009-04-15
3 billion USD refinery expansion
PEMEX announced yesterday a planned investment of 3 billion U.S. Dollars for the expansion of the oil refinery located in Salamanca, Guanajuato in the central of Mexico. The new refurnished facility intended to start operations in the year 2014 is presented as supplementary to the new refinery to be built in Tula.


posted 2009-04-14
And the winner is...
PEMEX has announced that the 10 billion U.S. Dollars refinery will be constructed in the town of Tula in the central state of Hidalgo. It is estimated that its full construction will take from 6 to 7 years.


posted 2009-03-18
PEMEX board of directors enlarged
The Mexican Senate confirmed the designation of four new members (independent professional commissioners) of PEMEX board of directors. The state owned company Committee of Transparency and Accountability will be lead by one of the four commissioners posted.


posted 2009-02-17
Chicontepec 4 times bigger than Cantarell
PEMEX officials recognize the existence of a huge oil reserve in Chicontepec; a petroleum system located between the states of Puebla, Hidalgo and Veracruz. Still, they argue that the characteristics of the area make massive production unviable at this time.


 





PEMEX Investments and Perspectives

May 13, 2009. 08:44

For the year 2009 the Mexican Congress has an approved investment plan of $19.4 billion U.S. Dollars for PEMEX. Since these funds come from the Government budget, and PEMEX is a state owned company, the crude oil international price does not have an effect on the company´s investment decisions in 2009. However, the estimations made for the rest of the years will be affected by the future prices and the fiscal capacity of the Mexican Government.

To give some context, a PEMEX study reported that investment spending per year rose from an average of over $10 billion U.S. Dollars in the period 2001-2006 to $18 billion U.S. Dollars in the year 2008, and the average investment per year estimated for the period 2009-2012 will be over $19 billion U.S. Dollars. The investment estimates are summarized in the first figure posted alongside this article.

PEMEX Investment Objectives
-Keep a production capacity in the range of 2.7 to 2.8 million barrels per day, while taking exploration opportunities for increasing to the level of 3 million barrels.
-Increase the current proven crude reserve restitution rate of 72% to a rate above the 100%
-Rebuild the reserves/production rate in 10 years.
-Heavily invest in the refinery capacity to reduce the gasoline importation dependence.
-Improve the maintenance performance and reduce the facilities risk exposure.
-Progress in the compliance with the environmental regulations.
-Speed up the infrastructure investment projects execution.

The intention is to reach an average crude oil production of 2,918 barrels per day during the period 2009-2017. Cantarell output decline will be offset by Chicontepec´s production growth, and with the sustainable production from Ku-Maloob-Zaap; which is expected to reach its peak in 2011. The new production that will outcome from exploration will come from Golfo de Mexico B, Reforma, Cuichapa, Crudo Ligero Marino, Comalcalco, and Campeche Poniente projects.
Deep water production is anticipated to begin in the year 2015.

The crude that is first produced from any field is light and easy to refine. Projects like Cantarell are facing the reality of dealing with heavier crude that demands the reconfiguration of the refineries.

The estimates will focus on investments in the following areas:
-Exploration & Production
-Refinery Capacity
-Gas & Basic Petrochemical Products
-Petrochemical & Chemical
-Corporate Administration

DoingBusinessInMexico Staff
Published: May 13, 2009. 08:44 | Last updated: June 20, 2009. 18:23
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