Mexican Energy Minister Rocio Nahle said on Oct. 26 so-called farm-outs, or joint ventures, could be done with state oil firm Petroleos Mexicanos if feasible projects are put forward, marking a potential shift from her previous skepticism.
Nahle, one of the staunchest defenders of President Andres Manuel Lopez Obrador's drive for a more statist energy policy, oversaw the suspension of pending farm-outs with the company known as Pemex earlier in the two-year-old administration.
However, Pemex remains deeply in debt and Nahle said Pemex would ultimately have to decide whether it wanted to pursue partnerships with other companies to boost its funding.
"And if Pemex needs it and presents an adequate business plan we wouldn't have a problem," Nahle told a Senate hearing. "I'm the president of the board of directors, and of course we would approve it for a feasible project."
Pemex currently has three farm-outs dating back to the previous government.
Recommended Reading
TotalEnergies Entering, OMV Exiting SapuraOMV JV
2024-01-31 - TotalEnergies aims to deepen its presence in Malaysia through the $903 million deal to acquire OMV’s interest in the SapuraOMV Upstream joint venture.
ONEOK CEO: ‘Huge Competitive Advantage’ to Upping Permian NGL Capacity
2024-03-27 - ONEOK is getting deeper into refined products and adding new crude pipelines through an $18.8 billion acquisition of Magellan Midstream. But the Tulsa company aims to capitalize on NGL output growth with expansion projects in the Permian and Rockies.
Sunoco to Acquire NuStar Energy for $7.3B
2024-01-22 - Sunoco LP is adding scale and diversifying its portfolio with its acquisition of NuStar Energy LP, which is expected to close in second quarter 2024.
Clean Harbors Closes $400MM Acquisition of HEPACO
2024-03-25 - Clean Harbors acquired HEPACO for $400 million, adding complementary services for environmental remediation and emergency response in the Eastern U.S.
Occidental to Divest Some Permian Assets after Closing CrownRock Deal
2024-02-21 - Occidental CEO Vicki Hollub said plans to divest non-core Permian assets would come after closing the pending acquisition of CrownRock — but reports have since emerged that the company is considering selling its share of Western Midstream Partners, valued at about $20 billion, according to Reuters.