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.
Total reserves for all products fell to 15.2 billion barrels at the end of 2020.
Overall U.S. crude oil output fell by 1.1 million bbl/d to 9.7 million bbl/d in the week to Feb. 19, the EIA said, as Texas’ deep freeze forced most of the state’s operators and refiners to shut as components and pipelines froze.
Petrobras’ business plan foresees Mero 4 entering operation in 2025 with a capacity to produce 180,000 barrels of oil a day.