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Mexico update: Foreign operators pursue deepwater prizes amidst the headwinds of nationalist politics
Foreign operators pursue deep water prizes amidst the headwinds of nationalist politics
Overview
This event covers the following:
Climate and Sustainability
Energy & Climate Scenarios

Despite the myriad challenges currently facing the upstream industry, global exploration activity has been holding up well in certain 'hotspot' areas, most notably in the Americas; Alaska, Brazil, Guyana/Suriname and Mexico have all recorded material exploration success to date in 2020.Of these current 'hotspot' exploration areas, perhaps none highlights the risks, rewards and challenges of the exploration business more sharply than Mexico. More than five years into an upstream opening that was generations in the waiting, a cadre of global integrated oil companies (GIOCs), foreign national oil companies (NOCs) and large independents are poised to test the potential of the Mexican offshore Gulf of Mexico basins. Four key offshore shelf and deepwater basins are the focus of exploration activity by foreign companies—the Sureste Basin, the Campeche Deep Sea Basin, the Mexican Perdido Fold Belt and the Mexican Ridges Province. The prize on offer could be substantial; IHS Markit estimates 28.8 billion boe in yet-to-find (YTF) resource potential in these four basins, with 72% of this potential residing in the Sureste and Campeche Deep Sea basins. Brushing aside the dual challenges of low crude prices and the COVID-19 pandemic, foreign operators have drilled 7 new-field wildcat (NFW) wells in these key offshore basins in 2020, and IHS Markit estimates a further 17 foreign operated NFWs will be spudded by year-end 2021. Exacerbating the situation are efforts by the López Obrador administration to reposition Pemex at the center of Mexico's oil industry, halting the use of equity-based upstream contracts in favor of service contracts that allow Pemex to retain complete ownership and operatorship of projects and leave participating companies in fee-for-service contracts exposed to nonpayment risks from the cash-strapped NOC. In this webinar, we will focus on the exploration drilling results to date from the upstream opening in Mexico and on the outlook for both exploration activity and resource development by foreign operators in the Mexican offshore, from both a subsurface and an aboveground perspective.

Webinar Details :

Date : Thursday, 12 November 2020

Time : 02:00 pm GMT

Regional focus
Europe & CIS
EVENT REPLAY
DATE
12 Nov 2020
2:00pm - 3:00pm
DURATION
1 hour
EVENT TYPE
IHS Markit Webinar