Mexico - 04

Mexico: SENER Extends Pemex’s Minimum Work Terms

In Round 0, held in March 2014, the Mexican government awarded Pemex 103 oil blocks, containing much of country’s proved and probable reserves. At the time, then CEO Emilio Lozoya Austin announced very upbeat forecasts and declared that such areas would guarantee Pemex’s viability. Since then, however, amid the global fall in oil prices and depreciation of the Mexican peso, Pemex opted for a strategy of cost cutting to focus on only the most promising prospects.


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