Page 6 - LatAmOil Week 09 2022

LatAmOil MEXICO LatAmOil

Pemex reports oil, fuel exports

down significantly in January

MEXICO’S national oil company (NOC) Both Lopez Obrador’s instructions and
Pemex has reported that the volume of its crude Pemex’s pledge to meet his target have drawn
oil and petroleum product exports dropped sig- criticism from Carlos López Jones, director of
nificantly in the first month of 2022. the Mexico City-based consulting firm Tenden-
According to official data released last week, cias. López Jones was quoted by the Yucatan
state-controlled Pemex exported some 832,000 Times as saying at the weekend that he did not
barrels per day of crude in January, down by 20% believe the NOC was capable of eliminating
on the December 2021 figure (and by 15% on crude exports – or of covering the country’s
the January 2021 figure). Refined fuel exports, demand for petroleum products in full, even if
meanwhile, sank to 548,200 bpd, down by it did somehow eliminate crude exports.
around 21% month on month, the NOC said. “There is no way that Mexico will stop
It added that it had succeeded in boosting exporting crude oil in 2023. That is just a story,”
gasoline production to 271,200 bpd in the first he declared.
month of the year, up by 6% on the December He also faulted Pemex for not taking the steps
figure. needed to ensure that it had brought domestic
The NOC went on to say that monthly oil oil supplies up to the level needed to support its
export volumes had fallen to their lowest level own ambitions. “The country is exporting less
reported since 1994, when records began to be for not having carried out strategic alliances
kept. Additionally, it noted that crude exports three years ago or having continued with the oil
had generated earnings of $1.9bn (or $75.74 auctions,” he commented. ™
per barrel on average) in January, the lowest
monthly total recorded since April of last year.
Pemex did not comment on the reasons for
the month-on-month decline in crude and fuel
export volumes. However, its data are in line
with previous reports indicating that the NOC
has started reducing deliveries to some custom-
ers – and particularly to companies in India
– in a bid to start falling in line with Mexican
President Andres Manuel Lopez Obrador’s call
for phasing out oil exports by the end of next
year. The president has said he would like to see
Pemex refine all of its production domestically
in order to keep the home market supplied with
larger quantities of affordable fuel. Pemex’s oil exports have sunk to the lowest level since 1994 (File Photo)

Lukoil completes acquisition

of 50% stake in offshore Area 4

RUSSIA’S Lukoil has completed its acquisition which was signed last July, on February 3. It said
of a 50% stake in the production-sharing agree- that CNH had authorised it to acquire the 50%
ment (PSA) covering Area 4, located offshore stake from a holding company associated with
Campeche State in the southern Gulf of Mexico, GrupoBAL and put the total value of the trans-
from the site’s current operator PetroBAL, a sub- action at $435mn, plus expenditures occurred
sidiary of Mexico’s GrupoBAL. since the beginning of 2022.
The Russian company revealed last week As a result of the deal, the Russian major will
that Mexico’s National Hydrocarbons Commis- become a shareholder in and operator of the
sion (CNH) had given a green light to the deal, Area 4 PSA.

P6 www. NEWSBASE .com Week 09 03•March•2022