Pemex Joint Venture Delay Could Exacerbate Mexico’s Oil Export Downturn — Panjiva


Pemex Joint Venture Delay Could Exacerbate Mexico’s Oil Export Downturn

Energy - Conventional 278 Energy - Crude Oil 197 India 287 Mexico 516 U.S. 3360

The Mexican government may delay the launch of oil drilling joint ventures for foreign firms with state-owned Pemex due to prior underinvestment by such partners. That may jeopardize the energy security strategy of the government but comes as Mexican exports of oil have been in decline. Exports dropped 6.0% year over year in January after a 14.2% slump in 4Q. That’s been led by a drop in shipments to the U.S., which accounted for 57.7% of deliveries in 2018. In turn that means Pemex will become more reliant on customers in India, including Indian Oil and Hindustan Petroleum, and South Ko...

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