Title : The Market, Energy, And Political Page, Part 4, T+9 -- November 16, 2018 -- Mexico To Ban Fracking -- That's The Least Of Their Problems
link : The Market, Energy, And Political Page, Part 4, T+9 -- November 16, 2018 -- Mexico To Ban Fracking -- That's The Least Of Their Problems
The Market, Energy, And Political Page, Part 4, T+9 -- November 16, 2018 -- Mexico To Ban Fracking -- That's The Least Of Their Problems
North America, far north to far south:- Arctic: Obama ceded the Arctic to Russia; previously reported
- Canada: oil patch has lost patience with country's support (or better said -- lack of support) -- reported this morning over at Rigzone
- US: EIA is probably under-reporting crude oil production; official estimates at around 11.6 million bopd; in fact, data suggests over 12 million bopd being produced -- discussed yesterday
- Mexico: investors want clarity -- Argusmedia --
"Unconventional resources should be developed as soon as possible but it has to be backed up by certainty from the government. The current environment does not go hand in hand with certainty."Mexican oil and natural gas production fell by almost a third during president Enrique Pena Nieto's six-year administration that ends on 31 November, as E&P spending dropped, resources matured and priorities refocused amid the historic 2014 energy reform that dismantled state-owned Pemex's monopoly.Mexico's unconventional resources are predominantly in the Burgos Basin in northern Mexico, just south of the US Eagle Ford shale play that has revolutionized production levels in the US. Reserves are estimated at around 60bn barrels of oil equivalent, and could revert declining production levels.But Mexico's first-ever shale tender, currently scheduled for 14 February next year, is in doubt following incoming president Andres Manuel Lopez Obrador's pledge that his administration would not allow hydraulic fracturing.
Pemex has fractured around 22pc of all wells developed in conventional resources but the Morena party, led by Lopez Obrador, said it will seek to ban the practice given concerns around water pollution and environmental damage.In response, the Mexican oil chamber (AMEXHI) is currently drafting a paper that seeks to explain the fracking process and environmental concerns that opponents to the practice may have.Even if Lopez Obrador allows the shale tender to proceed, the remote areas of northern Mexico, where most unconventional resources are located, currently lack the adequate rail, road, pipeline or processing infrastructure required to develop a shale industry of any significant scale, said Victor Maldonado, member of the Coahuila energy cluster, a local energy industry association.
Insufficient and aging infrastructure is also impeding the production of conventional resources licensed under the three tender rounds administered by oil regulator CNH since 2014.
Thus Article The Market, Energy, And Political Page, Part 4, T+9 -- November 16, 2018 -- Mexico To Ban Fracking -- That's The Least Of Their Problems
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