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Title : Mexico Halts Any New Upstream Auctions For At Least Three Years -- December 5, 2018
link : Mexico Halts Any New Upstream Auctions For At Least Three Years -- December 5, 2018

Mexico Halts Any New Upstream Auctions For At Least Three Years -- December 5, 2018

When President Obama killed the Keystone XL it was clear he did not understand energy.

Now, just as clearly, Mexico's new president does not understand energy. The Mexican president has halted upstream auction rounds for three years.

He rationalizes why he has taken this move, but it is clear he does not the oil business.

Story at S&P Global / Platts.

The postponement of auction rounds will have a long-term, material impact on Mexico's oil and gas output, according to a transition report issued by the outgoing administration of Enrique Pena Nieto over the weekend.

According to the report, by halting auction rounds by two years, Mexico's output will only reach 2.46 million b/d by 2027, not 3.07 million b/d. Similarly, if auctions continue, Mexico would produce 7 Bcf/d of natural gas by 2028, 640 MMcf/d more than if the lease sales are shelved for two years, it said.

But does it matter in the big scheme of things. Nope. Look at what the outgoing administration is quibbling over: 2.5 million bopd vs 3 million bopd. Inconsequential in the big scheme of things.

One wonders how much Canada is losing due to faux environmentalists: Northern Gateway (killed); TransMountain (killed);  Keystone XL (killed); Line 3 (delayed, possibly killed).

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