Company targets long-term projects while new government resists pressure to reopen oil and gas auctions
Mexico City — Royal Dutch Shell is pushing ahead on its huge deepwater drilling plan in Mexico, even as it does not foresee production starting under the current government.
“First oil, if we are successful, is unlikely to occur before the end of Amlo’s [President Andres Manuel Lopez Obrador] term, due to the complexity of deepwater fields, which can take anywhere from five years to a decade to start producing,” De La Fuente, who is also president of Amexhi, the national hydrocarbons association, said in an interview with Bloomberg.
Lopez Obrador, who came into office in December 2018, has said that oil companies must demonstrate significant commercial production before he will consider reopening competitive auctions. Yet drillers say that this is a difficult feat, particularly in deep waters, where the timeline is likely to extend beyond the government’s six-year term.
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