Petróleos Mexicanos (Pemex) reported a production of 4,815 million cubic feet of natural gas per day in July, its highest level since March 2021, which implied a monthly increase of 1.5% and was 2% higher than in the same month of the year past.
This is because gas production is becoming more profitable given that the prices in the US Henry Hub market that Mexico takes as a reference have risen to twice the price of last year and in July they reached 7.28 dollars per million cubic feet, which implies an annual increase of 89% for this price.
At the same time, imports of this hydrocarbon by the state company fell 14% in one month, reaching 417,608 cubic feet per day on average in July, in addition to being reduced by 57% in one year, according to company reports. .
Meanwhile, Pemex’s internal sales of natural gas in the country also fell, reaching a volume of 1,133 million cubic feet per day, which dropped 2.7% compared to the previous month and 7.9% in a year, which It implies that the state company continues to use a large fraction of the gas it extracts from the subsoil for its own projects, but that they are more profitable due to the price situation and allow, at least momentarily, investment in new gas exploration and production projects.
Such is the case of the Lakach field in deep waters in the Perdido Fold Belt province in the Gulf of Mexico, in which last July Petróleos Mexicanos and New York’s New Fortress Energy announced a joint development partnership.
For some analysts, this association – which would involve an investment of about 1,500 million dollars – could mark a before and after in this administration in terms of the company’s cooperation with the private sector and the opening to a greater variety of projects, in times when it is urgent to expand the sources of hydrocarbon production.
But there are other projects that could also be accelerated not only by Pemex, but also by operators of the rounds where mature fields inland from the country were awarded.
For example, the fields in rounds 1.3 and 2.3, which include mature onshore fields and are in their final stages of exploration, while as of January 1, 2022, the quantification of both crude oil and gas reserves was integrated with information from a total of 20 operators, including Petróleos Mexicanos, Fieldwood and ENI; four of which are reporting reserves for the first time: Jaguar, IHSA (with two plans approved), and Vista Oil & Gas.
Last year, Mexico bought 32.6% of the natural gas exported by the United States, the lowest level since 2010 (29.3%) and far from the maximum of 60.2% recorded in 2016, according to figures reported in early March in El Economist after the report of the Energy Information Administration of the United States (EIA, for its acronym in English).
Proven reserves or 1P of hydrocarbons in Mexico, with a feasibility of commercial success of 90%, rose 0.4% at the end of 2021 to stand at 8,014.4 million barrels of crude oil equivalent, according to the National Hydrocarbons Commission (CNH).
karol.garcia@eleconomista.mx
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