• The president witnessed the conclusion of the assembly of the Fractional Tower of the Coking Plant at the Miguel Hidalgo Refinery.
  • This will optimize the refining process and produce nearly 40 percent more, he announced.
  • As a result of Energy Reform and establishing strategic partnerships with other oil companies, PEMEX is now the world’s highest rated and best qualified oil company, he declared.

President Enrique Peña Nieto today announced the discovery of the Ixachi-1 Well, a major oil and gas field Petróleos Mexicanos (PEMEX) has just discovered near Cosamaloapan, in Veracruz.

“Initial studies indicate that it has an original volume of over 1.5 billion barrels of crude, which could represent approximately 350 million barrels of 3P reserves: proven, probable and possible.

He said: “This is PEMEX's most important find in terrestrial fields that this company has carried out in the last 15 years", adding that, “This is very good news; PEMEX is richer as a result of the discovery of this deposit”.

He noted that it will be possible to extract this oil relatively soon, and at a lower cost due to the location of this oil field. It is close to where PEMEX already has infrastructure, which will enable us to process the oil extracted more easily.

The president witnessed the conclusion of the assembly maneuver of the Fractional Tower of the Coking Plant at the Miguel Hidalgo Refinery. He said that, “Today we are here to witness this reconfiguration of the Tula Plant,” which requires a significant investment of $2.6 billion USD.

It is important to reconfigure our refineries, he said, “Because we want to make them more profitable, we want them to produce more, because they have the capacity to produce more and they will do so at this plant with these cokers, as they are called, which will make it possible to extract more gasoline and diesel from the oil processed here”.

He added that, “Production will only grow if we optimize and streamline the refining process through what is being built here, which will yield practically 40 percent more. It’s importance lies in the fact that we will be able to extract more gasoline and diesel from the same amount of petrol”.

President Peña Nieto said: “Energy Reform, one of those that was approved and is in the process of being implemented, is enabling PEMEX to be a much more productive and efficient company that can compete with any other company worldwide”.

“In other words, PEMEX competes with other oil companies with greater demands; and what has enabled PEMEX to achieve this condition is precisely Energy Reform,” he said.

PEMEX, he added, is in this process of change and of reversing the trend of declining production that began to be observed in 2004, largely because of the fact that production at one of its most important deposits in the oil history of our country, Cantarell, was drying up.

The president declared that when production began to decrease, PEMEX worked to increase production again and today, “There are several oilfields, onshore or shallow water wells that have increased their production by over 50 percent. This is what PEMEX’s work has achieved”.

It has also managed to stabilize its finances. Financial markets have better forecasts for the future of PEMEX as a result of its internal changes and transformation process. As a result of the implementation of Energy Reform and the formation of strategic partnerships with other oil companies to increase its production, PEMEX is now rated more highly by the world’s major rating agencies.

After noting that the level of risk of having PEMEX bonds has decreased, the president declared that, “Today, this whole process of transformation has made PEMEX worth more and more highly appreciated in the financial markets, meaning that whoever has PEMEX bonds is at a lower risk”.

The president pointed out that his Administration has undergone two major challenges: first, the drop in oil production, and second, the fall in oil prices.

“Oil prices fell yet Mexico did not stop growing. Mexico maintained its economic growth and economic development, and here we have to thank and recognize PEMEX workers for their commitment, for making this productive state company more efficient,” he declared.

”The fact that PEMEX today is recovering and restoring its oil production platform and producing more oil is due to the efforts and commitment of Petróleos Mexicanos workers”. He concluded by saying, “They are the soul and strength of this great national company”.

IN THIS INDUSTRY, NOT ADVANCING IS EQUIVALENT TO TAKING A STEP BACKWARDS: GONZÁLEZ ANAYA

CEO of Petróleos Mexicanos (PEMEX) José Antonio González Anaya told Mexian President Enrique Peña Nieto that, “In this industry, not advancing is equivalent to taking a step backwards”. He said that, “Four years after the passage of Energy Reform, PEMEX is undergoing one of the most significant transformations in its history”.

He noted that two years ago he received two very precise instructions from President Enrique Peña Nieto: stabilize PEMEX’s finances and speed up the implementation of Energy Reform”.

González Anaya explained that today, “For the first time since 2012, PEMEX will have a primary surplus. Last year, for the second time in 22 years, PEMEX met its production goal”. He added that, “This year we are on track to meet our production goal of 1,944,00 barrels; and next year, more importantly, for the first time since 2004, PEMEX will increase its production. This is a huge advance in operating terms”.

He declared that Energy Reform is one of the most important reforms. Before Energy Reform, only PEMEX could explore, drill, transport, refine or process any oil derivative; nowadays, any company can do this”.

The CEO of PEMEX said that, “Just as PEMEX's history cannot be understood before Energy Reform, so the future of PEMEX will be much more promising as a result of Energy Reform. PEMEX will undoubtedly continue to be the largest, most emblematic company in Mexico”.

THIS PUBLIC WORK COULD CREATE OVER 18,000 DIRECT AND INDIRECT JOBS: GOVERNOR OMAR FAYAD

Omar Fayad Meneses, Governor of Hidalgo said that the results of structural reforms are beginning to be seen. For example, the Fractional Tower of the Tula Refinering Coking Plant attracted $4.6 billion USD in investment to his state, and could create over 18,000 direct and indirect jobs.

“The decisions that have been made in Mexico, whether people like it or not, are on the right track, because when the major decisions about structural reforms were made, they were thinking about what is happening this afternoon,” he said.

The governor said that over three million Mexicans, “Found a job as a result of these reforms and guidelines,” and that, “Over three million Mexicans have emerged from extreme poverty. These are the facts. That’s what I call results”.

He reported that just as the Federal Government did, changes are being made in Hidalgo to build a new scaffolding that will attract development, and promote investment, improvements in public health, security and greater education opportunities.

TODAY COMPETITION IS A REALITY, THE NEED TO IMPROVE OUR PERFORMANCE CAN NO LONGER BE POSTPONED: ROMERO DESCHAMPS

Secretary General of the Mexican National Union of Petroleum Workers (STPRM), Carlos Romero Deschamps, told President Enrique Peña Nieto that four years have passed since the passage of the constitutional reform that radically changed the scenario of the oil industry. In our country.

He said that, “The reform you proposed Mr. President, approved by the majority of the political forces represented in Congress, addressed the critical conditions Petróleos Mexicanos was experiencing due to the lack of funds”.

Romero Deschamps stressed that, “This monumental challenge of designing a new legal and regulatory infrastructure for the industry began four years ago. Today the participation of new actors in every area of the country’s oil industry is an everyday occurrence”. He said that, “Nowadays, competition is a reality; the demand to improve our performance can no longer be postponed”.