Mexico

Mexico has rescheduled a natural gas capacity auction on its import pipeline network for August, after failing to draw any bids on Monday.

The Zama-1 exploration well in Mexico, the first offshore well drilled in the country by the private sector, has hit net oil pay and some associated natural gas, Houston-based Talos Energy LLC and its partners said Wednesday.

Seven of 10 exploration blocks found bidders Wednesday in what was the first upstream auction featuring natural gas since Mexico’s 2014 energy reform.

The first days of operations under Mexico’s new natural gascapacity reservation system have gone relatively smoothly, according to pipeline system operator Centro Nacional de Control del Gas Natural (Cenagas).

The first days of operations under Mexico’s new natural gascapacity reservation system have gone relatively smoothly, according to pipeline system operator Centro Nacional de Control del Gas Natural (Cenagas).

For a second consecutive month, the Energy Information Administration’s (EIA) has lowered its natural gas price forecast, saying it expects Henry Hub spot prices to average $3.10/MMBtu this year and $3.40/MMBtu next year.

The Mexico unit of France-based Engie plans what amounts to a natural-gas offensive to attack the liquid petroleum gas (LPG) stronghold of Cancun, by far the nation’s largest tourist destination and a principal pole of the nation’s economic development.

The U.S. energy industry has “gone through eight years of hell,” but is on the verge of a new era, according to President Trump, who on Thursday announced six initiatives to kick start that change.

Mexico’s initial upstream auctions, including round 2.1 held in mid-June, earned billions for the country in the first upstream auctions, but to date, natural gas has played only a minor role. That may change with two auctions scheduled in July, with gas potentially breaking out as a star performer.