RE: EXCLUSIVE – Mexico to invest billions in Zama oil field if Talos accepts terms – Pemex CEO29 Jul 2022 22:41
'Whatever It Takes'
Asked whether Pemex has the means to develop Zama, Romero firmly assented and pledged to invest "whatever it takes." The state oil firm has financial debts of $108.1 billion and $13.7 billion with suppliers, alongside other commitments that have persistently saddled it with negative working capital.
"The president said that if Talos accepts, the Mexican government and Pemex will proceed," Romero said of the investments Zama requires in the coming years, which will coincide with a hefty debt repayment schedule.
The Mexican presidency did not reply to a request for comment.
Investment in the field this year would be "very little" but would ultimately encompass "billions of dollars", Romero said.
He explained that if final agreement was reached in 2022, investment for 2024 would be higher, and that Lopez Obrador had made a firm commitment on Zama during energy sector meetings held between Mexican and U.S. officials in May and June.
At the beginning of June, Lopez Obrador said Mexico and Talos were close to reaching a deal on developing the field.
(Reporting by Ana Isabel Martinez Additional reporting by Adriana Barrera, Marianna Parraga, Dave Graham; Editing by David Gregorio) ((dave.graham@thomsonreuters.com; +52 55 5282 7146; Reuters Messaging: dave.graham.thomsonreuters.com@reuters.net)