Steven Otillar Quoted in Oil & Gas Magazine Article on Pemex’s Future
Akin Gump oil and gas partner Steven Otillar was quoted in the Oil & Gas Magazine article “Venta de activos: el futuro de Pemex,” which translates to “Sale of assets: the future of Pemex,” referring to Mexico’s state-run oil company, officially known as Petroleos Mexicanos.
The article discusses how the falling price of oil, combined with low production, could affect Pemex. The Mexican government, the article says, has tried to boost the company through the creation of an energy reform initiative. Amid weak crude prices, however, the company has had to cut its budget, reduce its workforce and consider the sale of non-strategic assets.
According to Otillar, assets involved in the value chain, such as the processing, storage, transportation and marketing of crude oil, natural gas or liquid natural gas, would be the ones for Pemex to offer. The article reports, however, that sources close to the company say any sale of assets will begin with the infrastructure that connects the wells to the ports.