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US drilling to climb as supply disruption continues
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Shell's Deer Park refinery
Refining Mexico US Pemex
Charles Waine
13 July 2021
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Warning signs for Pemex refinery deal

Political downstream agenda and company track record cause unease over Texas refinery purchase

The $596mn acquisition of Shell’s Texas Deer Park refinery by Mexican NOC Pemex is facing increased political hostility in the US after Republican Congressman Brian Babin filed a letter of complaint to Secretary of Energy Jennifer Granholm calling on the deal to be annulled.  Babin expressed concerns with the firm’s lack of operational expertise and highlighted potential security risks associated with a foreign state-owned business holding strategic control of US assets. If finalised, Pemex would take a 100pc stake in the refinery, giving the company access to 340,000bl/d in downstream processing capacity. None of Pemex’s six existing Mexican refineries has the operational complexity of Deer

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Also in this section
Shale drillers try to stay patient amid gas price slump
22 March 2023
Producers resist urge to respond too quickly to gas price trends
US drilling to climb as supply disruption continues
22 March 2023
Although spending will decelerate in North America, the 2023 forecast for an 18pc increase follows a near-record 44pc in 2022. US drilling will increase by 8.2pc, with total footage forecast to climb 8.7pc, to 290mn ft³ of hole
Willow approval may be turning point that fails to turn
21 March 2023
Development expected to produce equivalent of up to 40pc of Alaskan daily production but is unlikely to herald a new age of megaprojects
Crude tanker market outlook remains strong
20 March 2023
Ukraine fallout continues to elevate tanker demand while restricting vessel availability

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