(Reuters, 4.May.2020) — Thai energy company PTT Exploration and Production Pcl said on Monday its joint venture had made two deep-water oil discoveries in the Salina Basin, offshore Mexico. The Mexican subsidiary of PTTEP, Thailand’s largest oil and gas producer, and three partners including the Mexican subsidiary of Spain’s Repsol […]
Category: Mexico
Mexico energy
Mexico Indefinitely Halts New Clean-Energy Plans
(Bloomberg, 2.May.2020) — Mexico’s Centro Nacional de Control de Energia (Cenace), which oversees the electrical system, indefinitely suspended critical tests for new clean-energy projects as the nation grapples with the spread of the coronavirus. Preoperative tests of intermittent power plants would be suspended along with other measures to increase the […]
Pemex Posts Massive $23.6bn 1Q:20 Loss
(Reuters,30.Apr.2020) — Mexican state oil company Pemex on Thursday said it had posted a $23.6 billion (562.13 billion peso) loss in the first quarter due to falling crude prices as well as a sharp drop in the value of the peso during the first three months of the year. The […]
US Seeks To Investigate Mexico Oil-For-Food Pact
(Reuters, 29.Apr.2020) — The U.S. State Department, the Treasury Department and the U.S. Embassy in Mexico are investigating at least two Mexican firms involved in an oil-for-food pact signed in 2019 with Venezuela’s government, U.S. officials said on Wednesday. Mexico-based Libre Abordo and an affiliated company, Schlager Business Group, have […]
Pemex To Prioritize Lower-cost Production
(Reuters, 27.Apr.2020) — Mexico’s state oil firm Pemex on Monday detailed measures aimed at mitigating the effects of a steep drop in oil prices, saying it would prioritize lower-cost production that would allow the government to comply with its “international commitments.” Petroleos Mexicanos, as the firm is formally known, detailed […]
Mexican Oil Platforms Cut Staff Over Coronavirus
(Reuters, 26.Apr.2020) — Mexico has begun removing staff from Gulf of Mexico oil platforms to limit the spread of the coronavirus, leaving essential personnel on board, state oil firm Petroleos Mexicanos (Pemex) said on Sunday. Pemex said in a statement that workers had started coming off the rigs as Mexico […]
Why Mexico’s Oil Industry Is Destined For Disaster
(Oilprice.com, 25.Apr.2020) — Mexico has somewhat inadvertently found itself at the heart of the oil industry’s most burning issues of 2020 – just when it seemed that Russia, Saudi Arabia, the United States and a whole array of prominent oil-producing countries reached an agreement on future OPEC+ production cuts, the […]
Pemex Declares Force Majeure On Fuel Imports
(Reuters, 23.Apr.2020) — Mexican state oil company Pemex has declared force majeure over fuel imports from its trading arm PMI Comercio Internacional, two sources with knowledge of the decision said Thursday, as demand craters due to fallout from the coronavirus pandemic. Many gasoline and diesel importers around the world have […]
Pemex’s Trading Arm Declares Force Majeure
(Bloomberg, 23.Apr.2020) — Mexico, the largest recipient of U.S. gasoline exports, is seeking to cancel imports of the fuel from at least one U.S. company amid the rippling effects of the coronavirus on demand. Petroleos Mexicanos’s trading unit, PMI, declared force majeure on imports of gasoline as an armada of […]
Mexico Announces Emergency $25.5bn Package
(S&P Global Platts, 22.Apr.2020) — Mexico announced a Peso 622.56 billion ($25.5 billion) package on Wednesday that will help the nation face the economic consequences of the coronavirus pandemic, with the focus on Pemex, the state-controlled oil firm. The emergency budget will be aimed at 38 priority projects of the […]
Talos Energy To Announce 1Q:20 Results 6 May 2020
(Talos, 22.Apr.2020) — Talos Energy Inc. intends to release first quarter 2020 results for the period ended March 31, 2020 on Wednesday 6 May 2020 after the U.S. financial market closes. In addition to this release, Talos Energy will host a conference call, which will be broadcast live over the […]
Fitch Downgrades PEMEX, CFE, IEnova And Cometa
(Fitch Ratings, 17.Apr.2020) — Fitch Ratings has downgraded the international Foreign- and Local-Currency Long-Term ratings for Petroleos Mexicanos (PEMEX), Comision Federal de Electricidad (CFE), Infraestructura Energetica Nova, S. A. B. de C. V. y Subsidiarias’ (IEnova) and Cometa Energia, S. A. de C. V. following this week’s downgrade of Mexico’s […]
Moody’s Downgrades Pemex’s Ratings To Ba2
(Moody’s, 17.Apr.2020 — Moody’s Investors Service (Moody’s) downgraded Petroleos Mexicanos’ (PEMEX) senior unsecured ratings on the company’s existing notes, as well as the ratings based on PEMEX’s guarantee, to Ba2 from Baa3. Simultaneously, Moody’s withdrew PEMEX’s Baa3 issuer rating and assigned a Ba2 corporate family rating to the company. Moody’s […]
Mexico’s New Oil Regulator Says Pemex JVs Likely
(Reuters, 16.Apr.2020) — The head of Mexico’s powerful oil regulator said state oil firm Pemex could seek new joint venture partnerships soon, despite President Andres Manuel Lopez Obrador’s decision to freeze the so-called “farm-outs” in his first year in office. “I think it will happen during this government,” Rogelio Hernandez, […]
Fitch Downgrades Mexico To ‘BBB-‘; Outlook Stable
(Fitch Ratings, 15.Apr.2020) — Fitch Ratings has downgraded Mexico’s Long-Term Foreign Currency Issuer Default Rating (IDR) to ‘BBB-‘ from ‘BBB’. The Rating Outlook is Stable. KEY RATING DRIVERS The economic shock represented by the coronavirus pandemic will lead to a severe recession in Mexico in 2020. A recovery starting in […]
Pemex Platform Worker Infected With Coronavirus
(Reuters, 13.Apr.2020) — At least one worker at Mexican state oil company Pemex’s Abkatun-A processing center, in shallow waters in the Gulf of Mexico, has been diagnosed with coronavirus, two people with knowledge of the matter told Reuters. At the end of last week, executives from Abkatun-A reported internally that […]
Mexico Agrees To Reduce Oil Production By 100,000 B/D
(Energy Analytics Institute, Piero Stewart, 13.Apr.2020) — Mexico plans to reduce its oil production by 100,000 barrels per day, according to discussions with members of the Organization of Petroleum Exporting Countries (OPEC) and OPEC+. Representatives from OPEC and OPEC+ lobbied for Mexico to cut production by 400,000 b/d, but the […]
OPEC And Non-OPEC To Cut Output By 9.7 MMb/d
(OPEC, 12.Apr.2020) — The 10th (Extraordinary) OPEC and non-OPEC Ministerial Meeting was held via videoconference, on Sunday, 12 April 2020, under the Chairmanship of HRH Prince Abdul Aziz Bin Salman, Saudi Arabia’s Minister of Energy, and co-Chair HE Alexander Novak, Minister of Energy of the Russian Federation. The Meeting reaffirmed […]
The Unexpected Holdout To A Global Oil Production Deal
(Bloomberg, 10.Apr.2020) — One of the most dramatic global oil production agreements in history has been left hanging on the approval of an unlikely character: Mexican President Andres Manuel Lopez Obrador. For weeks Russia and Saudi Arabia, two energy powerhouses, have been sparring over oil, with their dispute sending crude […]
Pemex Not In Position To Maintain Output
(GlobalData, 10.Apr.2020) — Following today’s news (Friday 10 April) that the OPEC+ agreement, which will cut production by ten million barrels, is contingent on Mexico’s consent to also cutting production; Adrian Lara, Senior Oil & Gas Analyst at GlobalData, a leading data and analytics company, offers his view on the […]
Collapsing Demand Sets Terms In OPEC+ Battle
(WoodMac, 9.Apr.2020) — Since OPEC+’s failure to agree on production restraint on 5-6 March, the implications of the Covid-19 pandemic have become far clearer, sparking a crisis in the oil market as prices fell and supply ramped up. The problem for these producers is the scale of the fall in […]
The 9th OPEC, Non-OPEC Meeting Concludes
(OPEC, 9.Apr.2020) — The 9th (Extraordinary) OPEC and non-OPEC Ministerial Meeting was held via webinar, on Thursday, 09 April 2020, under the Chairmanship of HRH Prince Abdul Aziz Bin Salman, Saudi Arabia’s Minister of Energy, and co-Chair HE Alexander Novak, Minister of Energy of the Russian Federation. The Meeting welcomed […]
LatAm Offshore Activity To Slip Due To COVID-19
(IHS, 9.Apr.2020) — As the COVID-19 pandemic continues its spread across the globe, the oil and gas industry has put into practice new procedures and processes to help mitigate potential infection to its workers. In our talks with O&G players, operators and contractors alike, we are hearing about increased port […]
Brief Intro Remarks By OPEC Secretary General
(OPEC, 9.Apr.2020) — Delivered by HE Mohammad Sanusi Barkindo, OPEC Secretary General, at the 9th (Extraordinary) OPEC and non-OPEC Ministerial Meeting, 9 April 2020, via webinar. Excellencies, Over the course of the last few months, COVID-19 has pervaded almost every aspect of life. We see it in the lockdowns initiated […]
Mexico Refuses To Cut Oil Output
(Bloomberg, 8.Apr.2020) — Outside of Saudi Arabia and Russia, most oil producers are racing to deal with the historic oil price collapse by cutting back spending and in some cases production. But Mexico’s national oil company is acting like the crash never happened. Petroleos Mexicanos aims to nearly double drilling […]
LatAm Exploration To Be Slammed By Low Prices
(NGI, 7.Apr.2020) — At current prices, Latin American oil reserves at risk of not being developed or pushed out into the future could amount to 16 billion barrels, according to new research by IHS Markit. The analysis looked at oil-targeting projects in Latin America which had a presumed or announced […]
Mexico To Participate In Opec+ Call
(Argus, 6.Apr.2020) — Mexico will participate in an Opec+ meeting on 9 April, the energy ministry told Argus today. “As a member of Opec+, Mexico will participate in the next meeting,” the ministry said. Mexico does not yet anticipate any cuts to production as part of a wider agreement, the […]
IEnova To Report 1Q:20 Earnings April 22
(Sempra, 4.Apr.2020) — Sempra Energy’s Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova), plans to release its first-quarter 2020 earnings by 6 p.m. ET, 22 April 2020, in advance of a conference call with IEnova executives at 11 a.m. ET, April 23. Briefing materials also will be posted by […]
Mexico’s Oil Price Crash
(Reuters, 31.Mar.2020) — The coronavirus pandemic has roiled markets and eroded demand for crude around the world, with Mexico’s main export falling to levels last seen in 1999 ***
McDermott Awarded Contract By BHP
(McDermott, 30.Mar.2020) — McDermott International, Inc. has been awarded a sizeable* contract by BHP Billiton Petróleo Operaciones de México, S. De R.L. De C.V. (BHP) to provide pre-front-end engineering design (pre-FEED) services for a floating production unit (FPU) that will be installed in a water depth of approximately 8,200 feet […]
Mexico’s Oil Export Price Down To $13.01/bbl – Pemex
(Reuters, 27.Mar.2020) — The price of Mexico’s oil export basket fell to $13.01 per barrel on Friday, down 11.32% from $14.67 per barrel the previous day, state oil company Pemex said. (Reporting by Adriana Barrera; Writing by Daina Beth Solomon) ***
Falling LatAam Fuel Demand Leaves Hurt US Refiners
(Reuters, 27.Mar.2020) — Demand for refined products in Latin America is quickly drying up as the coronavirus pandemic worsens, leaving U.S. refiners without their primary export destination as the virus spreads. The crisis has nearly shut down worldwide air travel and is destroying fuel demand, which could fall by 15% […]
LatAm NRG Producers Sweat To Cover Costs
(Reuters, 24.Mar.2020) — A price war between the world’s oil powerhouses is leaving many producers in Latin American struggling to cover production costs, boosting chances of output cuts and investment delays in coming months. Global oil price benchmarks have had their steepest declines in decades in a perfect storm of […]
Sempra’s Virtual Investor Day Focuses On Resilience
(Sempra, 24.Mar.2020) — Sempra Energy’s senior management team is providing an update on the company’s business strategy on an Investor Day conference call, including details on the company’s five-year capital plan, projected rate base growth, segment-level earnings guidance and planned improvements to balance sheet strength. “In the midst of a […]
Libre Abordo To Take Up To 15mn Bbls Of Venezuelan Oil
(Reuters, 24.Mar.2020) — Mexico’s Libre Abordo and a related company plan to take some 15 million barrels of Venezuelan crude as part of a first oil-for-food contract with President Nicolas Maduro’s government, the company told Reuters on Tuesday. Since it received its first cargo of Venezuelan oil in late 2019 […]
Talos Energy Reports Budget Reductions
(Talos, 23.Mar.2020) — Talos Energy Inc. announced updated full year 2020 financial guidance, inclusive of $170 million of reductions in capital, operating and G&A expenses. The Company will continue to evaluate additional opportunities to further reduce 2020 costs. Those reductions would be incremental to the $170.0 million already identified. Talos […]
Latin America’s Spot Oil Sales Hit By Low Prices
(Reuters, 20.Mar.2020) — Spot sales of Latin America’s heavy crudes mostly dried up this week amid a demand contraction and steep slump in oil prices that left some heavy grades below the $10-per-barrel level, traders from producing companies told Reuters on Friday. Latin American crude prices have fallen by around […]
Pemex Vulnerable To Oil Prices Below $20/bbl: Fitch
(Reuters, 20.Mar.2020) — Mexico’s heavily-indebted state oil company Petroleos Mexicanos is increasingly vulnerable to low crude prices as the fast-spreading coronavirus outbreak erodes demand and sends markets tumbling, Fitch Ratings said on Friday. The ratings agency called Pemex, as the company is known, the “most vulnerable” among its peers in […]
Pemex’s Maya Crude Reverses Gains: Platts
(Reuters, 20.Mar.2020) — The official selling price of Mexican state-run oil company Pemex’s flagship Maya heavy crude for U.S. Gulf Coast delivery fell by $2.89 per barrel on Friday, according pricing data from S&P Global Platts. Maya crude’s closing price stood at $15.13 per barrel, or down 16% from previous […]
Total Renounces Rights To Deep Water Mexican Block
(Reuters, 20.Mar.2020) — Mexico’s oil regulator approved on Friday a request by French oil company Total SA to give up its exploration and production rights to a deep water block in the southern Gulf of Mexico that the firm had won at auction in 2016. The regulator said Total decided […]
CNH On Total And Servicios Múltiples de Burgos
(Energy Analytics Institute, Jared Yamin, 20.Mar.2020) — Mexico’s National Hydrocarbons Commission (CNH) announced updates on three resolutions affecting Total E&P México, S.A. de C.V., Servicios Múltiples de Burgos, S.A. de C.V., and the first stage of the development plan for the extraction of contract CNH-R01-L02-A2 / 2015. The CNH decided […]
Pemex Received First Payment From Its Hedge
(Bloomberg, 12.Mar.2020) — Petroleos Mexicanos received its first payment from its annual oil hedge, as prices fell the most in three decades amid a producer battle for market share, and the fast-spreading coronavirus. Pemex protected its 2020 oil exports at an average of $49 a barrel, receiving the first payment […]
Pemex Receives First Oil Hedge Payout
(Reuters, 12.Mar.2020) — Mexican state oil firm Pemex said on Thursday it had received the first payment from a hedging program protecting its revenue from price swings, and that it has $7.85 billion available in credit lines, and will continue honoring debts to suppliers. Global oil prices have fallen to […]
Mexico’s Oil Hedge Just Saved Its Economy
(Oilprice.com, 11.Mar.2020) — Petroleos Mexicanos has been in an unrelenting downward spiral for decades. Pemex, Mexico’s state-owned oil company, has seen a vast and speedy decline of its production rates for the last 15 years, and at times it has vied for position as the most indebted oil company in […]
Mexico Seeks To Mediate Russia, Saudi Arabia Oil Row
(Reuters, 10.Mar.2020) — Mexico and other nations are seeking to mediate between Russia and Saudi Arabia to end a price war that has battered world markets, Mexico’s finance minister said on Tuesday, citing his country’s prior experience in calming a crude producer feud. International crude oil prices suffered the biggest […]
Mexico Says Hedge Covers Oil Income
(Reuters, 10.Mar.2020) — Mexico’s finance minister said on Tuesday a $1.4 billion hedge program completely covered 2020 national oil income following a steep drop in crude prices, adding the government needed to accelerate spending to help stimulate a flagging economy. The oil hedging program, the world’s largest financial oil deal, […]
Latin America Oil Plays Rocked By Oil Price Rout
(Argus, 9.Mar.2020) — Latin America’s bold plans to tap deepwater, unconventional and heavy oil reserves — already under pressure by coronavirus in key demand markets — face an even greater challenge from this week’s oil price crash. Ice Brent crude futures prices plunged by more than 20pc today to a […]
Nations Meet to Discuss Mexico Energy Concerns
(Reuters, 9.Mar.2020) — The United States, the European Union, Canada and six European nations have held joint talks on concerns over Mexico’s energy policy, sources told Reuters, as President Andres Manuel Lopez Obrador pushes for a bigger role for the state in the sector. The unusually broad diplomatic encounter is […]
Talos Energy To Postpone Analyst And Investor Event
(Talos, 9.Mar.2020) — Talos Energy Inc. announced that it is cancelling its Analyst and Investor Event previously scheduled for March 12, 2020 in New York City due to health and safety concerns for the potential spread of COVID-19 and the associated state of emergency declaration in New York. The company […]
Mobile Pipeline Order For TITAN®XL Modules
(Hexagon, 9.Mar.2020) — Hexagon Mobile Pipeline, a business of Hexagon Composites, has been awarded an order for TITAN® XL modules with an estimated value of $1.7 million from a leading gas distributor in Mexico. Hexagon’s Mobile Pipeline® modules will transport compressed natural gas (CNG) to industrial operations and gas island […]