(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 […]
Category: Mexico
Mexico energy
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 EnergĂ©tica 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 PetrĂłleo Operaciones de MĂ©xico, 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 MĂşltiples 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 MĂ©xico, S.A. de C.V., Servicios MĂşltiples 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 […]
Oil Price Plunge Ramps Up Pressure On Pemex
(Reuters, 9.Mar.2020) — A crash in crude prices has intensified pressure on the finances of Mexican state oil firm Petroleos Mexicanos (Pemex), which is facing the threat of a ratings downgrade after posting one of its worst-ever losses last year. Mexican President Andres Manuel Lopez Obrador took office 15 months […]
AMLO Says New Energy Plan Could Be Ready In March
(Reuters, 5.Mar.2020) — Mexico’s President Andres Manuel Lopez Obrador said on Thursday the country’s new energy plan could be ready within 10 days, and the government was analysing proposals by the private sector for joint energy investments. Mexico has pursued a more state-led approach to the energy sector under Lopez […]
Pemex Posts Steep 2019 Loss In Blow To AMLO’s Plan
(Reuters, 27.Feb.2020) — Petroleos Mexicanos posted a $18.3 billion net loss for 2019 on Thursday, nearly doubling the previous year’s loss and dealing a major blow to the Mexican president’s quest to revive the heavily-indebted state oil company. The company known as Pemex said it had racked up a $9 […]
LONGi Inaugurates 191MW Pachamama PV Power Plant
(LONGi Solar, 25.Feb.2020) — Invested by French solar energy firm Neoen, the Pachamama photovoltaic power plant, located in the state of Aguascalientes in central Mexico, has a total installed capacity of 375MW, of which 191MW is deployed by LONGi. The plant was completed and handed over to Neoen in January 2020. […]
Talos To Host 4Q:19 And YE:19 Earnings Call
(Talos 23.Feb.2020) — Talos Energy Inc. will release fourth quarter and full-year 2019 results for the period ended December 31, 2019 on Wednesday, March 11, 2020 after the U.S. financial market closes. The Company will host an earnings conference call, which will be broadcast live over the internet, on Thursday, […]
Pena Nieto Investigated In Corruption Probe
(Reuters, 19.Feb.2020) — Mexican law enforcement authorities are investigating a former president, Enrique Pena Nieto, as part of an inquiry into corruption, the Wall Street Journal reported on Wednesday. Pena Nieto has become embroiled in the investigation of Emilio Lozoya, the former chief executive of Mexico’s state oil firm PetrĂłleos […]
Talos Energy Announces 2020 Operating Guidance
(Talos 18.Feb.2020) — Talos Energy Inc. announced full year 2020 operating and financial guidance. The Company also announced that it expects to close the previously announced acquisition of affiliates of ILX Holdings, among other entities (the “Acquired Assets”, the “Acquisition”, or the “Transaction”), on February 28, 2020. The Company expects […]
Eni Announces New Oil Find Offshore Mexico
(Eni, 17.Feb.2020) — Eni announces a new oil discovery on the Saasken Exploration Prospect in Block 10, located in the mid-deep water of the Cuenca Salina in the Sureste Basin, Offshore Mexico. According to preliminary estimates, the new discovery may contain between 200 and 300 million barrels of oil in […]
Mexico Spent $1.37 Billion On Oil Hedge
(Reuters, 6.Feb.2020) — Mexico spent more than 25 billion pesos ($1.37 billion) on its 2020 oil hedging program, the country’s finance ministry confirmed on Wednesday after financial website Sentido Comun reported the figure. The hedging program, the world’s largest, is to insure Mexico’s revenues from oil sales against price crashes. […]
Pemex’s Romero Pushes For Control Over Zama
(Reuters, 29.Jan.2020) — Mexico’s state oil company Petroleos Mexicanos wants operational control over a major offshore oil area discovered by a consortium of private companies before development gets underway, its top official said on Wednesday. Pemex Chief Executive Officer Octavio Romero told a news conference the company believes most of […]
Pemex Underwhelming At Priority Fields
(Natural Gas Intelligence, 28.Jan.2020) — Mexican national oil company PetrĂłleos Mexicanos (Pemex) is behind schedule at the 20 fields it deemed last year as “high priority” and crucial to reversing years of decline in hydrocarbons production, according to upstream regulator ComisiĂłn Nacional de Hidrocarburos (CNH). So far, 17 of the […]
Pemex Head Visits Xikin, Xanab And Tlacame
(Energy Analytics Institute, Jared Yamin, 19.Jan.2020) — Officials with Mexico’s state oil company Petroleos Mexicanos (Pemex) visited three wells: Xikin, Xanab and Tlacame 3. The latter was drilled using the Kukulkán platform, owned by Pemex and operated 100% by Pemex employees. © Energy Analytics Institute (EAI). All Rights Reserved. ***
Global Companies Want More Certainty In Mexico
(Energy Analytics Institute, Jared Yamin, 15.Jan.2020) — Executives from foreign companies are having a hard time convincing their parent companies to continue dedicating investments to activities in Mexico, according to the Executive Council of Global Companies (CEEG), which added that the executives said what is needed and wanted is more […]
Asia Eyes LatAm For Heavy Crude Amid Supply Risk
(S&P Global Platts, 8.Jan.2020) — Some Asian importers of Iraqi crude oil may scout for more heavy sour crude from Central and South America in the first quarter, as ongoing missile strikes in Iraq has put regular flow of Basrah crude to the Far East at some risk. Asian refiners […]
Talos Says Zama Reservoir Shared With Pemex
(Argus, 7.Jan.2020) — Third-party evaluation showed that 60pc of Mexico’s major Zama crude discovery lies within Talos Energy’s shallow-water block 7, with the remainder on state-owned Pemex’s acreage, the private operator has notified the energy ministry. The official notification of a joint reservoir by Talos Energy moves deciding how the […]