(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 […]
Category: Mexico
Mexico energy
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 […]
Three Injured In Fire On Akal-C6 Platform
(Reuters, 7.Jan.2020) — Three people were injured in a fire on a platform run by Mexican state oil firm Petroleos Mexicanos (Pemex) on Tuesday, the company said, briefly leading to the evacuation of the rig. The fire broke out on the Akal-C6 platform in the Sound of Campeche in the […]
Talos Energy Touts Zama Study Results
(Chron.com, 7.Jan.2020) — Talos Energy touted promising new study results in Mexico’s first big deepwater oil discovery, and the Houston producer is pushing to move forward so it can maintain control of the project. Talos’ hold on the potentially prolific Zama discovery is somewhat tenuous because Mexico’s state energy company […]
Mexico And Pemex Face Downgrade Risk In 2020
(Reuters, 3.Jan.2020) — Mexico threw troubled state oil company Pemex a lifeline in 2019 to stop $80 billion in bonds held by investors worldwide being labeled junk by credit rating agencies. Now, investors worry that the state itself is a risk for Pemex. Mexico’s creditworthiness came under increasing scrutiny in […]
Pemex Closes Year Of Missed Targets
(Argus, 30.Dec.2019) — Mexican President Andres Manuel Lopez Obrador’s pledges to put state-owned Pemex back at the center of policy have worried investors who had banked on joint public-private opportunities. But operating statistics a little more than a year after the president took office show few signs of a revitalized […]
MTBE, Ethanol Face Off In Mexico
(Argus, 30.Dec.2019) — Mexico’s oxygenates sector — long dominated by methyl tertiary butyl ether (MTBE) — could face market pressures to move toward ethanol as an octane enhancer for gasoline in 2020. MTBE will likely continue to be the prevailing enhancer, but further expansion of private suppliers in 2020 could […]
Pemex’s Emergency Drill At Dos Bocas Terminal
(Energy Analytics Institute, Jared Yamin, 18.Dec.2019) — Mexico’s state oil company Petroleos Mexicanos (Pemex) announced plans to conduct an emergency exercise as part of its annual efforts related to emergency prevention and responses. The emergency exercise — to be held Thursday 19 December 19, at 10 a.m. — will involve […]
Pemex Reserve Discovery Boosts Mexico’s Oil Ambitions
(S&P Global Platts, 10.Dec.2019) — Pemex’s largest hydrocarbon reserve discovery in 30 years is boosting the Mexican government’s confidence that the troubled state-run enterprise can reverse a more than decade-long decline in crude oil production. An analysis of initial production results and seismic data from the onshore Quesqui field led […]
Pemex Finds Giant Oil Field In Quesqui
(Pemex, 6.Dec.2019) — The President of Mexico, AndrĂ©s Manuel LĂłpez Obrador, accompanied by the General Director of Petroleos Mexicanos (Pemex), Octavio Romero Oropeza, toured the Quesqui oil field, which according to seismic data confirms the existence of a giant oil reservoir of at least 500 million barrels, the equivalent of […]
Vista, YPF Win Vaca Muerta Licenses
(S&P Global Platts, 3.Dec.2019) — Argentina’s Neuquen province awarded development licenses to Vista Oil & Gas and YPF in Vaca Muerta, a giant shale play that has seen investment and production growth slow this year on economic and political uncertainty. Mexico City-based Vista won a license to develop Aguila Mora […]
Pemex Supports Hidalgo Municipalities
(Pemex, 3.Dec.2019) — As part of the Community and Environment Support Program (PACMA), the General Director of PetrĂłleos Mexicanos (Pemex), Octavio Romero Oropeza, presented to the Hidalgo State Governor Omar Fayad Meneses these vehicles worth 9.3 million pesos to be used in 12 municipalities in order to strengthen actions in […]
As Troubles Grow, Mexicans Keep the Faith With AMLO
(NYT, Elisabeth Malkin, 1.Dec.2019) — One year into his term, President AndrĂ©s Manuel LĂłpez Obrador faces a stagnant economy and spiraling violence, but Mexicans still place their hopes in him. Every day before dawn, a knot of unemployed men gather at the gate of a construction site, hoping to land […]
Fuel Retailers To Invest $750mn In Mexico In 2020
(Argus, Sergio Meana, 29.Nov.2019) — Fuel retailers could invest Ps15bn ($750mn) in Mexico next year mostly in 175 greenfield stations — if they can overcome regulatory hurdles — as well as technology to keep up with new rules, industry association Onexpo estimates. Permitting backlogs and political uncertainty already stalled development […]
Unpaid Bills Add To Pemex Woes
(Bloomberg, Amy Stillman, Peter Millard and Justin Villamil, 26.Nov.2019) — Companies that help keep Mexico’s faltering oil wells operating are waiting months to get paid and the debts are building up, complicating efforts to revive an industry whose production has plunged by half since 2004. Pemex, facing pressure from the […]
JinkoSolar To Supply 950MW To X-ELIO
(JinkoSolar, 26.Nov.2019) — JinkoSolar Holding Co., Ltd., one of the largest and most innovative solar module manufacturers in the world, announced it has delivered to X-ELIO, a leading company dedicated to the development, construction and operation of photovoltaic plants, 950 MW of its ultra-high efficiency Cheetah 72 cells solar modules […]
Valaris Announces New Contract Awards
(Valaris, 25.Nov.2019) — Valaris plc announced new contracts and contract extensions, with associated revenue backlog of approximately $285 million, awarded subsequent to a prior fleet status report dated October 25, 2019. — VALARIS DS-18 (Relentless) contract extended due to the exercise of a one-well priced option with EnVen in the […]
Pemex Cyberattack Has US Cos. Taking Precautions
(Chron.com, Sergio Chapa, 25.Nov.2019) — American oil companies operating south of the border are stepping up their cybersecurity measures after reports of a ransomware attack that allegedly knocked out computers at Mexico’s state-run oil company Petroleos Mexicanos, or Pemex. Mexican media outlets have been reporting over the past two weeks […]
Pemex Guarantees Timely Payroll Payment
(Pemex, 15.Nov.2019) — PetrĂłleos Mexicanos urges the population to ignore fake press releases currently circulating in various news and social media, claiming alleged delays in the payment of the payroll and Christmas bonuses to the company’s workers are unfounded. Pemex guarantees that its processes in the human resources department, workers’ […]
Pemex Not Willing To Pay Ransom After Cyberattack
(Reuters, 13.Nov.2019) — Mexican national oil company Pemex will not pay a ransom demanded by suspected cyberattackers who targeted the firm’s computer systems, Energy Minister Rocio Nahle told reporters on Wednesday. Nahle, who also serves as chair of the Pemex board, added that the attack hit the company’s administrative headquarters […]
Hacker Wants $5mn In Ransom From Pemex
(Bloomberg, Amy Stillman, William Turton and Alyza Sebenius, 13.Nov.2019) — The hacker behind a cyberattack that has crippled Petroleos Mexicanos’s computer systems since the weekend is hoping to squeeze almost $5 million out of the company and appears to have set a deadline of Nov. 30. Pemex has other ideas, […]
LAC On Brink Of Massive Solar Power Growth
(IRENA, 12.Nov.2019) — Latin America and the Caribbean could grow their installed solar capacity by a factor of 40 by 2050, a new report by the International Renewable Energy Agency (IRENA) shows. Annual investments exceeding seven billion would see the region’s solar PV capacity rise from 7 gigawatts (GW) today, […]
Pemex Says Operations Normal
(Pemex, 11.Nov.2019) — In the light of the tidal wave of false rumors and press releases, articles and social media posts that claim there was an attack on the internal computing systems of PetrĂłleos Mexicanos, the company reports the following: PetrĂłleos Mexicanos is operating normally. The company’s operating and production […]
Don’t Count On Oil To Reignite Latin America
(Project Syndicate, Mauricio Cárdenas, 5.Nov.2019) — Some regard Latin America as the world’s new oil frontier, and think that the region could potentially add three million barrels per day to global output during the next decade. But, although Brazil is well placed to ramp up production, Mexico and Venezuela seem […]
Mexico: Hydro Enters Energy Plan
(Argus, 29.Oct.2019) — Mexico expanded its clean energy certificates (CELs) to legacy, mostly hydropower generators previously excluded from the program, which was created primarily to boost new wind and solar power. The expansion will apply to low-carbon generators built before 2014, which in Mexico will mostly be applicable to hydropower […]
McDermott Updates On PEMEX Abkatun-A2 Platform
(McDermott, 28.Oct.2019) — McDermott International, Inc. announced substantial completion of PEMEX Exploracion y Produccion’s Abkatun-A2 Platform. The production platform is located in Mexico’s Bay of Campeche in the Gulf of Mexico. This milestone means the platform has now been turned over to the owner to begin commercial operations. “With substantial […]
Mexico Seeks Interpol To Find Former Oil Union Boss
(Reuters, 26.Oct.2019) — Mexican prosecutors have requested help from Interpol to locate the former head of Mexico’s oil workers union, Carlos Romero Deschamps, just days after he resigned amid allegations of wrongdoing, a government official said on Saturday. “The attorney general’s office has asked for Interpol to intervene,” said the […]
Mexico Taps Banks As It Nears End Of Hedge
(Reuters, Devika Krishna Kumar and Stefanie Eschenbacher, 23.Oct.2019) — Mexico’s finance ministry has completed a majority of its annual oil hedging program, working with at least four top investment banks and oil major Royal Dutch Shell, sources said, after challenges slowed the world’s largest oil financial deal this year. JPMorgan […]
Powerful Boss Of Mexico’s Oil Workers Union Resigns
(NYT, Elisabeth Malkin, 16.Oct.2019) — The longtime leader of Mexico’s oil workers union, a powerful figure who had become emblematic of graft in the state-owned oil company and yet seemed untouchable, resigned on Wednesday in a symbolic victory for Mexico’s president in his fight against corruption. The resignation of Carlos […]
EDPR Secures New PPA For 100MW In Mexico
(EDP Renováveis, 30.Sep.2019) — EDP Renováveis, S.A. (EDPR) secured a Power Purchase Agreement (PPA) to sell the energy produced by a wind farm project of 100 MW. The contract is set in USD and for a 15-year minimum period. The wind farm project, which is expected to begin operations in […]
PMI Comercio Internacional BODs Appoints New Members
(Pemex, 27.Sep.2019) — During its 122nd ordinary session, following a proposal placed by its Chairman, the Board of Directors of PMI Comercio Internacional appointed Ulises Hernández Romano as its new CEO, from October 1st, 2019. Ulises Hernández Romano has worked for the State-Owned productive company for 20 years, acting as […]
IEnova Inks Solar Deal With Liverpool And Circle K
(Sempra, 26.Sep.2019) — Sempra Energy announced that its Mexican subsidiary, Infraestructura EnergĂ©tica Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), has signed two 15-year clean energy contracts with subsidiaries of Comercializadora CĂrculo CCK, S.A. de C.V. (Circle K18) and El Puerto de Liverpool, S.A.B. de C.V. (Liverpool). These corporate contracts will […]
Pemex Announces Early Participation Results
(Pemex, 26.Sep.2019) — PetrĂłleos Mexicanos (PEMEX) announced the early participation results of (a) its offers to exchange any and all of its outstanding series of securities set forth in the table below under the heading “Any and All Offers” (collectively, the “Any and All Securities”, and such offers, the “Any […]
Pemex Says “Workers Are Its Greatest Asset”
(Pemex, 24.Sep.2019) — PetrĂłleos Mexicanos (Pemex) reports that the recent demonstrations demanding changes to the working conditions of its trusted employee base are imprecise and aimed at discrediting the responsible, rational and efficient use of the financial resources that characterizes the current management of the company. Various actions have been […]
Pemex Says Debt Reduced By $5.0058bn
(Pemex, 23.Sep.2019) — Today, PetrĂłleos Mexicanos (Pemex) successfully finalized an early debt payment operation. This operation was announced on September 12, and consisted on using the capital received from the Federal Government to issue an offer to repurchase bonds with maturity in the next few years for an amount of […]
Pemex Personnel Takes Part In National Quake Drill
(Pemex, 19.Sep.2019) — For the commemoration of the National Civil Protection Day, management and operating personnel at various PetrĂłleos Mexicanos (Pemex) facilities in the country participated in the 2019 National Quake Drill, which worked with a hypothetic earthquake of 8.6 degrees Richter in magnitude, with an epicenter in the coastline […]
IFC And FRV Secure Financing For Potrero Solar
(IFC, 18.Sep.2019) — The International Finance Corporation (IFC), member of the World Bank Group, and Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy and a leading global developer of renewable utility-scale projects, has announced the financial close for Potrero Solar (296 MW dc), the company’s second solar farm […]