(Reuters, 16.Aug.2019) — Mexican President Andres Manuel Lopez Obrador said on Friday that his government would keep investing in state oil company Pemex, which is on the verge of losing its investment grade rating. Fitch Ratings downgraded roughly $80 billion of bonds to speculative grade – or “junk” status – […]
Category: Mexico
Mexico energy
IEnova Suspends CFE Deal Related To El Oro Pipeline
(IEnova, 5.Aug.2019) — Infraestructura EnergĂ©tica Nova, S.A.B. de C.V., (IEnova), reports that, within the framework of the Negotiation Rounds convened by the Federal Government related to the Natural Gas Pipeline Transportation Services Agreements entered into by the Federal Electricity Commission (“CFE”) and some private companies, it executed a Term Suspension […]
Mexican Lawsuit Risks Permian Route To Market
(Petroleum Economist, Charles Waine, 2.Aug.2019) — Mexico’s ComisiĂłn Federal de Electridad (CFE), the state-owned electricity utility, has started legal proceedings against seven natural gas pipelines. The move intensifies fears about both the anti-business agenda of the country’s president Andres LĂłpez Obrador and further delays to a much-needed release valve for […]
Vista Oil & Gas Prices Public Offering With NYSE Listing
(Vista, 25.Jul.2019) — Vista Oil & Gas, S.A.B. de C.V. announced today the pricing of the underwritten public offering of the Company’s Series A shares as part of the global primary offering of 10,000,000 Series A shares. The global offering consisted of an international offering in the United States and […]
Core Laboratories Sets Earnings Call Schedule
(Core Laboratories, 24.Jul.2019) — Core Laboratories N.V. scheduled a conference call to discuss Core’s second quarter 2019 earnings announcement. The call will begin at 7:30 a.m. CDT / 2:30 p.m. CEST on Thursday, 25 July 2019. To listen to the call, please go to Core’s website at www.corelab.com. ***
Core Lab Reports 2Q:19 Results
(Core Laboratories, 24.Jul.2019) — Core Laboratories N.V. reported that continuing operations resulted in second quarter 2019 revenue of $169,000,000. Second quarter 2019 revenue was impacted by a mid-quarter divestment of a non-strategic business in Asia Pacific and a softer than expected North American services market. Core’s operating income was $28,000,000 […]
Vista Commences Proposed Public Offering
(Vista, 18.Jul.2019) — Vista Oil & Gas, S.A.B. de C.V. announced commencement of an underwritten public offering of the Company’s Series A shares (the “Series A shares”), which may be represented by American Depositary Shares (ADSs), as part of a global primary offering of 10,000,000 Series A shares pursuant to […]
Pemex Presents Business Plan 2019-2023
(Pemex, 16.Jul.2019) — In the presence of the president of Mexico, AndrĂ©s Manuel LĂłpez Obrador, the chief executive officer of PetrĂłleos Mexicanos, Octavio Romero Oropeza, presented Pemex’s Business Plan for the years 2019-2023. It was unanimously approved by the Board of Directors and lays the foundations for the modernization of […]
Talos Energy To Announce 2Q:19 Results 7 August 2019
(Talos, 16.Jul.2019) — Talos Energy Inc. intends to release second quarter 2019 results for the period ended June 30, 2019 on Wednesday, August 7, 2019 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 […]
Talos Increases Credit Facility Commitments And Provides Hedging Update
(Talos, 10.Jul.2019) — Talos Energy Inc. provided an update on the results of its semi-annual borrowing base redetermination and recent hedging activities. Effective July 3, 2019, the Company’s borrowing base of $850 million was unanimously reaffirmed by participants of its syndicated credit facility. In conjunction with the regularly scheduled redetermination, […]
Siemens Turbine Generator To Power Eni Mexico Area 1
(Siemens, 9.Jul.2019) — Siemens will provide MODEC with three 34-megawatt (MW) SGT-A35 gas turbine power generation packages that will power MODEC’s floating production, storage, and offloading (FPSO) vessel. The vessel, referred to as the “Eni Mexico Area 1 FPSO,” will be deployed in the Offshore Area 1 approximately 6 miles […]
Mexico Auctions Moratorium Give Rival Brazil An Edge
(Bloomberg, Peter Millard and Amy Stillman, 9.Jul.2019) — Mexico’s moratorium on auctioning off its oil riches to foreign producers is giving a leg up to nearby rivals Brazil and Guyana. ‘Mexico President Andres Manuel Lopez Obrador has halted new bid rounds, and state-owned Petroleos Mexicanos has disappointed potential partners by […]
Arrest Warrant Issued For Former Pemex CEO
(Reuters, 5.Jul.2019) — Mexico’s attorney general’s office said on Friday that a judge issued arrest warrants for the former chief executive of state oil firm Pemex, Emilio Lozoya, three of his family members and one other person, in a graft case involving Brazilian builder Odebrecht. The Finance Ministry said in […]
Eni Starts Production Offshore Mexico At Area 1
(Eni, 2.Jul.2019) — Eni has started the early production phase from the MiztĂłn field in Area 1, located in the Campeche Bay offshore Mexico. This is the first step in the development of Area 1, estimated to hold 2.1 billion of oil equivalent in place (90% oil) in the Amoca, […]
Building LNG-powered Ships Along U.S./Mexico Border
(Chron.com, Sergio Chapa, 1.Jul.2019) — Keppel AmFELS has built offshore drilling rigs and platforms here for decades. But the last few years have not been particulary kind to the offshore energy companies, which in the face of low oil prices and competition from shale, has delayed, canceled and scaled back […]
Pemex To Invest Combined $283 Million In Uchbal Field
(Energy Analytics Institute, Jared Yamin, 29.Jun.2019) — Mexico’s state oil company PetrĂłleos Mexicanos (Pemex) plans to invest $266 million in development activities related at the Uchbal field, corresponding to its allocation AE-0006-5M-Amoca YaxchĂ©-04, and according to the exploration and production plan approved by Mexico’s National Hydrocarbons Commission (CNH by its […]
Pemex Refinances $8 Billion In Debt
(Energy Analytics Institute, Jared Yamin, 28.Jun.2019) — Mexico’s state oil and gas entity Pemex announced refinancing of $8 billion in debt with support of 23 national and international banking institutions, the company announced in an official statement. The agreement allows Pemex to refinance up to $2.5 billion in debt and […]
Pemex BODs Approves Merger Of PEP-PPS And TRI-Pemex Etileno
(Energy Analytics Institute, Jared Yamin, 28.Jun.2019) — The Board of Directors of PetrĂłleos Mexicanos (Pemex) unanimously approved, at the proposal of the General Director, Octavio Romero Oropeza, the merger of subsidiary production companies: Pemex Exploration and Production (PEP) with PPS and Pemex Industrial Transformation (TRI) with Pemex Etileno. In Extraordinary […]
Premier Makes Significant Resource Upgrade At Zama
(Premier, 27.Jun.2019) — Premier has significantly increased its resource estimate of the Zama field offshore Mexico, following its evaluation of the data acquired from the highly successful Talos Energy-operated Block 7 Zama appraisal campaign. The campaign comprised two appraisal wells (Zama-2 and Zama-3) and a vertical side-track (Zama-ST1) which was […]
Talos Energy Completes Zama Appraisal Program
(Talos, 26.Jun.2019) — Talos Energy Inc. provided an update on the Zama appraisal program in Block 7, located in the offshore portion of Mexico’s prolific Sureste Basin. Talos is the operator of Block 7 in a consortium (the “Consortium”) with its partners Sierra Oil & Gas, a Wintershall DEA company, […]
Mexico Moves To Ramp Up Oil Production
(Oilprice.com, Haley Zaremba, 26.Jun.2019) — It’s been a rough couple of years–make that decades–for Mexico’s state-owned oil company Petroleos Mexicanos. The country’s oil production rates have been in freefall for the last 15 years, and the struggling organization has subsequently become one of the most indebted oil companies in the […]
Pemex To Supply 240 MMcf/d To Yucatan Peninsula
(Energy Analytics Institute, Jared Yamin, 25.Jun.2019) — Mexico’s state oil and gas entity Pemex will supply the Yucatan Peninsula with 240 million cubic feet (MMcf/d) of natural gas starting 15 July, according to a statement by Mexico’s Energy Secretariat and the National Center for Natural Gas Control, reported online media […]
Mexico’s CNH Approves BP’s Offshore Drilling Plan
(Reuters, Rebekah Ward, 25.Jun.2019) — Mexico’s oil regulator on Tuesday approved a $97 million plan for drilling in an offshore area operated by British supermajor BP in the southern Gulf of Mexico. The four-year exploration plan approved by the national hydrocarbons commission (CNH) covers a 700,000 square kilometer shallow water […]
Mexico Open Season: GMEC’s Monroy And Baker Institute’s Duhalt Weigh In
(Energy Analytics Institute, Aaron Simonsky and Jared Yamin, 25.Jun.2019) — As part of Energy Analytics Institute’s ongoing coverage of the Latin America and Caribbean energy sectors from conventionals and unconventionals to renewables, two oil and gas experts covering Mexico – GMEC’s Director Gonzalo Monroy and Baker Institute’s Fellow Adrian Duhalt […]
LatAmNRG Heard On The Street: Gas Markets, Argentina Tender
(Energy Analytics Institute, Aaron Simonsky and Ian Silverman, 25.Jun.2019) — Heard on the street related to the Latin America and Caribbean upstream, midstream, downstream and renewable energies sectors. ARGENTINA — During the first half of July a tender will be launched in Argentina for the construction of a new natural […]
The End Of Mexico’s Rigorous Energy Reform
(Oilprice.com, Tsvetana Paraskova, 22.Jun.2019) — Mexican President AndrĂ©s Manuel LĂłpez Obrador has been a vocal critic of the energy reform of his predecessor Enrique Peña Nieto, who opened in 2013 Mexico’s oil and gas sector to private investment for the first time in seven decades. Six months into office, […]
Mexico To Cut Pemex’s Profit-Sharing Duty To 54%
(Platts, Daniel Rodriguez, 21.Jun.2019) — The Mexican government will cut Pemex’s profit-sharing duty, known as DUC, to 54% by 2021 from the current 65%, the company’s financial director, Alberto Velazquez, said Thursday. “Results from this plan might be huge, spectacular,” Velazquez said at a presentation at the Mexican Petroleum Congress. […]
Pemex: New Refinery Environmentally Viable
(Reuters, David Alire Garcia, 19.Jun.2019) — Mexican President Andres Manuel Lopez Obrador’s push to build a new oil refinery involves high risks of flooding and other environmental issues, according to government documents published late on Tuesday, but is described as otherwise viable. The documents cover environmental impacts declared by state […]
Matamoros Turbine Plant To Supply U.S., LatAm Projects
(Chron.com, Sergio Chapa, 17.Jun.2019) — Wind turbine blades that are now being made in the Mexican border town of Matamoros will soon find themselves installed in projects throughout the United States and Latin America. German wind turbine maker and wind farm developer Nordex Acciona recently began production at the company’s […]
Mexican Oil Regulator Cancels October Tender To Pick Pemex Partners
(Reuters, 13.Jun.2019) — Mexico’s oil regulator announced on Thursday the cancellation of October auctions to pick joint-venture partners in seven onshore areas for state oil company Pemex, which is struggling to reverse more than a decade of falling crude output. The move represents a fresh blow to the flagship energy […]
IEnova Reports Mechanical Completion Of Sur de Texas-Tuxpan Pipeline
(IENova, 11.Jun.2019) — Infraestructura Marina del Golfo, a joint venture between TC Energy Corporation and Infraestructura EnergĂ©tica Nova (IEnova), announced its Sur de Texas-Tuxpan Pipeline project in northeastern Mexico has achieved mechanical completion. Sur de Texas-Tuxpan will provide capacity to transport 2.6 billion cubic feet of natural gas per day. […]
Shell To Invest At Least $397 Million In Deepwater Oil Projects In Mexico
(Reuters, 11.Jun.2019) — Mexico’s independent oil regulator on Tuesday approved deepwater energy exploration plans for five areas operated by Royal Dutch Shell Plc in Mexican waters near the maritime border with the United States. The plans commit the Anglo-Dutch oil major to invest at least $397 million over the next […]
Mexico’s Fuel Market To Be More competitive in 2020
(Platts, 10.Jun.2019) — Mexico’s already liberalizing fuel market will become far more competitive in 2020 as several private midstream projects start operations, multiple oil company executives say. Infrastructure shortages has allowed state Pemex to control more than 90% of Mexico’s gasoline imports in March, according to government data, despite the […]
Challenges Stall Mexico’s Billion-dollar Oil Hedge In 2019
(Reuters, Devika Krishna Kumar, Stefanie Eschenbacher, and Marianna Parraga, 7.Jun.2019) — The world’s biggest and most secretive financial oil trade is facing unusual roadblocks this year. Mexico typically buys as much as $1 billion worth of financial positions to protect its revenues from oil sales for the coming year against […]
Pemex Debt Holders See Downgrade To ‘Junk’ Status Ahead
(Reuters, Stefanie Eschenbacher and Ana Isabel Martinez, 6.Jun.2019) — Investors at six of the world’s largest asset managers, all of whom own the bonds of Mexican national oil company Pemex, expect them to be downgraded to “junk” status within months. This could spur massive sales of the company’s bonds and […]
A Double Whammy: Fitch Downgrades Mexico And Moody’s Lowers Outlook
(Reuters, 5.Jun.2019) — In a double blow for Mexico, credit ratings agency Fitch downgraded the nation’s sovereign debt rating on Wednesday, citing risks posed by heavily indebted oil company Pemex and trade tensions, while Moody’s lowered its outlook to negative. The Mexican peso weakened as much as 1.3% on the […]
US’ Refineries Need Mexican Crude Oil
(CNN, Matt Egan, 5.Jun.2019) — The Trump administration’s threatened tariffs on Mexico couldn’t come at a worse time for America’s oil refineries. Mexico is the No. 2 foreign source of oil to the United States, supplying an average of 658,000 barrels of crude a day in March to ExxonMobil, Valero […]
Cepsa Aims To Open 150 Service Stations In Mexico
(Energy Analytics Institute, Jared Yamin, 3.Jun.2019) — Cepsa, operating under the Red Energy brand in Mexico, plans to open more than 150 service stations over the next two years in the country. Cepsa’s first station will be located in Tlalnepantla de Baz in Mexico state, although the goal of the […]
Mexico Initiates Construction Of The Dos Bocas Refinery
(Energy Analytics Institute, Jared Yamin, 2.Jun.2019) — Mexico initiated construction activities related to the Dos Bocas Refinery, the country’s President Andrés Manuel López Obrador President announced via a social media post on Twitter. *** © Energy Analytics Institute (EAI)
Mexico Moving Forward With Dos Bocas Refinery Construction In Tabasco
(Energy Analytics Institute, Jared Yamin, 2.Jun.2019) — Mexico’s President AndrĂ©s Manuel LĂłpez Obrador reiterated his decision to build the new Dos Bocas Refinery and continue with the planned modernization of six existing refineries owned by state oil company PetrĂłleos Mexicanos, also known as Pemex. “The refinery will assist Mexico achieve […]
Mexico Is Our Most Important Natural Gas Export Market
(Forbes, Robert Rapier, 2.Jun.2019) — Last week the Trump Administration announced plans to impose a 5% tax on all goods imported from Mexico unless “the illegal migration crisis is alleviated.” These tariffs would potentially rise to 25% by October. Many business groups immediately came out against the idea. Neil Bradley, […]
Energy Exports Help Laredo To Become Top U.S. Trade Hub
(Chron.com, Sergio Chapa, 28.May.2019) — Booming energy exports and shifting patterns in international commerce have made the Port of Laredo the nation’s top center for trade, supplanting the longtime leader, the Port of Los Angeles. In March, $20.1 billion of combined imports and exports moved through the Texas border city, […]
Mexico Charges Former Oil Official With Bribery In Anticorruption Drive
(New York Times, Kirk Semple and Azam Ahmed, 28.May.2019) — The administration of President AndrĂ©s Manuel LĂłpez Obrador of Mexico has launched its first major anticorruption prosecution, delivering on a central campaign promise by taking aim at corruption inside the ailing state-owned oil company. Bribery and tax fraud charges have […]
Canadian Solar Finalizes Sale Of Aguascalientes Solar Project To BlackRock Fund
(Canadian Solar, 23.May.2019) — Canadian Solar Inc. completed the sale of its 68 MWp Aguascalientes solar project in Mexico to BlackRock Infrastructure Fund II. Canadian Solar developed, arranged construction and long-term project financing, built and energized the project in January 2019. Powered by 200,000 Canadian Solar high-efficiency poly modules CS6U-P, […]
Stratas Advisors Launches Mexico Crude Oil Outlook
(Stratas, 20.May.2019) — Extending coverage to the annual analysis of crude oil fundamentals, Stratas Advisors‘ North American research team now offers the Mexico Crude Oil Outlook, a 10-year annual report that is part of its North American Oil online subscription service. The North American Oil service integrates annual proprietary fundamental analysis with […]
Buenavista Renewables, ESCO, And Zodiac Aerospace Ink Long-Term PPA
(Buenavista, 20.May.2019) — Buenavista Renewables MĂ©xico, S. de R.L. de C.V. (“BVR”), a Buenavista Renewables company, and ESCO Comercializadora EnergĂ©tica S. de R.L. de C.V., a qualified supplier from Mexicali, Baja California, announce they have entered into a tripartite long-term Power Purchase Agreement with Zodiac Aerospace Equipo de MĂ©xico S. […]
Wintershall DEA Boosts Interest In Block 5 Offshore Mexico
(Wintershall DEA, 17.May.2019) — Wintershall Dea and its partners in Block 5, Murphy Sur (operator), a wholly owned subsidiary of Murphy Oil Corporation, and PC Carigali Mexico Operations, S.A. de C.V. (PCCMO), a subsidiary of PETRONAS, have signed a Sales and Purchase Agreement with Ophir Energy, to acquire Ophir’s 23.33% […]
MAN Energy To Supply Compressor Trains For FPSO In Mexico
(MAN Energy, 16.May.2019) — MODEC has commissioned MAN Energy Solutions to supply a total of six compressor trains for a new FPSO vessel in the Gulf of Mexico. “We are honored that MODEC has demonstrated its confidence in our compressor technology systems. Once again, our company is delivering efficient high-end […]
LatAm’s Gasoline Problems: Mexico And Brazil Diverge In Fuel Balance Strategy
(WoodMac, 15.May.2019) — The two dominant players in Latin American oil and gas – Petrobras and Pemex – should face negative net gasoline balance for decades to come. This makes the two NOCs the most important Latin American importers of US gasoline, granted that Brazil’s deficit is mitigated by its […]
Sempra Energy Starts Production At Train 1 Of Cameron LNG Facility
(Sempra, 14.May.2019) — Sempra Energy announced that Cameron LNG has begun producing liquefied natural gas (LNG) from the first liquefaction train of the Cameron LNG export project in Hackberry, La. “Reaching this important milestone of first LNG production is truly a credit to the team at Cameron LNG and the […]