Category: Mexico
Mexico energy
Mexico’s New President Throws Down Gauntlet To Oil Majors
(Reuters, Frank Jack Daniel and David Alire Garcia, 5.Dec.2018) — Mexico’s new president, Andres Manuel Lopez Obrador, said on Wednesday he would not cancel contracts issued to foreign and national oil companies by his predecessor but challenged them to pump oil quickly or no further oil fields would be offered. […]
Guyana Oil Output Could Surpass Venezuela, Mexico: WoodMac
(JWN, Deborah Jaremko, 5.Dec.2018) — Thanks to ExxonMobil’s run of success in oil exploration offshore Guyana, the country is on a path to becoming a Latin American powerhouse, Wood Mackenzie said on Tuesday. The supermajor announced its tenth Guyana discovery this week, increasing the discovered recoverable resource in its Stabroek […]
Sierra Oil & Gas Announces Agreement With Deutsche Erdoel AG
(Sierra, 4.Dec.2018) — Sierra Oil & Gas signed an agreement that will result in Sierra’s business being integrated with Deutsche Erdoel AG (DEA AG), an international independent exploration and production company headquartered in Germany. Upon completion of the transaction, Sierra will be integrated into Deutsche Erdoel MĂ©xico, a fully-owned subsidiary […]
DEA To Buy Mexico’s Sierra Oil & Gas And Stake In Zama Discovery
(DEA Deutsche Erdoel AG, 4.Dec.2018) — DEA Deutsche Erdoel AG has signed an agreement to acquire Sierra Oil & Gas, a leading independent Mexican oil and gas company. Sierra holds interests in a portfolio of six exploration and appraisal blocks in Mexico, including the world class Zama discovery. The transaction […]
Talos Energy Announces Start Of Zama Appraisal Program In Mexico
(Talos Energy Inc., 4.Dec.2018) — Talos Energy Inc. announced the Zama-2 appraisal well was spud on Thursday, November 29, 2018. The spudding of the Zama-2 well marks the commencement of the Zama discovery appraisal program, which will consist of three reservoir penetrations, including two wells and one sidetrack. The first […]
Sierra Oil & Gas Announces Deal With Germany’s Deutsche Erdoel AG
(Sierra Oil & Gas, 4.Dec.2018) — Sierra Oil & Gas signed an agreement that will result in Sierra’s business being integrated with Deutsche Erdoel AG (DEA AG), an international independent exploration and production company headquartered in Germany. “We are very pleased to have secured an experienced and well capitalized industrial […]
Mexico’s AMLO Takes Office With Attack on Energy Overhaul
(Bloomberg, Nacha Cattan and Eric Martin, 1.Dec.2018) — After decades of waiting, Andres Manuel Lopez Obrador punctuated his arrival as Mexico’s president with a bang, delivering a blistering attack on the energy industry overhaul passed under his predecessor and a broader excoriation of efforts to privatize industry. Speaking at the […]
OPDEnergy To Build Solar Photovoltaic Plants In Spain, Chile And Mexico
(OPDEnergy, 30.Nov.2018) — The multinational corporation OPDEnergy – specializing in the production of energy assets and in the management of all related phases (development, financing, construction, operation and maintenance) – will build 500 MW distributed in various photovoltaic solar projects located in Spain, Chile and Mexico next year. The investment […]
Nucor buys Mexican castings co. with facility in Guadalajara
(Energy Analytics Institute, Jared Yamin and Ian Silverman, 29.Nov.2018) — Nucor Corporation announced it will acquire Corporacion POK, S.A. de C.V., which produces complex castings and precision machined products used by the oil and gas, mining and sugar processing industries. POK, founded in 1894, is a fully integrated precision castings […]
Pemex’s Oil And Gas Output Fall Sequentially In October 2018
(Energy Analytics Institute, Jared Yamin, 29.Nov. 2018) —Pemex reported sequential declines in both crude oil, condensates and natural gas production in October 2018. Pemex, as the state oil company is known, reported crude oil + condensate production of 1,986 thousand barrels per day (Mb/d) in October 2018, down sequentially by […]
LatAmNRG Panorama 28.Nov.2018: Ecuador, Mexico, Peru, Venezuela
(Energy Analytics Institute, Jared Yamin and Piero Stewart, 28.Nov. 2018) — Heard on the street and other LatAmNRG briefs from Mexico, OPEC producers Ecuador and Venezuela, and Peru. Heard On The Street And Briefs Saudi Arabia Boosting Oil Output As Venezuela’s Falls Saudi Arabia is said to have slightly boosted […]
Time For Texas To Share Renewable Energy Expertise With Mexico
(Caller Times, Carlos Torres-Verdin, 28.Nov.2018) — Ignore the incendiary rhetoric coming out of Washington D.C., the new political climate south of the border has never been more favorable, especially toward green energy providers. And the U.S., Mexico and ultimately Texas, have a lot to gain through greater and mutually beneficial […]
Mexico’s Oil Crisis Deepens
(Oilprice.com, Irina Slav, 27.Nov.2018) — Mexico’s state oil company Pemex said it produced an average 1.76 million bpd of crude in October, down 7 percent from October last year, Reuters reports, citing data released by the company. This is also one of the lowest monthly production rates since 1990 when […]
LatAmNRG Chart Analysis: Venezuela’s R/P Rises As Oil Output Plunges
(Energy Analytics Institute, Pietro D. Pitts, 24.Nov. 2018) — Venezuela is suffering a complete meltdown across all sectors. The Venezuelan oil sector, which generates upwards to 95% of the country’s foreign currency revenues, is in a precarious state to say the least as oil output continues its downward trend. Interesting […]
Premier Oil Eyes 3D Seismic At Mexico’s Block 30
(Energy Analytics Institute, 15.Nov.2018) — Premier Oil plans to acquire 3D seismic across Block 30, which contains the high impact Wahoo prospect, and reprocess existing 3D seismic over Blocks 11 and 13 in the Burgos basin in 2019, the company announced in an official statement. *** #LatAmNRG Related Stories https://energy-analytics-institute.org/premier-oil-to-spud-zama-appraisal-well-in-late-november-2018/
McDermott Hosts Celebratory Event For Abkatun-A2 Sail Away
(McDermott, 15.Nov.2018) — McDermott International, Inc. announced the details at an event hosted at their world-class fabrication yard in Altamira, Tamaulipas, Mexico. The event celebrates the sail away and another project milestone of the PEMEX ExploraciĂłn y ProducciĂłn PB-Abkatun-A2 oil and gas production platform. Representatives from PEMEX, government officials, including […]
McDermott Awarded Services Contract By Talos Energy
(McDermott, 15.Nov.2018) — McDermott International, Inc. announced a contract award for concept and engineering services for Talos Energy Inc. for the Zama field development project – the first offshore Mexico block awarded to a private operator. The contract award is for engineering services, including concept selection and follow-on pre-FEED. McDermott […]
Premier Oil To Spud Zama Appraisal Well in late-November 2018
(Premier Oil, 15.Nov.2018) — In September, the Mexican authorities approved the Zama pre-unitisation agreement between Pemex and the Block 7 partners as well as the Block 7 Zama appraisal programme. The first Zama appraisal well is on track to spud at the end of November and will be drilled to […]
Bright Star of Mexico’s Energy Reform Bowing Out Of Spotlight
(NGI, Ronald Buchanan, 15.Nov.2018) — One of main energizers of Mexico’s nascent energy reform, Juan Carlos Zepeda, has resigned as president of the upstream regulator, the ComisiĂłn Nacional de Hidrocarburos (CNH), with only five months to go before the end of his second five-year term. As the head of the […]
Officials At Mexico’s Central Bank, Oil Regulator Resign
(Financial Times, Jude Webber, 14.Nov.2018) — A deputy governor of the Bank of Mexico and head of the country’s oil regulator have both stepped down early from their posts, a fortnight before AndrĂ©s Mañuel LĂłpez Obrador is sworn in as president. Roberto del Cueto Legaspi, the oldest member of Banxico’s […]
Pemex Present At Abu Dhabi Int’l Petroleum Exhibition and Conference 2018
(Pemex, 9.Nov.2018) — As part of the current Pemex business strategy, CEO Carlos Treviño leaves today for Abu Dhabi, where he will participate in the Abu Dhabi International Petroleum Exhibition and Conference 2018, to be held in the capital of the United Arab Emirates. This is widely considered to be […]
Mexico Should Fix Pemex Finances Before New Refining Investments: IMF
(Reuters, 8.Nov.2018) — The International Monetary Fund (IMF) on Thursday called for an improvement in Mexican state oil company Pemex’s financial position before it invests in building new refineries. Mexico’s incoming leftist government has vowed to build what could be the country’s largest oil refinery, with construction set to begin […]
Pemex Promotes Actions To Reduce Risks Caused By Fuel Theft
(Pemex, 8.Nov.2018) — Pemex and the Government of the state of Puebla have agreed to promote civil defense actions to mitigate the risks that arise from fuel theft in this state. Pemex CEO, Carlos Treviño, and the Governor of the state of Puebla Tony Gali, agreed to refine the plans […]
Fitch’s Mexico Outlook Downgrade Based On Energy Policy Uncertainty
(NGI, Andrew Baker, 6.Nov.2018) — Fitch Ratings late last month revised its outlook for Mexico, citing, among other things, potential energy policies to be implemented by incoming President-Elect AndrĂ©s Manuel LĂłpez Obrador. Fitch credit analysts retained their investment grade BBB+ rating on Mexico’s sovereign debt, but lowered their long-term, foreign […]
Talos Updates On Pre-Unitization Agreement With Pemex
(Talos Energy Inc., 5.Nov.2018) — Talos Energy Inc. and its partners in Block 7 offshore Mexico signed a Pre-Unitization Agreement (PUA) with Pemex that enables information sharing related to the Zama discovery and its potential extension into Pemex’s neighboring block. The agreement also establishes a clear path for the signing […]
Talos Energy, Pan American Ink Deal To Cross-Assign Interests In Mexico
(Talos Energy Inc., 5.Nov.2018) — Talos Energy Inc. entered into a transaction with, Hokchi Energy, S.A. de C.V., a subsidiary of Pan American Energy, to cross-assign its Participating Interest (PI) in Block 2 and Pan American’s PI in Block 31, both in the Sureste Basin offshore Mexico. Under the agreed […]
Talos Energy Announces Approval Of Zama Appraisal Plan In Mexico
(Talos Energy Inc., 5.Nov.2018) — The National Hydrocarbons Commission (CNH), the Mexican oil & gas regulator, has approved the appraisal plan for the Zama discovery. The approval by the CNH was a key approval required to commence the appraisal of the Zama discovery. CNH has also approved the consortium drilling […]
Pemex Likely To Launch McDermott Offshore Platform In April
(Reuters, Marianna Parraga, Ana Isabel Martinez, 1.Nov.2018) — Mexico’s state-run Pemex is expected to start operating in April the largest offshore oil platform built in the country in a decade, which was constructed by McDermott International, an executive of the engineering firm said on Thursday. Pemex is trying to reverse […]
Vista Oil & Gas Completes Jaguar Asset Acquisition In Mexico
(Vista Oil & Gas, 30.Oct.2018) — Vista Oil & Gas, S.A.B. de C.V. announced that, after having obtained the approval of Mexico’s National Hydrocarbons Commission (ComisiĂłn Nacional de Hidrocarburos de MĂ©xico) and having executed the corresponding license agreements, has completed the acquisition of 50% interest of three contracts in which […]
Mexico Spends $1.2 Billion To Lock In Crude Rally For 2019
(Bloomberg, Eric Martin, 30.Oct.2018) — Mexico spent about 23.5 billion pesos ($1.2 billion) through the third quarter from its budget stabilization fund, which historically has been used almost exclusively to hedge forward oil prices, according to a quarterly report. The hedges, often known as Wall Street’s largest oil trade, are […]
Weatherford Reports Higher Activity Levels In Argentina and Mexico
(Energy Analytics Institute, Ian Silverman, 29.Oct.2018) — Weatherford International plc reported Western Hemisphere 3Q:18 revenues of $762 million were down $7 million, or 1%, sequentially, and down $5 million, or 1%, year-over-year, the company reported in an official statement. Compared to the second quarter of 2018, revenues in Canada improved […]
Venezuela, Mexico Divert Crude To U.S. As Canadian Barrels Get Stuck
(Reuters, Marianna Parraga, Collin Eaton, 26.Oct.2018) — Cash-strapped state-run oil companies in Mexico and Venezuela have begun diverting crude historically processed for domestic use and sending it to U.S. refiners now facing transportation constraints to secure similar grades from Canada, data shows. The situation reflects an unusual set of events, […]
Burns & McDonnell Says Eduardo Andrade Joins Firm As Mexico Ops Director
(Burns & McDonnell, 25.Sep.2018) — Eduardo Andrade, a longtime executive in the Mexico energy industry, has joined Burns & McDonnell as its general director in Mexico for Burns & McDonnell Services S.A. de C.V. In that role, he will oversee the company’s pursuit of power generation and electrical transmission projects […]
Private Investment To Drive Mexico’s Oil Production Growth
(Chron.com, Rye Druzin, 24.Oct.2018) — Mexico’s national oil company is expected to only produce 1.9 million barrels a day by 2031. Mexico’s oil production could rebound to 3.5 million barrels a day, boosted by a wave of recent private investment in the country’s vast oil and gas reserves. Private oil […]
President-elect Lopez Obrador Slams Pemex For Crude Import Plan
(Reuters, 23.Oct.2018) — Mexico’s president-elect Andres Manuel Lopez Obrador on Tuesday criticized state-run Pemex’s plan to import U.S. light crude from refiner Phillips 66, calling it a sign of the country’s failed economic policies. Pemex is set to begin crude imports in November, for the first time in over a […]