(Reuters, Devika Krishna Kumar, Stefanie Eschenbacher, 5.Sep.2019) — Mexico has made the first moves to launch its annual $1 billion oil hedging program by asking banks for quotes, sources familiar with the deal said, while buying in financial oil options contracts for 2020 has risen in recent days, consistent with […]
Tag: Pemex
Mexico To Launch World’s Largest Oil Hedge
(Reuters, Devika Krishna Kumar, Stefanie Eschenbacher, 5.Sep.2019) — Mexico has made the first moves to launch its annual $1 billion oil hedging program by asking banks for quotes, sources familiar with the deal said, while buying in financial oil options contracts for 2020 has risen in recent days, consistent with […]
Mexico Eyes $4.5bn Savings From Contract Renegotiation
(Reuters, 27.Aug.2019) — Mexico said on Tuesday a deal had been struck with a group of companies to renegotiate the terms of natural gas pipeline contracts signed under the previous administration that will save the government $4.5 billion. The deal announced by President Andres Manuel Lopez Obrador and the head […]
Mexican Gov’t To Keep Investing In Pemex
(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 – […]
Mexican Lawsuit Risks Permian Route To Market
(Petroleum Economist, Charles Waine, 2.Aug.2019) — Mexico’s Comisión 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 López Obrador and further delays to a much-needed release valve for […]
Pemex Presents Business Plan 2019-2023
(Pemex, 16.Jul.2019) — In the presence of the president of Mexico, Andrés Manuel López Obrador, the chief executive officer of Petróleos 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 […]
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 […]
Pemex To Invest Combined $283 Million In Uchbal Field
(Energy Analytics Institute, Jared Yamin, 29.Jun.2019) — Mexico’s state oil company Petróleos Mexicanos (Pemex) plans to invest $266 million in development activities related at the Uchbal field, corresponding to its allocation AE-0006-5M-Amoca Yaxché-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 […]
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 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 […]
The End Of Mexico’s Rigorous Energy Reform
(Oilprice.com, Tsvetana Paraskova, 22.Jun.2019) — Mexican President Andrés Manuel López 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 […]
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 […]
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 […]
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 Andrés Manuel López 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 Petróleos 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, […]
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 Andrés Manuel López 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 […]
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 […]
Mexico’s Rising Oil Nationalism Faces Debt-Rating Crisis
(Reuters, Stefanie Eschenbacher and David Alire Garcia, 14.May.2019) — Mexican President Andres Manuel Lopez Obrador took office in December vowing to revive state-owned energy company Pemex and put the brakes on foreign investment to give the public a bigger cut of the country’s oil wealth. The leftist oil nationalist’s ambitions […]
LatAmNRG Briefs: Pemex Dos Bocas, Bolivia Charges Persons In Drillmex Case
(Energy Analytics Institute, Jared Yamin and Ian Silverman, 9.May.2019) — Heard on the street and LatAmNRG briefs related to the Sener and Pemex moving forward with the Dos Bocas Refinery project in Tabasco, and Bolivia’s Public Ministry charging 21 persons involved in irregularities related to the contracting processes with Drillmex. […]
Pemex To Build $8bn Oil Refinery As Mexico Scraps Tender Process
(Ft.com, Jude Webber, 9.May.2019) — Andrés Manuel López Obrador, Mexico’s president, has stepped up his commitment to an $8bn refinery project, rejecting three private sector bids as too costly and vowing that state oil company Pemex will build the plant. The leftist nationalist president batted aside concerns about the ability […]
Pemex’s Net Income Falls 132.9% In 1Q:19 Vs 1Q:18, EBITDA Falls 16.6%
(Energy Analytics Institute, Pietro D. Pitts, 25.Apr.2019) — Mexico’s state oil company Petroleos Mexicanos (Pemex) reported a net loss of 35.1 billion pesos ($1.8 billion) during the first quarter of 2019, down 132.9% compared to net income of 106.8 billion pesos in the first quarter of 2018, the company announced […]
Mexico’s State Oil Entity Pemex Swings To Loss In First Quarter
(Reuters, Ana Isabel Martinez, 30.Apr.2019) — Petroleos Mexicanos swung to a 35.7 billion peso ($1.84 billion) net loss during the first quarter as revenues and crude output at the heavily-indebted Mexican state oil company fell, results posted to the stock exchange showed on Tuesday. Revenues at Pemex were 356.3 billion […]
Pemex Results Swing To Loss In First Quarter
(Reuters, 30.Apr.2019) — Mexico’s Pemex swung to a 35.7 billion peso ($1.8 billion) loss during the first quarter, as sales at the heavily-indebted state oil company slipped in comparison to the same period a year earlier, results posted to the stock exchange showed on Tuesday. Sales at the company were […]
LatAmNRG Mexico Briefs: Odebrecht Contracts, FMP Transfer, Oil Slide Halted
(Energy Analytics Institute, Jared Yamin, 27.Apr.2019) — Heard on the street and LatAmNRG briefs related to Mexico reviewing Odebrecht contracts, FMP transferring 115 billion pesos to Federal Treasury and Mexico’s President Andrés Manuel López Obrador claiming that his government has halted the slide in the country’s crude oil production Mexico […]
Pemex Head Says Fuel Theft In April 2019 Down 98% Since November 2018
(Energy Analytics Institute, Jared Yamin, 22.Apr.2019) — The illegal theft of combustible in Mexico is down 98% since November, announced Pemex General Director Octavio Romero Oropeza on 22 April 2019 during a conference held in Mexico City. Illegal activity related to the theft of gasoline was 2,000 barrels per day […]
Mexico’s Oil Production In April 2019 Down 1% M-O-M, Down 10% Y-O-Y
(Energy Analytics Institute, Jared Yamin, 22.Apr.2019) — Mexico’s oil production continues to trend downward, according to recent data revealed by government officials. Oil production is currently averaging around 1.685 million barrels per day (MMb/d) in April 2019, down slightly 1% from 1.694 MMb/d in March 2019 and down 10% compared […]
7 Oil & Gas Problems That Mexico Must Solve
(Forbes, Jude Clemente, 21.Apr.2019) — 1. Since peaking in 2004, Mexico’s oil production has been sliced in half to below 2 million b/d Although nearly 45% back then, oil revenues still account for 20-25% of the federal budget. Amid plummeting production, the country has actually been very lucky that domestic […]
Indian Refiners Turn To OPEC, Mexico, U.S. To Make Up Iran Oil Gap
(Reuters, 18.Apr.2019) — All four Indian state-owned refiners that buy Iranian oil are confident of securing additional barrels from other producers, officials from the companies told Reuters. Indian refiners are increasing their planned purchases from OPEC nations, Mexico and the United States to make up for any loss of Iranian […]
Talos Energy Provides Update On Zama-2 STI Well Offshore Mexico
(Talos, 15.Apr.2019) — Talos Energy Inc. provided an additional 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 with its partners Sierra Oil & Gas, a company of DEA Deutsche […]
CNH Reports 6.9% Drop In Mexico’s Combined 1P Reserves
(Energy Analytics Institute, Jared Yamin, 12.Apr.2019) — Mexico’s National Hydrocarbons Commission (CNH by its Spanish acronym) announced the country’s combined proved (1P) natural gas and crude oil reserves fell 6.9% to 7.9 billion barrels of oil equivalent (Bn boe) in 2019 compared to 8.5 Bn boe in 2018, the agency […]
To Halt Energy Slide, Mexico Turns To A Trusted Provider: Mexico
(NYT, Elisabeth Malkin, 11.Apr.2019) — President Andrés Manuel López Obrador envisions a future in which Mexico produces more oil, gasoline and electricity. But his strategy to get there relies on reaching back into his country’s past. Breaking with a five-year-old energy overhaul that opened Mexico’s closely held oil industry to […]
Mexico Would Consider State Gas Stations In Push For Fair Prices
(Reuters, 9.Apr.2019) — Mexico’s President Andres Manuel Lopez Obrador said on Tuesday he would consider creating a chain of government gas stations if existing fuel outlets did not charge “fair prices,” as he seeks to make good on a campaign vow to ensure stable fuel rates. Benchmark gasoline prices have […]
Mexican President Warns Retailers: Keep Gas Prices In Check
(Oilprice.com, Tsvetana Paraskova, 9.Apr.2019) — The Mexican government may consider creating a small network of gas stations that would sell gasoline at lower, “fair prices”, if gas station operators in the country don’t keep gas prices in check, Mexico’s leftist President Andrés Manuel López Obrador said on Tuesday. López Obrador—in […]
Pemex Said Not To Issue Debt Over the Medium-Term
(Energy Analytics Institute, Jared Yamin, 30.Apr.2019) — Petróleos Mexicanos (Pemex) will not return to financial markets to issue debt over the medium term because spreads are high since the market is taking into account the company’s low credit quality, the Secretary of the Treasury and the rating agency Standard & […]
Q&A: Mexico Oil Regulator Says Slow Wins The Race
(Argus, 4.Apr.2019) — Mexico’s oil regulator CNH administers more than 100 contracts for oil and natural gas exploration and production (E&P) that will attract $161bn in investment if all licenses prove viable, but President Andres Manuel Lopez Obrador says the results so far are underwhelming. CNH commissioner Alma America Porres […]
Sempra Gets Licenses To Export US LNG Out Of Mexico
(Argus, 2.Apr.2019) — The US Department of Energy (DOE) has authorized the Energia Costa Azul (ECA) LNG export project in northwest Mexico to re-export US pipeline gas as LNG to countries that do not have free trade agreements (FTAs) with the US. The DOE on 29 March issued two 20-year […]