(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 […]
Tag: Pemex
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 […]
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 […]
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 […]
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 […]
Pemex Swings To Profit, Output Targets Reduced
(Reuters, 26.Oct.2018) — Mexico’s state oil company Pemex said on Friday it swung to profit in the third quarter, with higher oil prices and a foreign exchange gain boosting revenues almost a third from a year earlier. But the firm also reduced its oil production targets for 2018 and 2019 […]
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 […]
Pemex Taking Preventative Measures Ahead of Hurricane Willa
(Pemex, 23.Oct.2018) — Pemex implemented the Hurricane Emergency Response Plan (PREH initials in Spanish) to safeguard and protect workers’ safety and its facilities in the states of Jalisco, Nayarit, Colima, Sonora, and Sinaloa. Because of the geographical region where the hurricane is expected to make landfall, it will not impact […]
Pemex Confirms No Natural Gas Shortages In The Southeast Of Mexico
(Pemex, 23.Oct.2018) — PetrĂłleos Mexicanos through its subsidiary Pemex TransformaciĂłn Industrial (acronym in Spanish, TRI), confirms delivery of almost 100 MMcf/d of natural gas for customers in the Mexican Southeast using a first hand sales scheme. This measure guarantees there will be no natural gas shortages in the southeast region. […]
Phillips 66 Wins Tender To Sell U.S. Bakken Crude To Pemex -Traders
(Reuters, 22.Oct.2018) — Refining firm Phillips 66 was awarded a tender to supply Mexico’s Pemex with at least four 350,000-barrel cargoes of U.S. Bakken crude for delivery from November through December, traders with knowledge of the offer’s results said on Monday. The purchase will mark the state-run company’s first crude […]
Pemex Designates Four Shipments to Import Light Crude Oil
(Pemex, 22.Oct.2018) — PetrĂłleos Mexicanos evaluated several proposals for shipments to supply light crude oil, in accordance to the parameters established by Pemex TransformaciĂłn Industrial (Pemex Industrial Transformation). As a result, PMI assigned four shipments of 350,000 barrels each for the import of Bakken light crude oil, which will be […]
Mexico’s Peso Falls To Lowest Level In 5 Weeks On Pemex Outlook
(Reuters, 19.Oct.2018) — Mexico’s peso currency reversed gains on Friday to fall 1 percent, hitting its lowest level in five weeks after a report by ratings agency Fitch on national oil company Pemex. Following the decision by Fitch to revise the company’s outlook rating to negative from stable, the peso […]
Petrofac Completes Sale Of 49% Interest In Mexican Operations
(Petrofac Limited, 19.Oct.2018) — Petrofac Limited announces that it has completed the sale of 49% of the company’s operations in Mexico to Perenco (Oil & Gas) International Limited, following approval from the Federal Competition Commission of Mexico (COFECE). Related Stories https://energy-analytics-institute.org/petrofac-introduces-partner-in-mexico/ *** #LatAmNRG
Gas Shortages In Southern Mexico To Reach Critical Levels In November
(S&P Global Platts, 18.Oct.2018) — Gas shortages in southern Mexico will reach a critical point in November as Pemex natural gas production continues declining and users lack access to LNG terminals, industrial users in southern Mexico told S&P Global Platts on Thursday. Pemex is not nominating gas for several industrial […]
Moody’s: Mexican Government’s Plan To End Oil Exports Raises Risks
(Kallanish Energy, 18.Oct.2018) — The incoming Mexican government’s announcement to end oil exports is credit negative to both Petroleos Mexicanos (Pemex) and to the government’s credit quality, says Moody’s investors Service, in a new report. The oil company’s operating cash flow would decline and become more volatile under the new refining-focused business […]
Pemex Has Registered 40,000 Illicit Connections Since 2012
(Energy Analytics Institute, Piero Stewart, 17.Oct.2018) — PetrĂłleos Mexicanos (Pemex) has registered 40,000 clandestine pipeline connections in the last six years, announced company General Director Carlos Treviño during a speech to the Chamber of Deputies. “Pemex is most concerned about this problem as it damages a company of Mexican citizens,” reported […]
Pemex Sells $2 Bln Bonds To Fund Investment And Refinance Debt
(Offshore Technology, 17.Oct.2018) — Mexican state-owned petroleum company Pemex has reportedly sold $2bn of its bonds. The sale of the ten-year Pemex bonds is said to have generated about 6.5% in a move, which is aimed at funding the company’s investment, as well as refinance debt. A Pemex spokesperson said […]
Mexico’s Next Government Faces Bind In Pemex Ethane Deal
(Reuters, Diego OrĂ©, 17.Oct.2018) — Mexico’s incoming government will soon inherit a costly dilemma over an ethane supply contract between national oil company Pemex and a consortium led by a unit of Brazilian builder Odebrecht. Under the contract’s terms, Pemex has had to supply ethane well below current market prices. […]
Mexico’s Salina Cruz Refinery Normal After Electrical Accident: Pemex
(Reuters, 17.Oct.2018) — Mexico’s Salina Cruz oil refinery is operating normally after three people were injured in an electrical accident, a spokesman for state oil company Pemex said on Wednesday. The 330,000 barrel-per-day capacity facility, Pemex’s largest, had a short-circuit on Tuesday evening that sparked flames, the spokesman said. *** […]
Pemex Seeks Up To 2.1 MMbbls Of U.S. Bakken Crude -Traders
(Reuters, 17.Oct.2018) — Mexico’s state-run oil company Pemex received bids this week for up to six 350,000-barrel cargoes of U.S. Bakken crude it wants to import from November through December, according to traders with knowledge of the tender. This is Pemex’s second attempt to import U.S. light oil mostly for […]
Pemex Places $2 Billion Bond In International Markets
(Pemex, 16.Oct.2018) — PetrĂłleos Mexicanos in September disclosed the application of a series of operating and marketing measures could generate an improvement of 30 billion pesos on the 2018 balance sheet, placing the company at an approximate deficit of 49.414 billion pesos, instead of the deficit for 79.414 billion pesos […]
Mexico’s AMLO Presses Big Oil To Start Pumping From Recent Finds
(Oilprice.com, Tsvetana Paraskova, 16.Oct.2018) — Mexico wants Big Oil to start producing from the recently discovered oil fields in Mexico as soon as possible, incoming President AndrĂ©s Manuel LĂłpez Obrador told foreign executives at a recent meeting, Reuters reported on Tuesday, quoting sources and executives who attended the meeting. In […]
Mexico And Brazil’s Crude Politics
(Foreign Policy, Lisa Viscidi, .16.Oct.2018) — A potential return to resource nationalism could set both countries back. Until this year, resource nationalism—when a government asserts its control over a country’s natural resources—seemed to be on the wane in Latin America. With oil prices low, state oil companies were struggling, and […]
Mexico’s Lopez Obrador Pushes Big Oil To Hurry, But Offers Little
(Reuters, David Alire Garcia, Marianna Parraga, 16.Oct.2018) — At his first meeting with foreign oil majors, Mexico’s leftist president-elect pushed the companies to prove themselves by quickly pumping oil from recent finds, sources say, but gave no sign of offering up new fields to reverse dwindling output. President-elect Andres Manuel […]
Mexico Plans To Enforce Odebrecht Fines Via Seizure -Official
(Reuters, 12.Oct.2018) — Mexico plans to enforce fines imposed on Odebrecht over corruption allegations by confiscating some $30 million owed by state oil company Pemex to the Brazilian firm, a top official at the public administration ministry said. Christian Ramirez, coordinator-general of the public administration ministry (SFP), told Reuters on […]
Pemex Rolls Out New Fuel Additive To Protect Gasoline Engines
(Pemex, 11.Oct.2018) — Pemex introduced the new gasoline additive that will be added into Pemex Magna and Pemex Premium fuels, the additive will be promoted under the brand name of Pemex Aditec. This fuel additive is environmentally friendly, and will keep the engine up to 97 per cent free of […]
Pemex Hopes Gulf Discoveries Mesh With New President’s Goals
(Houston Chronicle, Jordan Blum, 11.Oct.2018) — Leaders of Mexico’s state oil company Pemex initially feared the inevitable election of leftist presidential candidate AndrĂ©s Manuel LĂłpez Obrador, who spoke of rolling back the nation’s recent energy reforms and building new refineries. Now with LĂłpez Obrador set to take office in two […]
Pemex: 2 New Wells Have 180 Million Barrels 3P Oil
(AP, 9.Oct2018) — Mexico’s state-owned oil company says two wells in shallow Gulf of Mexico waters have found about 180 million barrels of proven, probable and possible oil and gas reserves. The Manik well is about 52 miles (85 kilometers) offshore, and the Mulach is about 11 miles (17 kilometers) […]
Pemex Finds 2 New Oil Fields in Gulf of Mexico
(FT, Jude Webber, 9.Oct.2018) — Mexican state-owned oil company Pemex said it had discovered two new shallow water fields that, combined with other discoveries in recent years, would add production of as much as 210,000 barrels of oil per day and 350m cubic feet of gas. The Manik-101 A and […]
Pemex Announces Oil Field Find In Shallow Waters Of Southeast Basin
(Pemex, 9.Oct.2018) — Pemex CEO, Carlos Treviño, confirmed the discovery of seven reservoirs in two new wells in Mexico’s Southeast Basin, named Manik-101A and Mulach-1, which will allow the company to incorporate more than 180 million barrels of oil equivalent (MMBOE) of 3P reserves. Accompanied by Mexico’s Energy Secretary and […]
Pemex Spill Prompts Evacuations In Mexico
(The Oil&Gas Year, 8.Oct.2018) — Around 300 people were evacuated in the Mexican state of Veracruz as hydrocarbons spilled from a vandalised Pemex pipeline into the Tepeyac creek, which flows into the Coatzacoalcos River, local media reported over the weekend. According to officials, the spill has also led to the […]
Pemex Receives “2018 Most Innovative Award”
(Pemex, 5.Oct.2018) — Pemex Digital, Pemex’s Digital Transformation project, which is spearheaded by the Corporate Office of Information Technology and is supported by Pemex CEO Carlos Treviño Medina and the company’s senior management, received the 2018 Most Innovative Award (Las Más Innovadoras 2018), from Netmedia Research’s IT Masters Mag. This […]
AMLO Sees EOR, Pemex Farm-Outs As Key To Boosting Mexican Oil, Gas Output
(S&P Global Platts, Daniel Rodriguez, 4.Oct.2018) — Mexico’s President-elect Andres Manuel Lopez Obrador will allow Pemex to continue farming out projects to boost oil and natural gas production from mature and aging fields, according to a senior adviser to the incoming administration. The incoming administration, in its oil production forecast […]