(Energy Analytics Institute, 21.Jun.2022) — Energy briefs including APA Corporation and TotalEnergies drilling the Dikkop exploration well in the central portion of Suriname’s Block 58 with the Maersk Valiant. LATIN AMERICA AND THE CARIBBEAN Mexico — State-owned Pemex expects oil and condensate production, w/ contributions from partners, to exit 2022 […]
Tag: Pemex
Mexico Closer to Striking a Deal over Major Offshore Oil Find
(Reuters, 3.Jun.2022) — The Mexican government is close to reaching a deal with U.S.-based Talos Energy over the future of a potentially lucrative shared crude discovery, the president said on Friday. The handling of Zama, a deposit holding some 900 million barrels and located offshore in the southern Gulf of […]
Talos Energy Reveals 1Q:22 Results, Increases Borrowing Base
(Talos, 4.May.2022) — Talos Energy Inc. (NYSE: TALO) announced its operational and financial results for the first quarter of 2022 and the increase of its borrowing base under the company’s reserves-based lending (“RBL”) credit facility as part of its semi-annual redetermination process. Key Highlights: Production of 63.2 thousand barrels of oil […]
Mexico Opposition Party Pitches Free Solar Panels for Housing
(Reuters, 1.May.2022) — Mexico’s biggest opposition party on Sunday proposed installing solar panels for free onto residential housing, staking out its renewable energy credentials as it seeks to challenge the ruling party of President Andres Manuel Lopez Obrador. Marko Cortes, leader of the center-right National Action Party (PAN), said the […]
NRGBriefs: Venezuela Receives 185 Mbbls from Iran; Pemex, Exxon 1Q:22 Conf. Calls
(Energy Analytics Institute, 25.Apr.2022) — Energy briefs including Venezuela reportedly receiving 185,000 barrels of 29-degree API petroleum from Iran; Pemex plans to host a conference call on 2 May 2022 to discuss its financial and operational results from the 1Q:22; and Exxon Mobil to hold 1Q:22 conference call on 29 […]
Pemex Says Fire under Control at Salina Cruz Refinery
(Reuters, 16.Apr.2022) — Mexican state oil company Pemex said on Saturday that it had brought under control a fire at its Salina Cruz refinery in the southern Oaxaca state without any injuries to personnel. The fire, which started on Friday, had engulfed a gasoline storage tank, sending a dense plume […]
Mexico’s Electricity Reform Draws Opposition from Investors, US
(The Washington Post, 16.Apr.2022) — Mexico’s congress will decide on Sunday whether to give the government near-total control over the country’s electricity sector in what analysts consider one of the biggest threats to the country’s private sector in years, moving away from the production of clean energy, jeopardizing foreign investment […]
Mexico’s President Reversing Energy Reforms, Hurting Oil Production
(Houston Public Media, 12.Apr.2022) — President Andrés Manuel López Obrador is using administrative measures to undermine the free-market reforms enacted in 2013. As a result, Mexican oil production is now more than 1 million barrels short of where the U.S. Energy Information Administration projected it would be if the reforms […]
Pemex Crude Exports Rise 11% m/m in Feb. to 925,000 bpd
(Reuters, 29.Mar.2022) — Petroleos Mexicanos (Pemex) said it exported 925,000 barrels of crude per day (bpd) on average in February, up 11.2% from the previous month, as international oil prices surged and domestic refining capacity at the state oil company stayed below target. In late December, Pemex said it planned […]
NRGBriefs: EP PetroEcuador Lays Out Production Plans 2022-26
(Energy Analytics Institute, 10.Mar.2022) — Energy briefs including Ecuador’s state-owned EP PetroEcuador laying out plans for investments of $12bn to almost double production to 804,323 boe/d by2026; Venezuela’s VP Delcy Rodriguez traveling to participate in meeting w/ Russia’s Foreign Minister Sergey Lavrov to “reaffirm friendship bonds and deepen strategic cooperation; […]
NRGBriefs: Venezuela’s Nicolás Maduro Chats with Russia’s Vladimir Putin
(Energy Analytics Institute, 1.Mar.2022) — Energy briefs including Venezuela’s President Nicolás Maduro chatting over the telephone with his Russian counterpart Vladimir Putin; Invenergy naming Mary King as Executive VP People & Culture; AmCham Guyana hosts a local content forum; PEMEX reporting a rise in oil and condensate production in 2021 vs […]
NRGBriefs: Guyana Launches Local Content Registry
(Energy Analytics Institute, 25.Feb.2022) — Energy briefs including Energy Analytics Institute (EAI) believing that the recent commencement of war between the Ukraine and Russia offers the US an opportunity to sell more arms to the invaded country (Ukraine) as well as other countries nearby that fear a similar invasion from […]
In Quest for Energy Independence, Mexico Is Buying a Texas Oil Refinery
(The New York Times, 18.Jan.2022) — Two giant murals, on storage tanks at an oil refinery here, depict the rebels led by Sam Houston who secured Texas’ independence from Mexico in the 1830s. This week those murals will become the property of the Mexican national oil company, which is acquiring […]
NRGBriefs: Barinas Governor Election in Venezuela
(Energy Analytics Institute, 9.Jan.2022) — Energy briefs including results from the 9 Jan. 2022 governor election in Venezuela’s Barinas state; and the Deer Park refinery sale to Pemex surviving a court challenge in a federal court in Houston. LATIN AMERICA AND THE CARIBBEAN Mexico — The Deer Park refinery sale […]
Mexico Plans to End Oil Exports in 2023 to Reach Self-Sufficiency
(Bloomberg, 28.Dec.2021) — Mexico plans to end crude oil exports in 2023 as part of a strategy by the nationalist government of Andres Manuel Lopez Obrador to reach self-sufficiency in the domestic fuels market. Petroleos Mexicanos, the Mexican state-owned producer known as Pemex, will reduce crude oil exports to 435,000 […]
NRGBriefs: CFIUS Approves Pemex’s Deer Park Refinery Purchase
(Energy Analytics Institute, 22.Dec.2021) — Energy briefs including Chile being chosen for the 2nd consecutive yr as the most attractive emerging mkt to invest in renewable energies in the LatAm region; AkerSolutions crossing the 36% mark in terms women among all hired personnel in Brazil; the Committee on Foreign Investment […]
Security Review Stalls Shell’s Refinery Sale to Pemex
(Reuters, 30.Nov.2021) — A U.S. national security review has delayed the sale of Royal Dutch Shell‘s (RDSa.L) controlling interest in a Texas refinery to Mexico’s national oil company, Petroleos Mexicanos (Pemex), Shell said on Tuesday. Shell in May disclosed an agreement to sell its 50% interest in the 302,800-barrel-per-day (bpd) Deer Park, […]
Pemex Back In Red Despite Oil Production Uptick
(Reuters, 28.Oct.2021) — Higher tax payments and foreign exchange losses pushed Mexico’s Petroleos Mexicanos back into the red in the third quarter, even as crude production recovered somewhat, the state oil company said on Thursday. Pemex lost 62.8 billion pesos ($3 billion) compared to a profit of 1.4 billion pesos […]
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Pemex Releases 3Q:21 Results [PDF Downloads]
(Pemex, 28.Oct.2021) — For the fourth quarter in a row, crude oil production increased and recorded 1,752 Mbd without partners’ production. This increase as compared to the same period of the previous year represents five per cent. Moreover, crude oil processing levels recorded 696 Mbd. During January-September, Pemex transferred almost […]
Pemex Swings To $3.8bn Loss In Third Quarter
(Ft.com, 28.Oct.2021) — Mexico’s state oil company reported a 77.2bn peso ($3.8bn) loss in the third quarter of the year because of a higher tax burden and large foreign exchange losses from a weaker peso. That followed a profit of 1.4bn pesos in the year-ago quarter. Pemex on Thursday revealed total crude […]
Mexico Lowers Pemex Tax Burden
(S&P Global Platts, 28.Oct.2021) — The Mexican government has reduced the tax rate that state oil company Pemex will pay in 2022 to 40% from 54% currently, which could help it achieve its goals of producing a little over 2 million b/d by the end of the administration’s term. The […]
Mexico’s Government To Assume Pemex’s Debt Payments
(Bloomberg, 28.Oct.2021) — Mexico President Andres Manuel Lopez Obrador, the great champion of his beloved but beleaguered state-owned oil giant, may be making his boldest move yet to keep it afloat. Petroleos Mexicanos chief Octavio Romero told lawmakers Wednesday that AMLO, as the president is known, has instructed the company […]
Mexico Moves To Re-Nationalize Energy Markets
(Forbes, 28.Oct.2021) — Recent moves by Mexico’s government targeting the country’s energy industry have led to increasing concerns that President Andrés Manuel López Obrador (AMLO) intends to ultimately re-nationalize the nation’s entire energy sector. This happened once before in 1938 and has never served Mexico’s national interest well, a reality […]
Pemex Makes $31.5mn Payment To Seadrill
(Seadrill, 11.Oct.2021) — Seadrill Limited (OSE: SDRL) (OTCPK: SDRLF) and the issuer announce that at the end of September 2021, certain subsidiaries of SeaMex Ltd. (in provisional liquidation), a 50/50 joint venture entered into by one of the issuer’s subsidiaries, Seadrill JU Newco Bermuda Ltd., received payments amounting to approximately […]
Mexico’s President Earmarks $32B To Help Pemex Boost Oil Production
(Bloomberg, 9.Sep.2021) — Mexico President Andres Manuel Lopez Obrador is raising Pemex’s spending plan for next year to about $32 billion in a bid to boost flagging oil production. The funds allocated for the state producer in a 2022 budget proposal, including operational spending, represent a 17% increase from this […]
Mexico Restores Some Oil Production
(AP, 24.Aug.2021) — Mexico’s state-owned oil company said Tuesday the possible remains of two missing subcontractors had been found on one of its oil platforms in the Gulf of Mexico following a weekend fire. Petroleos Mexicanos said it had restored about 17% of the lost production caused by the fire […]
Companies Take Steps Toward Climate Neutrality
(Bloomberg, 24.Aug.2021) — Unlike the other oil majors, nationalized fossil fuel businesses are arms of the state, and therefore can’t bend as far. Petroleos Mexicanos left investors with more questions than answers after it announced in late July that it would be disclosing its greenhouse gas emissions on a more […]
Pemex Safety Incidents Challenge Production Growth Target
(Fitch, 24.Aug.2021) — Pemex‘s reported fires at its Ku-Maloob-Zaap (KMZ) production fields may slow the company’s production growth rates, as this field is the company’s largest production complex, according to Fitch Ratings. Fitch’s current rating case assumes that the company’s production levels will stabilize going forward due to increased investments […]
Pemex Halts Drilling At Valeriana
(By Platts, Sheky Espejo, 12.Aug.2021) — Mexico’s state oil company Pemex has stopped drilling Valeriana 1, a high-temperature high-pressure appraisal well located in the state of Tabasco, after new interpretation of seismic studies led to a drastic modification in the design of the wells, the National Hydrocarbons Commission said Aug. […]
Talos Energy Provides Update On Zama
(Talos Energy, 5.Jul.2021) — Talos Energy Inc. (NYSE: TALO) provided an update regarding operatorship for the company’s Zama asset in offshore Mexico. On 2 July 2021, Talos was notified by Mexico’s Ministry of Energy (SENER) it had designated Petróleos Mexicanos (Pemex) as the operator of the Zama unit, just three […]
Brazil’s Lower-Sulphur Fuel Booms In Asia
(Reuters, 1.Jul.2021) — Brazil is growing its marine fuel oil exports to Asia’s lucrative premium hubs, where rules mandating lower sulphur content have been squeezing out most of its Latin American peers, according to sources and data. Fuel oil exports are the second largest source of energy revenue for most […]
Mexican Court Extends Pemex Market Limit Ruling
(Argus, 7.Jun.2021) — A Mexican federal court reimposed market power limits on state-owned Pemex, including the mandate to publicly post wholesale prices, extending an initial temporary suspension of recent legislative reforms. The state-owned company will now have to resume submitting its wholesale prices, commercial agreements and product discount plans for […]
NRGBriefs: Pemex Deer Park Refinery Deal, Lasso Sworn In
(Energy Analytics Institute, 25.May.2021) — Energy briefs from the Latin America and Caribbean region including: Pemex’s Deer Park refinery acquisition being labeled a mistake by George Baker and Ecuador’s President Guillermo Lasso taking the helm in the South American oil producing country. LATIN AMERICA AND THE CARIBBEAN Pemex Deer Park […]
Shell to Sell Interest in Deer Park Refinery to Partner Pemex
(Shell, 24.May.2021) — Shell Oil Company, a subsidiary of Royal Dutch Shell plc, has reached an agreement for the sale of its interest in Deer Park Refining Limited Partnership, a 50-50 joint venture between Shell Oil Company and P.M.I. Norteamerica, S.A. De C.V. (a subsidiary of Petroleos Mexicanos, or Pemex). […]
Pemex To Acquire Shell’s Interest In Deer Park Refinery
(Shell, 24.May.2021) — Shell Oil Company, a subsidiary of Royal Dutch Shell plc, reached agreement for the sale of its interest in Deer Park Refining Limited Partnership, a 50-50 joint venture between Shell Oil Company and P.M.I. Norteamerica, S.A. De C.V. (a subsidiary of Petroleos Mexicanos, or Pemex). The transaction […]
US Oil Service Group Seeks $100mn From Mexico In Arbitration Claim
(Reuters, 18.May.2021) — A U.S. oil service group introduced a $100 million claim before a World Bank arbitration court alleging Mexico violated investor protections under the NAFTA trade pact by failing to honor agreements, lawyers for the firms and court documents showed. The World Bank’s International Centre for Settlement of […]
BHP Awards McDermott FEED Contract for Trion FPU
(McDermott, 11.May.2021) — McDermott International, Ltd has been selected by BHP Petróleo Operaciones de México, S. De R.L. De C.V., in partnership with Pemex, to provide Front-End Engineering Design (FEED) of a Semi-submersible Floating Production Unit (FPU) for the Trion Project in the Gulf of Mexico. The FPU will be designed […]
Pro-Pemex Bill Clears Mexico’s Lower House
(Bloomberg, 22.Apr.2021) — Mexico’s lower house of congress on Wednesday approved a reform to the country’s hydrocarbon law that removes one of the linchpins to promote private competition against state-run oil company Petroleos Mexicanos. The lower house voted 301 in favor, 147 against and two abstentions to approve the proposal, which eliminates […]
Pemex Says Minatitlan Refinery Repair To Take 90 Days
(Argus, 14.Apr.2021) — Full repairs after a major fire at Pemex’s 285,000 b/d refinery in Minatitlan, Veracruz, will likely take 90 days, although some production could restart as soon as 30 April, the state-owned company said. “For security reasons the refinery is not operating but it is hoped that work […]
Pemex’s Lazaro Cardenas Refinery Off-line
(Reuters, 13.Apr.2021) — Petroleos Mexicanos (Pemex) said on Tuesday the Lazaro Cardenas oil refinery it operates in the eastern city of Minatitlan is out of service after a fire last week. Pemex said in a statement production would potentially resume on April 30, although it could take up to 90 […]
How Pemex’s Wings Got Clipped
(Reuters, 30.Mar.2021) — Shortly before taking office late in 2018, President Andres Manuel Lopez Obrador vowed to boost crude oil production at Mexican giant Pemex by nearly half, following more than a dozen years of decline. The ambitious goal of increasing the state-run company’s oil output from 1.8 million barrels […]
Sener To Decide On Zama Unitization
(Talos, 26.Mar.2021) — Talos Energy Inc. announced that the unitization process of the Zama field will enter its next phase, as established in Mexican regulation. The Mexican Ministry of Energy (“SENER”) is now required to propose finalized terms of a Unitization and Unit Operating Agreement (“UUOA”) based on international best […]
Lopez Obrador Eyes Oil Permits
(Reuters, 26.Mar.2021) — Lopez Obrador argues previous administrations skewed the energy market in favor of business interests and were intent on carving up national oil firm Petroleos Mexicanos (Pemex) and power utility the Comision Federal de Electricidad (CFE). His new initiative, a copy of which was seen by Reuters, set […]
Mexico Seeks Better Terms From Vitol
(Reuters, 22.Mar.2021) — Mexico is looking to renegotiate some of its hundreds of millions of dollars-worth of contracts with Vitol SA after the global energy trader acknowledged paying kickbacks to win business with state oil company Pemex, Reuters has learned. The dispute in Mexico, the world’s fourth-largest importer of refined […]
LatAm Briefs: Pemex Costs, Ecuador Output
(Energy Analytics Institute, 18.Mar.2021) — Energy briefs from the Latin America and Caribbean region including: Banco do Brasil CEO resigning under pressures from Brazil’s President Jair Bolsonaro, Ecuador’s oil production reaching 506,519 barrels per day (b/d), and Pemex reducing production cost. Banco do Brasil CEO Resigns Under Bolsonaro Pressures Petrobras […]
Mexico To Absorb Pemex Amortization
(Reuters, 18.Mar.2021) — Mexico’s government will absorb the debt amortization payments as of this year of state oil firm Pemex, the world’s most indebted national oil company, CEO Octavio Romero said on Thursday. Those payments will represent over $6 billion in 2021, Romero said at an event in the southern […]
Mexico Taunts Dzimpona-1 Oil Find
(Energy Analytics Institute, 18.Mar.2021) — Mexican officials announced discovery of a new giant oil field called Dzimpona-1 in the state of Tabasco. Reserves at the field are estimated between 500 and 600 million barrels of crude oil equivalent (MMboe) The Dzimpona-1 is located near Valeriana and Racemosa, which together hold […]
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Pemex’s 4Q:20 Results [PDF Downloads]
(Energy Analytics Institute, 26.Feb.2021) — Mexico’s state oil and gas entity Pemex provided operational and financial details related to its fourth quarter 2020. What follows are select company reports. ____________________ By Jared Yamin. © Energy Analytics Institute (EAI). All Rights Reserved.
Pemex To Host 4Q Conference Call
(Energy Analytics Institute, 25.Feb.2021) — Mexico’s state oil giant Petróleos Mexicanos (Pemex) will host its fourth quarter and year-end 2020 conference call on 26 February 2021. To sign up to listen to the broadcast, follow this link. ____________________ By Jared Yamin. © Energy Analytics Institute (EAI). All Rights Reserved.
Mexico Looks to Strengthen Energy Sector
(Energy Analytics Institute, 18.Feb.2021) — Mexico’s President Andrés Manuel López Obrador said the recent Texas freeze that saw many residents in the state lose power and water service, demonstrated why his country needed to strengthen its energy sector. Highlights: The Texas storm that commenced Friday night 12 February 2021 froze […]