(Bloomberg, 17.Feb.2021) — Mexico is preparing a significant tax break for its state-owned oil firm while the constitution blocks it from taking on debt to increase social spending during the pandemic, Finance Minister Arturo Herrera said in an interview. Lowering the state’s demands on Pemex, its biggest taxpayer, could help […]
Tag: Pemex
Mexico Presses US To Guarantee Gas Supplies
(Reuters, 17.Feb.2021) — The Mexican government called the top U.S. representative in Mexico on Wednesday to press for natural gas supplies after the Texas governor ordered fuel to remain in the state during a freeze that has overwhelmed its energy grid. Already, earlier this week, natural gas supplies to Mexico […]
![Work At Dos Bocas Continues [PHOTOS]](https://energy-analytics-institute.org/wp-content/uploads/2021/01/dosb-source-sener-jan-22-c-1.jpg)
Work At Dos Bocas Continues [PHOTOS]
(Energy Analytics Institute, 23.Jan.2021) — Construction work at the Dos Bocas refinery in Mexico continues to move forward, announced Mexico’s Energy Secretariat Rocio Nahle. Nahle is seen here explaining work at the refinery to other energy sector workers while she also monitored the arrival of new equipment from state oil […]
Pemex Investigates Offshore Pipeline Fire
(Argus, 2.Jan.2021) — Mexico’s state-run Pemex is investigating the cause of a fire that broke out yesterday on a pipeline that carries hydrocarbons from an offshore production platform near Dos Bocas, Tabasco. Pemex shut the offshore pipeline that connects the platform to a separation facility near the Dos Bocas port […]
20 Companies: The Biggest Polluters In The World
(Insider Monkey, 2.Jan.2021) — In this article we are going to list the 20 companies that are the biggest polluters in the world. Click to skip ahead and jump to the 10 companies that are the biggest polluters in the world. Look, I don’t think there are many educated people […]
AMLO’s Nationalism Casts Energy Projects Into Limbo
(Bloomberg, 22.Dec.2020) — Mexican President Andres Manuel Lopez Obrador’s hardball tactics against foreign energy companies are halting projects and reversing a process that until recently made the country one of the world’s hottest oil and renewable markets. About 200 wind farms, natural gas plants, solar arrays and other projects have […]
Pemex, Talos To Keep Talking Over Shared Oil Find
(Reuters, 22.Dec.2020) — Mexico’s energy ministry has approved a 60-day extension for talks between state oil company Pemex and a private consortium led by U.S.-based Talos Energy Inc over the future of a massive shared crude deposit, Talos chief executive Tim Duncan told Reuters on Tuesday. The energy ministry’s previous […]
Moody’s Warns Of Pemex Downgrade
(Reuters, 15.Dec.2020) — Mexican state oil giant Pemex could sink deeper into junk territory if Mexico’s sovereign credit rating is downgraded, ratings agency Moody’s said on Wednesday. Moody’s stripped heavily indebted Pemex of its investment grade rating in April and downgraded it to junk status by cutting its rating to […]
Heard Mexico: Braskem Ideas Shuts PE Complex
(Energy Analytics Institute, 3.Dec.2020) — Brazilian-based Braskem Idesa has shut down its Ethylene XXI polyethylene (PE) complex in the city of Coatzacoalcos, after a Mexican state energy agency shut off natural gas supplies from state owned Petroleos Mexicanos (Pemex). __________ By Ian Silverman. © Energy Analytics Institute (EAI). All Rights […]
Mexico Wins Over $2bn On Oil Hedge
(Bloomberg, 1.Dec.2020) — Mexico will cash in its oil price insurance policy this year for the fourth time only in the last two decades, receiving a payout of about $2.5 billion from its 2020 sovereign oil hedge, people familiar with the transaction said. In an ironic turn of events, Mexico […]
Pemex To Begin 2021 Oil Hedge Contracting Soon
(Reuters, 26.Nov.2020) — Mexican oil giant Pemex is about to start the process of contracting an oil hedge for 2021, a senior source at the company told Reuters, after the previous two hedges delivered bumper payouts for the highly-indebted company. Pemex’s hedge is separate and much smaller than the one […]
Mexico Oil Executive Asked To Resign
(Bloomberg, 26.Nov.2020) — A director at the trading arm of Mexico’s state oil company was asked to resign after authorizing payments under a profit-sharing plan, according to a person familiar with the matter. Jose Luis Cardenas Dominguez, director of administration at PMI, is expected to leave the company, said the […]
Talos Energy Provides Operational Results
(Talos, 4.Nov.2020) — Talos Energy Inc. announced its financial and operational results for the third quarter of 2020. Key Highlights: — Production of 48.6 thousand barrels of oil equivalent per day (MBoe/d), of which 67% was oil and 74% was liquids. Production for the quarter was significantly impacted by deferrals […]
Mexico Unveils Investment Plan Worth Nearly $14 bln
(Reuters, 5.Oct.2020) — Mexico’s government and business leaders on Monday presented a series of planned investments worth over 297 billion pesos ($13.83 billion) which President Andres Manuel Lopez Obrador hopes will help to lift the country’s misfiring economy. Ranging from highways, to a train line connecting Mexico City with the […]
Pemex Head Visits Sonda de Campeche
(Energy Analytics Institute, 11.Sep.2020) — Pemex head Octavio Romero Oropeza visits workers on the Ayatsil-C y Akal-B platforms in Sonda de Campeche. See these stories and others when they are first published on Energy Analytics Institute’s instagram feed here. Source of the photos: Pemex. __________ By Jared Yamin. © Energy […]
Mexico Slashes Crude Targets In 2021 Budget
(Argus, 9.Sep.2020) — Mexico’s government slashed its crude oil output forecast for the next four years, with next year’s target down by 11pc from the original goal. Mexico’s state-owned Pemex expects to produce 1.86mn b/d next year, down by 11pc on the 2.1mn b/d forecast in the company’s 2019 business […]
Mexican Oil Union Hints At Strike On Safety Concerns
(Argus, 1.Sep.2020) — Mexico’s oil workers union (STPRM) called on state-owned Pemex to resolve serious operational, safety and security concerns. “We demand our concerns are resolved without delay … the company finds itself in serious problems … that are causing great concern to our workers,” states a letter from the […]
Mexico’s Lopez Wants Plan To Execute Energy Vision
(Reuters, 11.Aug.2020) — Mexico’s president has given officials until late September to craft a plan to reassert state control over the energy industry as an alternative to constitutional change to achieve the same goals, according to three people familiar with the matter. President Andres Manuel Lopez Obrador on July 22 […]
Work Continues At Dos Bocas In Mexico
(Energy Analytics Institute, 3.Aug.2020) — Construction work at the Dos Bocas refinery continues, according to recent details from Mexico Energy Secretariat published on Twitter. __________ By Jared Yamin. © Energy Analytics Institute (EAI). All Rights Reserved.
Mexico To Launch World’s Largest Oil Hedge – Sources
(Reuters, 24.Jul.2020) — Mexico has asked top Wall Street banks to submit quotes for its giant oil hedging program, sources familiar with the matter said on Friday, while trading in crude oil options has increased this week ahead of the megadeal. The finance ministry has asked banks for price quotes, […]
Talos Instructed To Unitize Zama Field Within 120 Days
(Talos, 9.Jul.2020) — Talos Energy Inc. announced that on 7 July 2020, that it received a notice from Mexico’s Ministry of Energy (SENER) instructing the partners of Block 7 and PetrĂłleos Mexicanos (Pemex) to unitize the Zama field. Talos is the operator of Block 7 in a partnership with Wintershall […]
Sener Authorizes Unification Of Zama Shared Deposit
(Energy Analytics Institute, 8.Jul.2020) — Mexico’s Energy Secretary (Sener) instructed the unification of a shared reservoir between the Zama field discovered through Contract CNH-R01-L01-A7 / 2015 by Talos Energy Offshore and Assignment AE-0152-Uchukil which is under ownership by Mexico’s state oil company Petroleos Mexicanos (Pemex). In compliance with Article 42 […]
Mexico’s Lopez Says He’d Sell Fuel To Venezuela
(Reuters, 15.Jun.2020) — Mexican President Andres Manuel Lopez Obrador said on Monday his country would, for “humanitarian” reasons, sell gasoline to Venezuela if asked to do so, despite a raft of U.S. sanctions imposed on the South American country and its state-run oil company, PDVSA. Lopez Obrador added he had […]
Mexico’s Oil Hedge To Be Pricier
(Reuters, 15.Jun.2020) — Mexico will have to pay more for less coverage under its giant oil revenue insurance policy for 2021, but will likely go ahead anyway to avoid further damaging its financial standing with international investors, sources said. The finance ministry’s billion-dollar oil hedge is the world’s largest. It […]
Pemex Continues With Tula Refinery Contingency
(Energy Analytics Institute, 3.Jun.2020) — Pemex’s “Miguel Hidalgo” refinery in Tula carried out preventive measures to mitigate the risks of the Covid-19 pandemic among its work force as well as personnel from contractor companies. Since commencement of contingency efforts, more than 10,000 face masks have been delivered at the entrance […]
Mexico To Remain In Opec+, No Output Cuts Planned
(Argus, 22.May.2020) — Mexico will remain within the Opec + group but has no plans for further production cuts, the energy ministry told Argus today. “Mexico will participate in the Opec + meeting in June but we do not contemplate implementing more cuts,” the ministry said. “There are no plans […]
NOCs To Slash Exploration Budgets
(WoodMac, 20.May.2020) — National oil companies (NOCs) globally are estimated to cut exploration budgets by over a quarter on average in 2020, says Wood Mackenzie. The analysis is based on announcements and tracking well plans of 11 top spending NOC explorers, including three Chinese NOCs, PTTEP, PETRONAS, ONGC, Qatar Petroleum, […]
Energy Dispute Deepens Between In Mexico
(Reuters, 16.May.2020) — The European Union and Canada have formally raised concerns to Mexico about rules they say endanger renewable energy projects, escalating tensions with its government, which late on Friday moved to tighten its control over the power industry. In letters that were leaked to Mexican media on Friday, […]
Pemex’s Oil Reserves Replacement Rate Jumps
(Reuters, 11.May.2020) — The replacement rate of proven oil and gas reserves estimated by Mexican national oil company Pemex soared in 2019 compared to the previous year, according to the firm’s annual filing with the U.S. Securities and Exchange Commission (SEC). Pemex’s 2019 replacement rate, a measure of new discoveries […]
Pemex Files 2019 Annual Report, Form 20-F
(Pemex, 11.May.2020) — In compliance with the Disposiciones de Carácter General aplicables a las Emisoras de Valores y a Otros Participantes del Mercado de Valores, in May 8, PetrĂłleos Mexicanos filed its Annual Report as of December 31, 2019. Similarly, on the same day, PEMEX filed its Annual Report with […]
Pemex’s $44/bl Hedge Floor Adds Ps30bn To Deficit
(Argus, 7.May.2020) — The hedge contracted by Mexico’s state-owned Pemex has a floor of $44/bl, leaving the company exposed to losses below that following the global rout in crude prices, the company’s annual report reveals. “Pemex contracted coverage instruments that protect against declines in reference prices in the range of […]
Pemex Presents Audited Stmts As Of 31 Dec. 2019
(Pemex, 4.May.2020) — In compliance with the Disposiciones de Carácter General aplicables a las Emisoras de Valores y a Otros Participantes del Mercado de Valores, today PetrĂłleos Mexicanos (PEMEX) presented to the ComisiĂłn Nacional Bancaria y de Valores (CNBV, by its Spanish acronym) and the Mexican Stock Exchange (BMV, by […]
Pemex Posts Massive $23.6bn 1Q:20 Loss
(Reuters,30.Apr.2020) — Mexican state oil company Pemex on Thursday said it had posted a $23.6 billion (562.13 billion peso) loss in the first quarter due to falling crude prices as well as a sharp drop in the value of the peso during the first three months of the year. The […]
Pemex To Prioritize Lower-cost Production
(Reuters, 27.Apr.2020) — Mexico’s state oil firm Pemex on Monday detailed measures aimed at mitigating the effects of a steep drop in oil prices, saying it would prioritize lower-cost production that would allow the government to comply with its “international commitments.” Petroleos Mexicanos, as the firm is formally known, detailed […]
Mexican Oil Platforms Cut Staff Over Coronavirus
(Reuters, 26.Apr.2020) — Mexico has begun removing staff from Gulf of Mexico oil platforms to limit the spread of the coronavirus, leaving essential personnel on board, state oil firm Petroleos Mexicanos (Pemex) said on Sunday. Pemex said in a statement that workers had started coming off the rigs as Mexico […]
Why Mexico’s Oil Industry Is Destined For Disaster
(Oilprice.com, 25.Apr.2020) — Mexico has somewhat inadvertently found itself at the heart of the oil industry’s most burning issues of 2020 – just when it seemed that Russia, Saudi Arabia, the United States and a whole array of prominent oil-producing countries reached an agreement on future OPEC+ production cuts, the […]
Pemex Declares Force Majeure On Fuel Imports
(Reuters, 23.Apr.2020) — Mexican state oil company Pemex has declared force majeure over fuel imports from its trading arm PMI Comercio Internacional, two sources with knowledge of the decision said Thursday, as demand craters due to fallout from the coronavirus pandemic. Many gasoline and diesel importers around the world have […]
Pemex’s Trading Arm Declares Force Majeure
(Bloomberg, 23.Apr.2020) — Mexico, the largest recipient of U.S. gasoline exports, is seeking to cancel imports of the fuel from at least one U.S. company amid the rippling effects of the coronavirus on demand. Petroleos Mexicanos’s trading unit, PMI, declared force majeure on imports of gasoline as an armada of […]
Mexico Announces Emergency $25.5bn Package
(S&P Global Platts, 22.Apr.2020) — Mexico announced a Peso 622.56 billion ($25.5 billion) package on Wednesday that will help the nation face the economic consequences of the coronavirus pandemic, with the focus on Pemex, the state-controlled oil firm. The emergency budget will be aimed at 38 priority projects of the […]
Fitch Downgrades PEMEX, CFE, IEnova And Cometa
(Fitch Ratings, 17.Apr.2020) — Fitch Ratings has downgraded the international Foreign- and Local-Currency Long-Term ratings for Petroleos Mexicanos (PEMEX), Comision Federal de Electricidad (CFE), Infraestructura Energetica Nova, S. A. B. de C. V. y Subsidiarias’ (IEnova) and Cometa Energia, S. A. de C. V. following this week’s downgrade of Mexico’s […]
Moody’s Downgrades Pemex’s Ratings To Ba2
(Moody’s, 17.Apr.2020 — Moody’s Investors Service (Moody’s) downgraded Petroleos Mexicanos’ (PEMEX) senior unsecured ratings on the company’s existing notes, as well as the ratings based on PEMEX’s guarantee, to Ba2 from Baa3. Simultaneously, Moody’s withdrew PEMEX’s Baa3 issuer rating and assigned a Ba2 corporate family rating to the company. Moody’s […]
Mexico’s New Oil Regulator Says Pemex JVs Likely
(Reuters, 16.Apr.2020) — The head of Mexico’s powerful oil regulator said state oil firm Pemex could seek new joint venture partnerships soon, despite President Andres Manuel Lopez Obrador’s decision to freeze the so-called “farm-outs” in his first year in office. “I think it will happen during this government,” Rogelio Hernandez, […]
Fitch Downgrades Mexico To ‘BBB-‘; Outlook Stable
(Fitch Ratings, 15.Apr.2020) — Fitch Ratings has downgraded Mexico’s Long-Term Foreign Currency Issuer Default Rating (IDR) to ‘BBB-‘ from ‘BBB’. The Rating Outlook is Stable. KEY RATING DRIVERS The economic shock represented by the coronavirus pandemic will lead to a severe recession in Mexico in 2020. A recovery starting in […]
Pemex Platform Worker Infected With Coronavirus
(Reuters, 13.Apr.2020) — At least one worker at Mexican state oil company Pemex’s Abkatun-A processing center, in shallow waters in the Gulf of Mexico, has been diagnosed with coronavirus, two people with knowledge of the matter told Reuters. At the end of last week, executives from Abkatun-A reported internally that […]
The Unexpected Holdout To A Global Oil Production Deal
(Bloomberg, 10.Apr.2020) — One of the most dramatic global oil production agreements in history has been left hanging on the approval of an unlikely character: Mexican President Andres Manuel Lopez Obrador. For weeks Russia and Saudi Arabia, two energy powerhouses, have been sparring over oil, with their dispute sending crude […]
Pemex Not In Position To Maintain Output
(GlobalData, 10.Apr.2020) — Following today’s news (Friday 10 April) that the OPEC+ agreement, which will cut production by ten million barrels, is contingent on Mexico’s consent to also cutting production; Adrian Lara, Senior Oil & Gas Analyst at GlobalData, a leading data and analytics company, offers his view on the […]
Mexico Refuses To Cut Oil Output
(Bloomberg, 8.Apr.2020) — Outside of Saudi Arabia and Russia, most oil producers are racing to deal with the historic oil price collapse by cutting back spending and in some cases production. But Mexico’s national oil company is acting like the crash never happened. Petroleos Mexicanos aims to nearly double drilling […]
LatAm Exploration To Be Slammed By Low Prices
(NGI, 7.Apr.2020) — At current prices, Latin American oil reserves at risk of not being developed or pushed out into the future could amount to 16 billion barrels, according to new research by IHS Markit. The analysis looked at oil-targeting projects in Latin America which had a presumed or announced […]
Mexico To Participate In Opec+ Call
(Argus, 6.Apr.2020) — Mexico will participate in an Opec+ meeting on 9 April, the energy ministry told Argus today. “As a member of Opec+, Mexico will participate in the next meeting,” the ministry said. Mexico does not yet anticipate any cuts to production as part of a wider agreement, the […]
Mexico’s Oil Price Crash
(Reuters, 31.Mar.2020) — The coronavirus pandemic has roiled markets and eroded demand for crude around the world, with Mexico’s main export falling to levels last seen in 1999 ***