Mexico Punishes Former Pemex CEO
Mexico's government has punished the former chief executive of state oil firm Petroleos Mexicanos for misuse of public funds in the purchase of fertilizer business Fertinal, according to three people with knowledge of the matter.The Public Administration Ministry announced on Wednesday that it had sanctioned two senior executives at the firm, known as Pemex, from the previous administration, without identifying the executives.
Pemex Sees Oil Output Boost from Looming Joint Ventures
Mexican state oil company Pemex expects to boost crude output over the next few years with a handful of joint ventures that will focus on onshore and offshore fields, a company official said, outlining areas it will seek to develop with outside producers. New production from the future joint ventures, or farm outs, is forecast to add about 400,000 barrels in new daily crude output and bring the company's total to about 2.5 million barrels per day (bpd) in 2022…
Pemex CEO Lozoya to Leave Job
Emilio Lozoya is set to leave his job as the chief executive of Mexico's struggling state-oil company Pemex, according to three sources with knowledge of the situation. Lozoya, a close ally of Mexican President Enrique Pena Nieto, became Pemex CEO in December 2012, overseeing the company during a momentous energy reform that ended Pemex' decades-long monopoly over the country's oil and gas sectors.
Pemex: New Oil Discoveries to Add 40,000 bpd
Mexico's state-owned oil company Pemex has discovered two new shallow water oil deposits that will eventually produce 40,000 barrels per day, the company's top executive said on Tuesday. Pemex CEO Emilio Lozoya said the discoveries were made during the second half of this year, adding 180 million barrels of oil equivalent to the company's proven, probable and possible reserves. Lozoya did not detail the exact location of the discoveries…
Top CEOs Back Climate Change Bid
The chief executive officers of 10 of the world’s largest oil and gas companies - which together provide almost a fifth of all oil and gas production and supply nearly 10% of the world’s energy - today declared their collective support for an effective climate change agreement to be reached at next month’s 21st session of the United Nations (UN) Conference of Parties to the UN Framework on Climate Change (COP21).
Pemex Suspends Some Deep Water Exploration Projects
Mexico's state-run oil company Pemex has postponed some deep water exploration projects among a raft of planned capital delays due to slumping crude prices, CEO Emilio Lozoya said on Wednesday. Pemex said on Monday it would delay execution of capital projects including major refinery reconfigurations and ultra-low sulfur fuel projects because of a sharp fall in oil prices. Lozoya said…
Oil Majors Seek to Claw Back Costs from Service Firms
Global oil majors say they are demanding cheaper but better services from engineering and service companies, or simply taking work back in-house, after losing hundreds of billions on cost overruns in the last five years. Cost overruns and delays were the main reason why oil majors generated less cash than shareholders expected when oil was over $100 per barrel. With oil now half that price, the urgency of addressing costs and delays rises by the day for the producers.
Pemex to Spend $5.5b on Plant Upgrades, Pipeline
Mexico state-run oil company Pemex on Thursday said it will invest nearly $5.5 billion in expanding the country's largest natural gas pipeline, building a fertilizer plant and boosting output of cleaner-burning gasoline and diesel. Pemex said it would spend $2.5 billion on the second phase of the Los Ramones pipeline, which will eventually run from the U.S.-Mexico border to central Mexico to help satisfy growing demand for gas by boosting cheap imports from the United States.
Mexico Poised to Import Light Crude from US
Mexico's state-owned oil company, Pemex, is poised to abandon a decades-old devotion to self-sufficiency in crude oil, entering talks with U.S. companies about importing light crude from its northern neighbor, where output is booming. Chief Executive Emilio Lozoya said in an interview late on Thursday that Pemex was very likely to start importing light crude from the United States in the next few months, to generate more value from the Mexico's six domestic refineries.
Round Zero Makes Pemex Major Player
Mexican regulators on Wednesday granted Pemex the bulk of its acreage request as the nation's oil industry opens to private participation, consolidating the state-led company's status as a major force despite losing its monopoly status. Meanwhile, the country's initial Round One acreage offering will include a range of opportunities including shale, deep-water, shallow-water, heavy oil and the nation's Chicontepec area.
Mexico to Assign Private Oil Contracts in 2015
Mexico will assign oil and gas exploration and production contracts to foreign and private companies between next May and September under a major sector overhaul, prioritizing areas that boost output quickly and leaving trickier deep water for later, the country's energy regulator said on Wednesday. The National Hydrocarbons Commission estimates investment by foreign oil majors will average around $8.5 billion a year…
Pemex Plans Tie-ups on 10 Projects, Eyes Mature Fields
Mexico's state oil giant Pemex plans to tie-up with private companies on 10 projects both on land and offshore under a newly approved energy sector overhaul, CEO Emilio Lozoya said on Wednesday. Pemex is also looking at tie-ups in mature fields it currently operates, as well as in the deep water Maximino field, Lozoya said. (Reporting by David Alire Garcia, Tomas Sarmiento and Adriana Barrera)
Pemex to Launch Transport, Drilling Companies in 2015
Pemex, Mexico's state oil company, will launch new companies next year as it restructures following landmark energy reform, Pemex Chief Executive Officer Emilio Lozoya told local radio on Monday. "The business plan that we're considering for the next year will involve an internal restructuring," Lozoya said. Among the new companies will be a transport and logistics business, Lozoya said.
Pemex Open to Other Investments after Repsol Sale
Mexican oil giant Pemex does not rule buying shares in other companies after it sold most of its stake in Spanish peer Repsol over management disagreements and low returns, the company said on Wednesday. CEO Emilio Lozoya declined to specify which projects or companies Pemex could be interested in buying into. Pemex sold 7.86 percent of Repsol, worth around $3 billion, to unspecified private investors earlier on Wednesday…
Pemex Chief Touts Mexico's Energy Reform in Washington
While energy reforms have opened the door for Mexico's state-run energy company to expand overseas, its focus for now will be on developing its "low-hanging fruit," the head of Pemex said on Thursday. Pemex Chief Executive Emilio Lozoya spoke in Washington, D.C., at the annual conference of the Export-Import Bank, the official U.S. export credit agency, on a panel discussing the next frontier of investment opportunities.
