Pemex Shrugs off Losses; Eyes New Oilfields
Mexico's national oil company Pemex narrowed its multibillion-dollar losses last year, executives said on Wednesday, as it seeks to fast-track the development of 20 new fields this year in a bid to bring new streams of crude online.Long a source of Mexican pride and a potent political symbol, the state-owned company faces an increasingly uncertain future as oil output slides, leaving it with a $7.6 billion loss in 2018."In 2019…
Mexico President's Pemex Plans Rattle Debt-holders
Mexican President Andres Manuel Lopez Obrador's declaration of war on "neo-liberal" economics has shaken investors holding Petroleos Mexicanos bonds, fueling concern about the future of the highly-indebted state oil company he has pledged to revive.Ratings agencies and three managers spoken to by Reuters at funds that either hold Pemex paper or recently sold it said proposals floated…
Pemex Crude Oil Output, Exports Fall
Mexican national oil company Pemex's crude output dipped to 1.76 million barrels per day (bpd) in October, down more than 7 percent compared with the same month last year, according to company data released on Monday.October crude output marked one of the lowest monthly production levels since 1990, when publicly accessible records begin.Crude exports also fell in October to reach 1.03 million bpd…
Mexican Presidential Front-Runner Eyes Pemex Reforms
Andres Manuel Lopez Obrador, the leftist leading the race to win Mexico's presidency in July, will root out corruption at Pemex and also aims to slim down the state-owned oil and gas company, his pick for finance minister said on Thursday. In an interview with Reuters, Carlos Urzua, a respected economist trained at the University of Wisconsin-Madison, said Lopez Obrador was not resolved to end oil and gas auctions started under the current government…
Pemex March Crude Oil Exports Hit Record Low
Mexican national oil company Pemex said on Friday that March crude exports fell to a record low of just above 1 million barrels per day (bpd), while oil output for the month also dipped. Pemex's March crude shipments averaged 1.001 million bpd, the lowest level of monthly exports going back to at least 1990 when records began. March exports were down nearly 6 percent compared with the same month last year.
Mexican Oil Regulator Approves Onshore JV Projects
Mexico's first two onshore oil and gas projects to be developed by joint ventures between state-owned Pemex and new partners were approved by regulators on Friday. The auctions to pick Pemex's partners for the two extraction projects covering the Cardenas-Mora and Ogarrio fields, both located in southern Tabasco state, will take place on Oct. In both tie-ups, Pemex will have a 50 percent stake…
Pemex OKs new Gulf JV
Mexican state oil company Pemex approved a joint venture for two shallow water fields in the Gulf of Mexico, the firm said on Tuesday, marking the second time the company will seek partners to boost declining crude oil output. The joint venture will cover Pemex's Ayin and Batsil fields off the coast of Campeche state, which contain 46 million barrels of oil equivalent (boe) in proven reserves.
Iberdrola to Double Power Generation in Mexico by 2020
Spanish utility Iberdrola plans to nearly double its electricity generation capacity in Mexico to almost 10,000 megawatts by 2020, taking advantage of its new plants and the country's energy overhaul, a company executive said Friday. The utility's Mexico subsidiary has 12 plants in operation, including five combined cycle gas turbine plants, two cogeneration plants and four renewable energy plants. It is currently building seven others throughout the country.
Mexico to Award Renewable Energy Contracts in March
Mexico will start soliciting bids later this month in its first auction of renewable energy certificates, part of an electricity sector overhaul that ends the state-owned power company's monopoly, government officials said on Wednesday. Initial awards of the new certificates, which provide the right and impose the obligation to produce clean energy, are set for March, officials said.
Pemex Reports Nearly $10 bln Q3 Loss
Mexico's state-run oil company Pemex reported a steep third-quarter loss on Wednesday of 167.5 billion pesos ($9.9 billion), well over double the 60 billion pesos loss in the same period last year, hurt by low oil prices and a weaker Mexican peso. The massive loss was Pemex's 12th consecutive quarter in the red. Accumulated losses during the first nine months of the year totaled 352.6 billion pesos ($20.8 billion)…
Mexico Sets Minimums for Offshore Oil Auction
Mexico's finance ministry announced the minimum fiscal terms companies will be required to meet in order to win development rights in an upcoming oil auction, as the country seeks to lure investment despite slumping crude prices. The ministry set the minimum value of pre-tax profits for the five offshore extraction contracts up for grabs at a range of between 30.2 and 35.9 percent.
Mexican Crude Oil Output Up in June
Mexican crude oil output in June rose nearly 1 percent from the previous month, while June crude exports slid 6 percent, national oil company Pemex said on Friday. Crude production in June averaged 2.247 million barrels per day (bpd), while exports stood at 1.048 million bpd. Mexico is the world's 10th biggest crude producer, and the third largest supplier to the United States behind Canada and Saudi Arabia.
Mexico's Oil Reserves Dip in 2014
Total Mexican oil and gas reserves fell last year as state-owned oil company Pemex was unable to certify enough new discoveries to compensate for current production, the country's oil regulator CNH said on Tuesday. Mexico's total proven and probable (2P) oil reserves slid 7.4 percent from the previous year to 22.983 billion barrels of oil equivalent (boe). Proven, probable and possible (3P) reserves fell 11.3 percent to 37.404 billion boe.
Pemex Mulls Selling Refining, Petrochemical Businesses
Mexican state-run oil firm Pemex could sell its refining and petrochemical business and invest the proceeds in more profitable areas like exploration and production, the company's finance chief was quoted as saying on Wednesday. "We will have to at some point take a decision to see if we continue with those activities," Mario Beauregard, Pemex's Chief Financial Officer, told Mexican newspaper Excelsior, referring to the refining and petrochemical business.
Mexico to Tender Batch of Onshore Oil Fields in Energy Opening
Mexico's oil sector regulator approved on Monday the call for bids for its next package of contracts covering 26 onshore areas, part of the country's historic energy industry opening after decades of state control. The onshore oil and gas areas to be tendered are spread across five states and contain 2.5 billion barrels of oil equivalent (boe) in proven, probable and possible reserves.
Pemex Says Savings Will Total $1.45b by 2018
Mexico's state-owned oil company Pemex, grappling to stem an output slide amid crashing prices, said on Monday it expects to save more than 21.3 billion pesos ($1.45 billion) by consolidating the procurement process by 2018. The Mexican oil firm has more than halved its number of procurement offices, from 120 to 51, and will further reduce the number to between 20 and 25 by the end of this year, the company said in a statement.
Mexico OKs First Shallow Water Offshore Contract
Mexico has approved the tender of 14 initial contracts for exploration and production of oil and gas in shallow waters, the National Hydrocarbons Commission said on Wednesday, December 10, 2014. Following a energy overhaul finalized earlier this year that ended a 75-year state monopoly, the first set of exploration and production contracts on offer aim to attract capital and reverse a decade-long slide in crude production in Mexico.
New Dawn for Mexican Steel Puts Brazil in the Shade
Mexico is emerging as the preferred choice for investors in Latin American steel making as a landmark energy reform and exposure to a U.S. recovery help outshine regional rival Brazil, where the gloom of recession has taken hold. While steel executives in Brazil, Latin America's biggest economy, call ever more forcefully for market reforms, Mexico has pushed through a major energy…
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…
Mexico Inks Landmark Energy Legislation
Mexican President Enrique Pena Nieto signed into law on Monday a package of laws setting out the fine print of a landmark energy reform that promises to lure billions of dollars in investment to the country's ailing oil, gas and electricity sectors. Pena Nieto has made the energy overhaul the top economic priority of his administration, which aims to boost slumping growth in the world's 15th biggest economy.
