Oil Companies Swap Stakes in Mexico
With Mexico's government insisting that energy companies increase oil and gas output before it auctions off more of the country's vast reserves or offers more partnerships with state-run Pemex, firms ranging from foreign majors to local players are scrambling to buy and sell blocks they already own.The negotiations are creating a dynamic secondary market for oil acreage, which could be the only investment opportunity left…
Bad Choices cost Pemex $1 bln
Mexico's state-oil company Pemex burned through $665 million at its fertilizer unit, ignored consultants and made high-risk investments with no discernible business strategy, according to a devastating government audit of its 2017 operations.The report, published late on Wednesday, offers insight into how Pemex ended up creaking under $106 billion of debt during the six-year term of former President Enrique Pena Nieto.Mexico's…
Mexico Targets 50% Jump in Oil Output
Mexico aims to lift oil and gas production by almost 50 percent in the next six years and in January will award infrastructure and drilling contracts to develop 20 fields, state oil firm Petroleos Mexicanos said on Saturday.Octavio Romero, chief executive officer of the company generally known as Pemex, said the new government would increase exploration investment by around 10 percent annually to reverse dwindling output as he presented a new plan for the industry.President Andres Manuel Lopez Obrador…
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, down by about a quarter compared with the same month in 2017.Since September…
Pemex Reaches Deal to See if Talos Find Reaches Its Block
Mexican state oil firm Pemex has reached a preliminary agreement with a consortium led by Talos Energy to evaluate whether the group's find in the Gulf of Mexico extends into a neighboring Pemex block, the companies said in a statement on Thursday.The deal, which covers territory in the shallow waters of the Gulf of Mexico, is the first of its kind for Pemex and will be in force for two years.The Talos consortium, which includes Britain's Premier Oil and Mexico's Sierra Oil & Gas…
Mexico's Obrador Pledges More Than $11 Bln for Refineries
Mexican President-elect Andres Manuel Lopez Obrador said on Monday his administration will invest more than $11 billion to boost refining capacity in order to curb growing fuel imports.Lopez Obrador, who will take office on Dec. 1, told reporters his government plans to invest $2.6 billion to modernize existing domestic refineries owned and operated by national oil company Pemex, and spend another $8.4 billion to build a…
As Mexico Oil Sector Sputters, Crime and Violence Rattle Industry Towns
Until recently, Edgar Barrera enjoyed a life many Mexicans could only hope for. In a few short years, the 36-year-old bookkeeper rose from handyman to white-collar worker at what seemed to be one of the most stable companies in Latin America: state-owned oil firm Pemex. Thanks to Pemex, Barrera met his wife, vacationed on the Mayan Riviera and envisaged a rewarding career without leaving his hometown in Tabasco, a rural state…
Pemex Turns Profit in Q1
Mexican state-run oil company Pemex on Friday said its net profit rose 29 percent in the first quarter compared with the year-earlier quarter, helped by higher crude prices and currency movements.The company, one of the largest in Latin America, reported a profit of 113.3 billion pesos ($6.2 billion) in the first three months of the year.
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…
Mexican President Defends Energy Reform from Leftist Attacks
Mexico's president on Thursday defended his decision to open the energy sector against attacks from the man currently favorite to succeed him, saying a rollback of the measure could cost the country billions of dollars in lost investment. The 2013-14 legislative overhaul that ended state oil firm Pemex's decades-long monopoly was the centerpiece of President Enrique Pena Nieto's economic agenda, and leftist Andres Manuel Lopez Obrador, who is leading polls for the July 1 presidential election, has threatened to unpick it.
Long wait Ends for Big Oil as Mexico Auctions Prized Blocks
Mexico will on Wednesday offer foreign energy firms the right to drill beneath prized deep waters in the Gulf of Mexico that may contain billions of barrels of oil, the climax of an historic energy reform just five months before a presidential election. The auction of 29 blocks is the biggest since the government of President Enrique Pena Nieto enacted a wide-ranging reform that aimed to attract hundreds of billions of dollars of investment to turn around a state-run oil industry in decline.
Mexico's Oil Reform a Boon for Hard-hit Oil Service, Seismic Firms
Oil service and mapping firms still emerging from an industry recession have received a boost from about $800 million of data sales to energy firms considering bidding for Mexican oil and gas blocks. Mexico will on Wednesday hold its most important auction since a 2013 reform ended the 75-year monopoly on the energy sector held by state-run oil firm Pemex. The government of President Enrique Pena Nieto hopes the deepwater…
Mexico's Energy Sector Faces Deepwater Auction Test
An auction of deepwater oil and gas fields in Mexico this month may prove the last major opportunity for President Enrique Pena Nieto's government to capitalize on its opening of the energy sector, the central plank of its economic agenda. The Jan. 31 tender of licenses to explore and drill in 29 blocks in the Gulf of Mexico is the biggest chunk of oil and gas wealth on offer since the completion of a 2013-14 legislative overhaul that ended state oil firm Pemex's decades-long monopoly.
Pemex Makes Mexico's Biggest Onshore Oil Find in 15 Years
Mexico's national oil company Pemex has made its biggest onshore oil discovery in fifteen years with a find in the eastern state of Veracruz, President Enrique Pena Nieto said on Friday. Pena Nieto said Pemex made the discovery by drilling its onshore Ixachi well, in the municipality of Cosamaloapan, and that the overall field is believed to hold some 350 million barrels of proven, probable and possible reserves. Pena Nieto…
Mexico Expects to Hold a Third O&G Auction in 2018
Mexico's oil regulator will likely add another oil auction in 2018 featuring conventional onshore oil and gas blocks, a senior official said on Thursday, potentially teeing up a third tender in an election year. The bid terms will be announced this year or in early 2018 while contracts will likely be awarded by the summer, Juan Carlos Zepeda, head of the National Hydrocarbons Commission (CNH), said on the sidelines of an energy forum.
Pemex: $5 Bln Bond Deal Covers Needs through 2018
Mexico's national oil company Pemex said on Monday that recent bond placements totaling about $5 billion would cover its minimum financing needs through the end of 2018. Petroleos Mexicanos, as the company is formally known, said on Sunday it had successfully reopened two long-term bonds to raise about $5 billion, and would use some of the proceeds to repurchase debt expiring over the next two years. Petroleos Mexicanos said…
Pemex Seeks Refinery Investors, but Who's Buying?
Sweeping energy reforms have turned Mexico into one of the world's most attractive offshore prospects, but one segment is getting no love from U.S. investors: the nation's aging refineries. Efforts by Mexico's state-owned oil company Pemex to attract about $5 billion in capital to help modernize its two largest refineries so far have proved futile, according to two people familiar with the process who declined to be named because they were not authorized to speak publicly.
Mexicans fear gasoline hike resulting in higher food prices
Mexicans who already feel the pinch from a gasoline price hike share economists fears it will now drive up the cost of food and other basics, adding to the unpopularity of the government ahead of elections this year and next. Riots that broke out after a 14 percent increase in regular gas prices on Jan. 1 also reflected anger at President Enrique Pena Nieto over corruption, crime and the failure of reforms to improve living standards.
Thousands of Mexicans protest gasoline price hikes
Mexicans angry over a spike in gasoline prices took to the streets of Mexico City on Saturday after days of protests spurred looting in hundreds of stores, resulting in over a thousand arrests in Latin America's second-largest economy. Mexico's government hiked gasoline costs by 14 to 20 percent earlier this month, fueling outrage among Mexicans already facing rising inflation and adding to a long list of headaches besetting President Enrique Pena Nieto.
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…
