Pemex Announces 7 New Crude Finds
Mexican state oil firm Pemex said on Tuesday it has made seven new crude discoveries in the shallow waters of the Gulf of Mexico and said it could invest upward of $10 billion to develop six oil and gas fields.Pemex, which has been struggling with declining output for over a decade, said the seven finds at its Manik and Mulach fields
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…
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…
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…
NAFTA Doubts Impact Mexico Oil Tenders
Uncertainty about the fate of the North American Free Trade Agreement (NAFTA) and investor protections it guarantees could crimp future investment in Mexico's oil industry, including a high-stakes January deepwater auction. Ahead of a fifth round of NAFTA talks in Mexico City in mid-November…
Mexico Crude Output to Average 1.9 Mln Bpd in 2018
Mexican crude oil production should average around 1.9 million barrels per day (bpd) in 2018, Energy Minister Pedro Joaquin Coldwell told Reuters on Tuesday. (Reporting by Ana Isabel Martinez)
Mexico Expects Four More Oil Auctions by Year's End
Mexico expects to launch four more oil and gas auctions before the current president's term concludes at the end of November 2018, Energy Minister Pedro Joaquin Coldwell said at a conference on Thursday. The government has previously said three more tenders were planned…
Mexico Auctions Two-thirds of Blocks in Shallow Water Oil Tender
Mexico on Monday auctioned two-thirds of the shallow water oil and gas blocks up for grabs in the latest round of its energy market opening, surpassing the cautious estimates of officials last week. Italy's Eni, Colombia's Ecopetrol and Capricorn Energy, a unit of Edinburgh-based Cairn Energy…
Mexico Awaits Next Oil Round with Cautious Optimism
Mexico is looking forward to its next round of offshore oil auctions on Monday with guarded optimism thanks to robust interest from oil majors for the shallow-water tenders. On Monday, Mexico auctions 15 oil and gas blocks along the southern coastal waters of the Gulf…
Pemex Says Trion Field Approved as First Farm Out
The board of Mexican state oil company Pemex has authorized the process of launching the first so-called farm out as part of the opening of the local oil and gas industry, chief executive Jose Antonio Gonzalez Anaya said on Friday. The planned tie-up will be in the Trion field in the Perdido area near the U.S.
Canada Government May Fund Clean-up of Spent Oil Wells
Ottawa may help pay for the clean-up of spent oil wells, Canadian Natural Resources Minister Jim Carr said on Friday. A crash in crude oil prices has led oil companies to abandon more wells, particularly in the western Canadian provinces of Alberta and Saskatchewan. Saskatchewan…
Mexico's Oil Auction beats Expectations Despite Price Plunge
Mexico's oil regulator awarded all 25 contracts on offer on Tuesday, beating expectations despite a dramatic plunge in crude prices, in an auction aimed at boosting new Mexican oil companies after a historic sector reform finalized last year. Peak oil production from the 25 onshore fields will reach 77…
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…
Mexico to Postpone Deep Water Auction
Mexico, which has started to open its nationalized oil industry to additional private investment, will postpone auctions for deep-water oil exploration and production contracts and adjust the terms of upcoming tenders after an inaugural oil auction failed to meet the government's modest expectations.
Pemex to Skip First Phase of Mexico Round One Oil Tender
Mexican state oil giant Pemex will not participate in the first phase of the so-called round one tender of Mexico's historic enegy opening, Mexican energy minister Pedro Joaquin Coldwell said on Wednesday. The initial tenders are part of an opening aimed at luring private investment into the flagging oil and gas sector.
How Russia Was Warned Against Oil Output Cut as Prices Dived
As Russia prepares to meet OPEC next week, a briefing paper from a Moscow think tank has shed light on how the government was warned against cutting oil output late last year even though global prices were plummeting. Speculation was rife that Russia and the oil exporters'…
Mexico: Ministers Agree to Monitor Markets at Vienna Oil Talks
Oil producers Mexico, Venezuela, Russia and Saudi Arabia have agreed to constantly monitor international markets and meet again in February, Mexico's energy ministry said on Tuesday, citing a slide in oil prices. Top officials from the oil-producing countries met in Vienna ahead of an OPEC meeting later this week…
Incentives' For Pemex To Keep Stake In Repsol low
Mexico's Energy Minister said on Monday that incentives for Pemex to keep its stake in Repsol are low, adding to suggestions the state oil company could pull its 2.3 billion euro ($3.16 billion) investment from the Spanish firm. Pemex, Repsol's third-biggest stakeholder…
Mexico Presents Energy Reform Legislation
Mexico's government on Wednesday presented long-awaited legislation to flesh out an energy reform that forms the core of President Enrique Pena Nieto's plan to ramp up growth in Latin America's second biggest economy. The energy reform passed in December ends the state's…
