Mexico injects nearly $14 billion in Pemex following fresh debt offers
Mexico's Finance Ministry announced on Wednesday that it will inject almost $14 billion in the highly indebted Pemex state oil company after raising funds from two recent bond issues on international markets. The Finance Ministry said that the buyback was closed early due to the demand exceeding the offer. The ministry stated that this will "smooth" the maturity profile of Pemex’s debt, since the company has payments due in 2026 or 2027.
Mexico taps the debt markets again to support state oil company Pemex
For the second time in a week, the Mexican government has turned to international bond markets to support Pemex, its state-owned oil company. On Tuesday it issued bonds worth $8 billion. IFR's fixed income news service reported the new offer. It will help Pemex to pay for a bond buyback of $9.9 billion launched earlier in this month. Pemex reported that the buyback offer had been oversubscribed before the deadline for early tenders on Monday.
SOCAR is close to acquiring oil refiner Italiana Petroli according to sources
Three sources claim that the founding family of Italiana Petroli is close to selling the oil refinery to State Oil Company of Azerbaijan. This would give the group control of Italy's biggest petrol station network. Two people have said that a deal could be signed with SOCAR as soon as Monday, barring any last minute postponement. Sources did not reveal the financial terms of this agreement.
The US data and ECB rate decision has boosted European shares.
Investors cautiously awaited a monetary policy decision from the European Central Bank and an important inflation report to be released by the United States in the afternoon. As of 0711 GMT the pan-European STOXX 600 index edged up by 0.1%, to 553.03, with Personal and Household Goods leading with a 0.5% increase. Kering's 1.5% increase in the sector was a result…
State researcher: China's oil demand will peak in 2027 and is up 100,000 bpd from this year.
A state oil researcher stated on Monday that China's total demand for oil, including all its products, will peak in 2027. This year, the sector of petrochemicals is expected to increase by about 100,000 barrels a day, due to increased volume. The researcher says that the soaring use of electric vehicles (EVs) in China, which is the largest oil importer in the world, has eroded fuel demand.
Bapco Energies eyes fourth quarter completion for refinery expansion
Alexander van Veldhoven said that the group chief strategy officer of Bahrain's state oil company Bapco Energies, Alexander van Veldhoven spoke at the Asia Pacific Petroleum Conference in Singapore on Monday. He said that the expansion would increase Sitra's refinery capacity from 265,000 barrels per day to "just below 400,000 barrels per days". "We are at the end of this program. He added that the majority of units were already up and running.
Mexico's Pemex signs the first mixed contract with private companies to boost oil production
According to a government report presented to Congress by President Claudia Sheinbaum, the Mexican state oil company Pemex has signed its first mixed contract with private sector partners to try to reverse the declining hydrocarbon production. In her first report to Congress, sent on Monday, President Cristina Fernandez said that the 11 agreements, which were…
Data shows that Pemex crude exports rose in July, while refinery production dropped.
According to the most recent data from the company, Pemex, the Mexican state oil company, reported that crude oil exports rose by 31% in July, compared to last month. However, the company's refining production fell slightly in the same time period. Pemex exports and refinery output are closely monitored as the government attempts to reduce motor oil imports and prioritize domestic processing in order to achieve energy independence.
RPT-Private Chinese firm producing oil in Venezuela under rare 20-year pact, source says
China Concord Resources Corp. has started developing two Venezuelan oilfields. The company plans to invest over $1 billion in an investment project that will produce 60,000 barrels of crude oil per day by the end of 2026. An executive involved directly in the project confirmed this. This is a rare private Chinese investment in an OPEC nation that has been struggling…
Aramco signs an $11 billion Jafurah agreement with BlackRock-led consortium
Saudi Aramco announced on Thursday that it had signed a $11 billion lease-and-leaseback agreement with Global Infrastructure Partners, a part of BlackRock. The consortium was led by Global Infrastructure Partners. The Saudi company said in a press release that under the agreement, Jafurah Midstream Gas Company, a newly-formed subsidiary, will lease the development and usage rights of the Jafurah Field Gas Plant…
Sources say that China's Zhenhua Oil has doubled its crude oil purchases from the UAE as part of a new agreement.
Three Chinese sources claim that China's Zhenhua Oil will double its oil purchases from Abu Dhabi National Oil Co, to 200,000 barrels a day. This is after the company took on a new leadership role in developing one of Abu Dhabi's most important oilfields. Sources said that in January, China's smallest state oil company replaced TotalEnergies, a French major, after a bid process for the asset leadership of Bu Hasa…
Sources say that the CO2 levels are crucial to BP-Petrobras' partnership in Bumerangue Block.
Three sources from the Brazilian state oil company told us that a possible partnership between BP, Petrobras and the British firm to develop BP's oil-and-gas find in Brazil's Pre-salt Layer would depend on the carbon dioxide levels of the reservoir. BP's chief executive Murray Auchincloss announced on Tuesday that BP would be looking for a partner to develop its Bumerangue Block discovery…
ADNOC Gas posts record quarterly profit despite lower prices
ADNOC Gas announced on Wednesday that its net profit for the second quarter rose by 16% as a result of a strong domestic market and improved operational efficiency, which helped to offset lower hydrocarbons prices. The subsidiary of Abu Dhabi’s state oil company reported a net profit of $1.385 Billion in the three-month period ending June 30, its highest quarterly earning.
Chinese independent oil companies in Iraq
A few independent Chinese oil companies have poured into Iraq and are planning multi-billion dollar projects to develop the vast reserves. They want to compete with global state-backed majors who dominate production in OPEC’s second largest producer. These are some details about the activities of independent firms in Iraq. Around 120,000 barrels of oil are produced…
Fitch raises Pemex’s credit rating from 'BB' to 'BB+' citing a stronger government's support
Fitch Ratings upgraded Petroleos Mexicanos (Pemex), the Mexican state energy company, to a 'BB' credit rating from a 'B+,' on Tuesday. The agency removed its positive watch and cited strengthened government support in releasing a press release. The government has been trying to stabilize Pemex for many years, despite the fact that it is still below investment grade. Pemex is the most indebted company in the world.
Mexico's crude oil exports fell 39% in June to the lowest level since decades
Official data shows that Pemex, the Mexican state oil company, exported 39% less crude in June than in June of last year, reaching its lowest level for decades. This was due to increased fuel production and refinery processing. The company reported that it exported 458,103 barrels of oil per day in June. This compares to 753,539 barrels a day in the same period a year ago. This is the lowest level recorded since 1990.
Hess will leave Suriname oil block after partners quit over drilling risks
Hess Corp, a U.S. oil company, has decided to withdraw its offshore Block 59 in Suriname, said the South American nation’s state oil firm Staatsolie on Tuesday. Hess didn't immediately respond to our request for comment. ExxonMobil, Equinor and others had left the block a year ago, citing the high risk of drilling an exploratory well. Hess has since been unable find new partners for exploration.
Ecopetrol Purchases Enel Wind Power Project for $50m
Colombian state oil firm Ecopetrol said on Monday it has purchased a wind power project in the northern province of La Guajira from Enel for $50 million.The Windpeshi project will have a capacity of 205 megawatts (MW), which will be added to Ecopetrol Group's self-consumption energy portfolio, the company said in a statement."We have closed the transaction for around $50 million.
TotalEnergies UK Assets to Be Bought by Prax Remain Unsold
The TotalEnergies West of Shetland offshore assets it agreed to sell to Prax Group last year remain under the French oil major's ownership, it said on Wednesday, so will not be subject to disposals resulting from liquidation proceedings affecting the British company."The transaction to sell our West of Shetland asset to Prax has not yet completed and as such we remain the operator of the Shetland Gas Plant and related fields…
Lindsey Oil Refinery, UK insolvency proceedings
The government's insolvency services announced on Monday that Britain's Lindsey refinery had begun insolvency procedures, raising the possibility of it closing weeks after Grangemouth stopped processing oil. According to the U.S. Energy Information Administration (EIA), Lindsey, one of Britain's six remaining oil refineries, is set to close, increasing Britain's dependence on fuel imports.