Mexico – Page 14 – Oil & Gas 360

How Pemex ‘Destroyed’ $1 Billion With Erratic Business Choices

February 22, 2019

From Reuters 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

AMLO Sounds Death Knell for Oil Reforms With Pemex Farm-out Halt

February 21, 2019

From Bloomberg Mexico President Andres Manuel Lopez Obrador has suspended future Petroleos Mexicanos farm-out bids, putting one of the final nails in the coffin for the 2014 energy reforms that promised to reverse years of oil-production declines with private companies’ involvement. “What is already agreed will continue on course,” said Pemex Chief Executive Octavio Romero during the president’s morning conference. He also

Pemex Assistance Plan Fails to Impress Bondholders

February 15, 2019

From Bloomberg Mexico’s Petroleos Mexicanos, the world’s most indebted oil company, will refrain from issuing new bonds this year and begin prepaying existing liabilities as part of a broad turnaround plan. The peso and the company’s bonds fell on investor doubts that the steps will be enough. Pemex, as the company is known, will boost investment this year to 288.1 billion

Crude oil production from Mexico’s Pemex up slightly in December

January 28, 2019

From Reuters Crude production from state-owned oil company Pemex averaged 1.71 million barrels per day (bpd) in December, up 0.8 percent compared to output the previous month, according to company data published on Friday. Despite the monthly uptick, December production levels are among the lowest on record dating back several decades for the struggling Mexican oil giant. The firm’s crude

EnerCom Announces Companies Presenting at EnerCom Dallas Feb. 27- 28, 2019

January 24, 2019

Oil industry senior management teams will discuss 2019 drilling plans at the EnerCom Dallas investment conference EnerCom Dallas is a financial conference that allows institutional investors an opportunity to hear and meet with CEOs from leading independent E&Ps, including Permian, Eagle Ford, Marcellus, Haynesville, Gulf of Mexico, Latin American and Canadian producers plus leading oilfield service companies supporting them. Registration

Talos Energy’s Zama-2 Appraisal Well Logs 581 Feet of Gross TVD Oil Pay

January 23, 2019

Talos Energy Inc. (stock ticker: TALO) operator of Block 7 offshore Mexico in a consortium with its partners Sierra Oil and Gas S. de R.L. de C.V. and Premier Oil Plc reported results from its Zama-2 appraisal well, the first of three appraisal penetrations to define resource potential of the Zama discovery. Talos said the Zama-2 appraisal penetration was drilled

Mexico Pipeline Blast Risks Embroiling AMLO in Elusive Pemex Fix

January 21, 2019

From Bloomberg Mexico President Andres Manuel Lopez Obrador is doubling down on a controversial strategy to end fuel theft at Petroleos Mexicanos after a pipeline explosion caused by an illegal tap left at least 85 people dead and many more injured. He joins a long line of presidents who have tried to fix Mexico’s struggling state oil producer — with little to

Mexican Oil Theft Even Reached Drilling Rigs, President Says

January 16, 2019

From Reuters Mexican President Andres Manuel Lopez Obrador said on Tuesday that widespread fuel theft extended to oil drilling platforms and he pledged to take actions to alleviate shortages sparked by his crackdown on gasoline thieves. Lopez Obrador said there had been “acts of sabotage at crude oil drilling platforms,” without providing further details. “We have identified the problem and

Mexico Confirms It Completed 2019 Oil Hedge at $55 a Barrel

January 11, 2019

From Bloomberg Mexico’s Finance Ministry confirmed that it spent about $1.23 billion to protect 2019 revenues against falling crude prices in the world’s largest annual oil deal. The oil producer locked in hedges at $55 a barrel, equivalent to the price approved by lawmakers for the 2019 budget, according to a Finance Ministry statement. The total expense comes to about

Fuel Crisis Hits Mexico After Pipelines Are Closed

January 10, 2019

From The Wall Street Journal Mexico faced a mounting crisis on Wednesday as gasoline shortages spread across the country after the government closed several key fuel pipelines to prevent theft by organized crime groups. Mexican President Andrés Manuel López Obrador on Wednesday urged motorists to avoid filling up their cars if possible, as the gasoline shortage spread to the nation’s

Lopez Obrador Says Mexico to Build an $8 Billion Refinery

December 11, 2018

From Bloomberg Mexico plans to start awarding the construction of its seventh refinery as soon as March 2019, President Andres Manuel Lopez Obrador said Sunday at an event at the Dos Bocas port in Tabasco, even as the nation´s refining system is operating at its lowest levels in three decades. Unveiling a plan for the nation’s refining system, Lopez Obrador

Who will Produce Mexico’s Oil? New President Waits for Production from Existing Contracts Before Considering New Auctions

December 6, 2018

From Reuters MEXICO CITY, Dec 5 (Reuters) – Mexican President Andres Manuel Lopez Obrador said on Wednesday that he will not cancel oil contracts awarded under the previous government’s energy reform, but that he wants to see production from existing contracts before considering new auctions. Lopez Obrador, who took office on Dec. 1, also said he wants to ensure oil

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