Reuters MEXICO CITY – Mexico is not in a position to make additional oil output cuts beyond those agreed at the April meeting of the OPEC+ group of oil-producing countries, President Andres Manuel Lopez Obrador said on Friday. OPEC+ agreed in April to cut supply by 9.7 million barrels per day (bpd) during May and June to prop up prices,
Reuters MEXICO CITY – Mexico’s oil regulator will allow energy firms more time to secure permits and plan approvals, it said in on Thursday, in effect extending a freeze on all deadlines until the government determines it is safe to resume official work. The latest extension due to the coronavirus pandemic does not include a set end-date. Instead, the
Reuters MEXICO CITY/NEW YORK – Mexico’s state-owned oil company Petroleos Mexicanos has seen investor sentiment improve in recent weeks despite sky-high debts, a slump in demand and no clear direction about how the government will turn the money-losing driller around. Despite all the risks of holding the world’s largest fallen angel, the ignominious distinction for a company that loses its
Reuters MEXICO CITY – President Donald Trump has “generously” agreed to cut American oil output by an additional 250,000 barrels per day to help Mexico contribute to global reductions, his Mexican counterpart said on Friday. During marathon talks on Thursday inside the OPEC+ group, oil producers resolved to make cuts equivalent to around 10% of global supplies, but Mexico balked
Reuters DUBAI/MOSCOW – Saudi Arabia, Russia and their allies will press Mexico on Friday to join an accord for collective oil production cuts equivalent to 10% of global supplies and will push the United States and other producers to remove a further 5%. The plan for cuts top the agenda for Friday’s video conference of energy ministers from the Group
CNBC Oil producer group OPEC and its allies failed to comprehensively secure a deal to take a historic amount of crude off the market on Thursday, after Mexico balked at the suggested production cuts. An energy alliance of some of the world’s most powerful oil producers, sometimes referred to as OPEC+, proposed a deal to cut 10 million barrels per day following
Reuters MEXICO CITY – Mexico’s leftist president may offer some concessions to pro-market voices in his cabinet when he unveils a $13.5 billion energy plan this week, but likely not enough to attract major investment or to revive the fortunes of state-run Pemex. President Andres Manuel Lopez Obrador is under pressure to relieve Mexico’s $1.2 trillion economy from the strain
ExxonMobil Woods told investors that ExxonMobil (stock ticker: XOM) is planning capital expenditures of between $30 billion to $35 billion annually through 2025, consistent with previous guidance. For 2020, the company anticipates an investment level of up to $33 billion, depending on the progress of individual projects. Key Takeaways: Advantaged projects, industry-leading growth opportunities and favorable cost environment support earnings
Houston Chronicle Royal Dutch Shell Plc is pushing ahead on its massive deep-water drilling plan in Mexico, even as it doesn’t foresee production starting under the current government. The global oil major plans to drill four wells this year, and a similar amount next year, said Alberto de La Fuente, Shell’s Mexico country chief. It’s part of a drilling campaign
Houston Chronicle The sale of a stake in Mexico’s giant Zama oil field promised to help Premier Oil pay down debts and strengthen its balance sheet, but an ownership conflict is complicating that process. Some international oil companies operating in Mexico are waiting for a resolution to a conflict between Talos Energy, the field’s primary shareholder, and state-owned Petroleos Mexicanos
Reuters MEXICO CITY – Italy’s state-controlled oil company Eni said on Monday it notched an offshore discovery just off Mexico’s southern Gulf Coast, marking “a potential commercial outcome” in its area because of other nearby prospects. The new find is believed to contain between 200 million and 300 million barrels of light oil at a water depth of 1,115 feet
Oil and Gas 360 HOUSTON, Jan. 31, 2020 /PRNewswire/ — Talos Energy Inc. (“Talos” or the “Company”) (NYSE: TALO) today announced the filing of a preliminary Schedule 14C information statement with the Securities and Exchange Commission (“SEC”), an important regulatory step towards closing of the Company’s previously announced acquisition of affiliates of ILX Holdings, among other entities (the “Acquired Assets”, the “Acquisition”,
