Post Tagged with: "Pemex"

Source: Reuters

Why bond investors are willing to bet on money-losing Pemex after oil price crash

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.…

Source: Reuters

Ideology may trump the market in Mexican president’s energy revamp

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 …

Source: Reuters

Falling Latam demand deprives U.S. refiners of top customers

Reuters


MEXICO CITY/NEW YORK  – Latin American demand for refined products is rapidly drying up as the coronavirus pandemic worsens, leaving U.S. refiners without their main export destination.

The crisis has nearly shut down worldwide air travel and fuel demand, …

General Electric Oil & Gas and Petroleos Mexicanos (PEMEX), Mexico's state-owned oil and gas company, have signed a technology collaboration to help PEMEX improve its oil and gas production. Pictured here is an aerial photo of a PEMEX deepwater platform in the Gulf of Mexico.

Fight over Mexico’s Zama oil field is holding up Premier Oil’s effort sell its share

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 …

February 25, 2020 - 1:00 pm Closing Bell Story‎, Crude Oil News, Energy News, Mexico
Talos Energy provides updates on pending acquisitions and U.S. Gulf Of Mexico operations

Talos Energy provides updates on pending acquisitions and U.S. Gulf Of Mexico operations

Oil and Gas 360


HOUSTONJan. 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 …

Source: Reuters

Mexico’s Pemex wants to operate Zama as its block holds most of the oil

Reuters


MEXICO CITY – Mexican state oil company Petroleos Mexicanos would like to run the operations in a major offshore oil area discovered by a consortium of private companies when development eventually begins, the company’s chief executive said on Wednesday.…

Source: Houston Chronicle

Pemex communications still spotty after crippling cyberattack

Houston Chronicle


Some of Petroleos Mexicanos’s communication systems are still affected two weeks after a cyberattack hit Mexico’s beleaguered state oil firm.

For some employees, internet access is limited, some computer files aren’t accessible and they are having difficulty receiving …

Source: Houston Chronicle

Reports of Pemex cyberattack has U.S. companies taking precautions

Houston Chronicle


American oil companies operating south of the border are stepping up their cybersecurity measures after reports of a ransomware attack that allegedly knocked out computers at Mexico’s state-run oil company Petroleos Mexicanos, or Pemex.

Mexican media outlets have …

Source: Reuters/Edgard Garrido

Mexico’s Pemex won’t pay ransom after cyberattack: energy minister

Reuters


Mexican national oil company Pemex will not pay a ransom demanded by suspected cyberattackers who targeted the firm’s computer systems, Energy Minister Rocio Nahle told reporters on Wednesday.

Nahle, who also serves as chair of the Pemex board, added …

Source: Houston Chronicle

Pemex posts $4.6 billion loss amid sagging exports, domestic sales

Source: Houston Chronicle


Mexico’s state-run oil company Petroleos Mexicanos, or Pemex, reported slightly higher production figures but posted a $4.6 billion loss during the third quarter amid sagging exports and domestic sales.

In a Monday morning statement, Pemex reported a …

Source: Borr Drilling

Borr Drilling Awarded Contract by Pemex

By Tyler Losier, Energy Reporter, Oil & Gas 360

Borr Drilling is awarded its fourth Mexican contract in less than nine months
Borr Drilling (stock ticker: BORR), an international drilling contractor headquartered in Bermuda, has been awarded a contract by

Source: The Society of Petroleum Engineers

New Tax Breaks Planned for Mexico’s Indebted Pemex

From Reuters


The Mexican government will propose an additional tax reduction for heavily indebted state oil company Pemex [PEMEXF.UL] in the nation’s 2020 budget, President Andres Manuel Lopez Obrador said Thursday, the latest measure to strengthen the company.

Lopez Obrador …

Mexican President AMLO Contradicts Report to Opposite, Says Pemex Oil Production is Stable, Not Falling 

Mexican President AMLO Contradicts Report to Opposite, Says Pemex Oil Production is Stable, Not Falling 

From Reuters 

MEXICO CITY — Mexican President Andres Manuel Lopez Obrador said on Tuesday that production at state oil company Pemex has stabilized, despite a report showing that output fell in May from April. 

Pemex, which has long struggled to

June 26, 2019 - 5:48 am Closing Bell Story‎, Energy News, Mexico
AMLO’s Pemex Gamble Gets a Warning

AMLO’s Pemex Gamble Gets a Warning

From Bloomberg

President Andres Manuel Lopez Obrador’s plan to rescue the heavily indebted state oil company suffered a decisive blow Wednesday, with two ratings agencies warning he’s only hurting Mexico’s finances.

In almost simultaneous announcements late Wednesday, Fitch Ratings cut …

Source: The Society of Petroleum Engineers

Pemex Gets Record $8 Billion Loan in Bid to Reassure Investors

From Bloomberg

Mexico moved to bolster investor confidence in its embattled state oil company, announcing an unprecedented $8 billion syndicated loan along with new tax breaks for the energy producer.

Petroleos Mexicanos officials signed the financing agreement with JPMorgan Chase …

May 13, 2019 - 5:27 pm Closing Bell Story‎, Crude Oil News, Energy News
Strong Well Results in the Gulf: Talos Energy’s Zama-2 ST1 Appraisal Well Reinforces Zama Predictions

Strong Well Results in the Gulf: Talos Energy’s Zama-2 ST1 Appraisal Well Reinforces Zama Predictions

Well flow tested at 7,900 BOEPD, core sets Mexican offshore record with 714 feet of whole core
Zama will ‘be impactful for the company and for the Mexican economy’ – Talos CEO Duncan
Talos Energy Inc. (stock ticker: TALO, $TALO)

Pemex Imports Crude in February, Despite President’s Aversion

Pemex Imports Crude in February, Despite President’s Aversion

From Reuters

Mexican state oil company Pemex imported crude oil in February despite the new president’s sharp criticism of the previous government’s authorization of foreign oil shipments, official data showed on Tuesday.

President Andres Manuel Lopez Obrador, who took office …

March 27, 2019 - 3:02 pm Closing Bell Story‎, Crude Oil News, Energy News, Mexico
Mexico’s Pemex Posts $7.6 Billion Loss In 2018 As Oil Output Dips

Mexico’s Pemex Posts $7.6 Billion Loss In 2018 As Oil Output Dips

From Reuters

Mexican state oil company Pemex said on Wednesday its losses narrowed in 2018, helped by currency exchange gains as crude production and refining rates continued to decline.

Pemex, Mexico’s largest company, reported a loss of $7.6 billion in …

February 28, 2019 - 2:10 pm Closing Bell Story‎, Crude Oil News, Energy News, Mexico
How Pemex ‘Destroyed’ $1 Billion With Erratic Business Choices

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

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 …

February 22, 2019 - 5:34 pm Closing Bell Story‎, Energy News, Mexico
AMLO Sounds Death Knell for Oil Reforms With Pemex Farm-out Halt

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

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’ …

February 21, 2019 - 5:47 pm Closing Bell Story‎, Energy News, Mexico
Source: The Society of Petroleum Engineers

Pemex Assistance Plan Fails to Impress Bondholders

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 …

February 15, 2019 - 5:00 pm Closing Bell Story‎, Energy News, Mexico
Source: The Society of Petroleum Engineers

Mexico Pipeline Blast Risks Embroiling AMLO in Elusive Pemex Fix

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 …

January 21, 2019 - 11:09 am Closing Bell Story‎, Crude Oil News, Energy News, Mexico
Pemex Aims for Splash In Shallow Waters, Retreats From The Deeps

Pemex Aims for Splash In Shallow Waters, Retreats From The Deeps

From Reuters

Mexican state-run oil giant Petroleos Mexicanos will focus on existing shallow water assets and refining next year at the expense of riskier, deepwater projects under a new government that has vowed to turn around the ailing company.

The …

December 17, 2018 - 12:20 pm Closing Bell Story‎, Energy News, Offshore
Pemex Triples Estimate for Biggest Onshore Find in 25 Years

Pemex Triples Estimate for Biggest Onshore Find in 25 Years

From Bloomberg

Pemex has more than tripled its estimated reserves in its Ixachi field.

The company now believes the onshore field in Veracruz contains 1.3 billion barrels of oil equivalent in proven, probable and possible, or “3P,” reserves, Petroleos Mexicanos …

November 28, 2018 - 11:01 am Closing Bell Story‎, Energy News, Natural Gas News
Mexican Legislators Question Top Energy Officials over Corruption, Reform

Mexican Legislators Question Top Energy Officials over Corruption, Reform

From UPI

Oct. 12 (UPI) — Representatives of diverse political groups in the Mexican Congress questioned the top energy officials in Mexico over corruption linked to alleged Odebrecht bribing, organized fuel theft, declining investment, as well as about potential loss …

October 12, 2018 - 2:43 pm Closing Bell Story‎, Energy News, Mexico
A First for Mexico

A First for Mexico

Pemex, Talos, Premier Oil, and Sierra Oil and Gas Sign PUA for Zama

Pemex, with the Block 7 Consortium – Talos Energy (ticker: TALO), Premier Oil (ticker: PMO), and Sierra Oil and Gas – have just signed a Pre-Unitization Agreement …

Pemex Races Mexico Presidential Election in Hunt for Partners

Pemex Races Mexico Presidential Election in Hunt for Partners

From Bloomberg

Uncertainty over Mexico’s elections July 1 have potential partners on hold

State oil company still plans to farm out 11 onshore fields on October 31

Petroleos Mexicanos is accelerating efforts to bring on partners before an election that …

June 29, 2018 - 11:20 am Closing Bell Story‎, Energy News, Mexico
Pemex Seeks to Achieve Global Oil Company Status

Pemex Seeks to Achieve Global Oil Company Status

From the Houston Chronicle

Talos-led GOM discovery putting wind in Pemex sails

Pemex is finalizing a development agreement with a group led by the Houston exploration and production company Talos Energy, which made the discovery last year about 37 miles …

May 4, 2018 - 2:37 pm Closing Bell Story‎, Energy News, Mexico
Pemex Sees U.S. as a Crude Export Opportunity

Pemex Sees U.S. as a Crude Export Opportunity

From Argus

Mexico City, 13 April (Argus) — Mexico’s state-run Pemex says it wants to capitalize on Venezuela’s dwindling crude production to boost its own exports of heavy crude to the US market.

Asked whether falling crude production in Venezuela …

April 16, 2018 - 1:45 pm Closing Bell Story‎, Energy News
Oil Hedges: Brazil and Mexico

Oil Hedges: Brazil and Mexico

Brazil’s state-controlled oil company, Petrobras, has hedged a portion of its 2018 oil production. The move should protect cash flow against downturns in the marketplace. Bloomberg reported that the company hedged 128 MMBbls, or 350,685 BOPD at an average Brent …