Pemex Archives - Page 3 of 8

Large oil spill spotted near site of Pemex natural gas platform explosion in Gulf of Mexico

July 19, 2023

World Oil (Bloomberg) – A large oil spill has been spotted in the Gulf of Mexico near the site of a deadly explosion at a Petroleos Mexicanos natural gas platform, according to Mexican newspaper Reforma. A scientist working with environmental groups including Greenpeace detected the leak on July 4, days before the blast off the coast of Mexico’s Campeche, Reforma said.

Pemex sinks deeper into junk: Fitch

July 17, 2023

Oil Price Fitch Ratings has downgraded Petroleos Mexicanos—or Pemex—squarely into junk territory after several accidents and “weak operating performance”. Fitch also lowered its ESG score after those accidents, which included an explosion at a natural gas platform that ended with fatalities and damages to critical infrastructure and assets, to reflect “the environmental and social impact” of those events. Fitch slammed the company’s

Exclusive: Mexico’s oil regulator, constrained by government, dropped plans to fine Pemex

July 12, 2023

Nasdaq MEXICO CITY – Mexico’s oil regulator shelved plans to impose at least three fines against the national energy company Pemex for violations at the country’s most promising new fields, two dozen previously unreported documents showed and three sources confirmed. It is the latest sign of a weakened regulator, which, after government-backed changes in the leadership, lets Pemex operate with

“Massive” explosion on Pemex production platform leaves two dead, cuts output by 700,000 bbl

July 10, 2023

World Oil (Bloomberg) – Petroleos Mexicanos said it lost production capacity for about 700,000 bbl of oil, more than a third of its daily output, after a massive platform explosion on Friday that left at least two people dead. The company is working to recover production, Pemex Chief Executive Officer Octavio Romero confirmed in a video late Saturday, adding that

New Pemex oil refinery to again miss production launch – document

May 24, 2023

Nasdaq MEXICO CITY – A new oil refinery belonging to Mexico’s state-owned Pemex, a top priority of the country’s president, will again miss its promised launch date to begin production, according to an internal audit report seen by Reuters. The report stated that the current July goal was “not feasible,” which would mark a setback for President Andres Manuel Lopez

Heavily indebted Pemex looks for ways to make $10 billion payments

January 13, 2023

Oil Price Mexico’s indebted state oil company, Pemex, is searching for ways to make $10 billion in bond payments this year, an amount that neither the company nor Mexico’s government has planned for, Bloomberg News reported Monday. Last month, Pemex Chief Executive Officer Octavio Romero said the company was in talks with the government about getting renewed support for paying

Shell to hand over Deer Park refinery to Pemex next week – sources

January 14, 2022

Nasdaq MEXICO CITY, Jan 13 – Mexican state oil company Petroleos Mexicanos will take control of the Deer Park refinery in Houston, Texas on Jan. 20, three sources with knowledge of the matter said on Thursday. Royal Dutch Shell RDSa.L in May agreed to sell its majority stake in the Deer Park refinery, which can process up to 340,000 barrels per day

Texas lawsuit by laundromat owners seeks to block Shell refinery sale to Pemex

December 22, 2021

Reuters MEXICO CITY/HOUSTON -A pair of New York businessmen filed a lawsuit in a U.S. court seeking to block Mexico’s state oil company Petroleos Mexicanos (Pemex) from taking control of a Texas refinery, claiming the sale would raise U.S. gasoline prices. Royal Dutch Shell in May agreed to sell its majority stake in the 302,800 barrel per day (bpd) Deer

Mexico may cut Pemex tax liability in bid to boost oil production

December 14, 2021

World Oil MEXICO CITY (Bloomberg) –Mexico could slash Pemex’s taxes further as the world’s most indebted oil company scrambles to reverse long-term oil production declines. “With Pemex, for example, we are constantly or periodically lowering taxes so they have more funds,” said President Andres Manuel Lopez Obrador during his daily press conference on Monday. “And we can lower them more.”

Mexico’s Pemex to issue new debt as $3.5 bln cash injection planned

December 6, 2021

Nasdaq Dec 6 – Petroleos Mexicanos (Pemex) said on MondayPEMX.ULit will issue new debt and that the Mexican government plans to inject up to $3.5 billion into the state oil company to help manage its liabilities. In a statement, the heavily indebted Pemex said it was planning a series of measures to improve its financial condition, including offering U.S. dollar-denominated

Pemex replaces CFO as Mexico’s president tightens his grip

December 2, 2021

World Oil MEXICO CITY (Bloomberg) –Petroleos Mexicanos is replacing its finance chief as President Andres Manuel Lopez Obrador tightens his grip on the struggling state oil giant. In Pemex’s first C-suite shift under the current administration, the Mexican producer named risk management chief Antonio Lopez Velarde its chief financial officer, replacing Alberto Velazquez Garcia, who will run a new unit.

National security review stalls sale of Shell U.S. refinery to Mexican state oil firm

November 30, 2021

Reuters HOUSTON – A national security review has delayed the sale of Royal Dutch Shell’s controlling interest in a Texas refinery to Mexico’s national oil company Petroleos Mexicanos (Pemex), Shell said on Tuesday. Shell in May disclosed a sale of its 50% interest in the 302,800 barrel-per-day (bpd) Deer Park, Texas, refinery outside Houston to partner Pemex for about $596

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