World Oil MEXICO CITY (Bloomberg) –Mexico cut its forecast for oil production at Pemex next year and reduced its tax burden after a string of accidents at offshore platforms signaled the highly indebted state company is struggling. The country’s Finance Ministry lowered a preliminary estimate for crude output in 2022 to 1.826 million barrels a day, from a March 31
World Oil MEXICO CITY (Bloomberg) –The Texas oil refinery that Pemex is buying has racked up a rare net loss of about $360 million this year, adding to the challenges Mexico faces in seeking energy independence. Mexico’s state-owned oil giant agreed in May to buy Royal Dutch Shell Plc’s majority stake in the Deer Park refinery. The facility’s forced shutdown
Nasdaq MEXICO CITY- Mexico expects an average price of $60 per barrel for its crude oil exports, as well as an average crude production of 1.9 million barrels per day (bpd) for 2022, as state-owned Pemex struggles to increase output, a government source told Reuters. The preliminary forecasts are being used by the finance ministry to calculate part of the
Reuters MEXICO CITY – Mexican state oil firm Petroleos Mexicanos (Pemex) expects to resume by Aug. 30 all oil production shut down by a deadly fire on an offshore platform, the firm’s chief executive said on Tuesday. Five workers were killed, two are missing and six injured in a fire on Sunday on the offshore platform that is part of
Reuters MEXICO CITY – At least one person died and five more are missing due to a fire that erupted on an offshore platform run by Petroleos Mexicanos (Pemex) in the southern Gulf of Mexico, the Mexican state oil and gas company said on Monday. Three Pemex workers were injured and another was in a state of nervous shock, the
Nasdaq MEXICO CITY – Mexico’s state oil company Petroleos Mexicanos (Pemex) on Wednesday reported net profit of 14.4 billion pesos ($722.5 million) in the second quarter, reversing course after a loss in the same period last year thanks to higher prices and crude production. Pemex’s financial debt swelled slightly from the first quarter of the year, reaching $115.1 billion at
Fox Business HOUSTON/MEXICO CITY – Royal Dutch Shell agreed on Monday to sell its controlling interest in a Texas refinery to partner Petroleos Mexicanos (Pemex) for about $596 million, the latest move by the European oil major to cut its global refining footprint. The deal makes the Deer Park, Texas, facility the first foreign refinery that Mexico’s state-run oil company
Bloomberg Mexico’s bill to increase government controls over the fuel market won final congressional approval in the latest blow to the country’s historic opening up of the energy industry. With 65 lawmakers in favor, 47 opposed, and 6 abstaining, the senate on Thursday passed the proposal from President Andres Manuel Lopez Obrador to expand control over gasoline and diesel distribution, imports and
Reuters MEXICO CITY- The United States has raised concerns with Mexico about a worsening climate for U.S. energy investors in the Latin American nation, the Office of the United States Trade Representative (USTR) said. Mexican President Andres Manuel Lopez Obrador, bidding to reverse previous reforms that enticed foreign investors, has sought to strengthen the state’s role in the energy sector,
Reuters Editor’s Note: Talos Energy (NYSE: TALO) will be presenting at The EnerCom Dallas Energy Investment & ESG Conference April 6-7, 2021. EnerCom Dallas is a financial conference that provides institutional investors an early 2021 opportunity to meet CEOs from leading independent E&Ps, including some of the industry’s leading Permian, Eagle Ford, Marcellus, Utica and Canadian producers, and the oilfield service companies
Reuters MEXICO CITY – Mexico’s government has issued new regulations to limit the ability of private firms to import fuel, according to a weekend decree, fanning concerns that the move may unduly benefit national oil company Petroleos Mexicanos (Pemex). The rules, issued by the energy ministry and scheduled to go into force on Monday, are part of a drive by
Reuters MEXICO CITY – Mexican President Andres Manuel Lopez Obrador said on Thursday his government will investigate allegations bribes were paid by the U.S. subsidiary of the world’s largest independent oil trader Vitol to state oil firm Petroleos Mexicanos (Pemex). Lopez Obrador, speaking at a news conference, said the accusations by the U.S. Justice Department related to bribes allegedly paid
