Reuters MEXICO CITY – Mexico’s oil output hit a record low in July at 1.605 million barrels per day (bpd), down slightly for both state-run Pemex and upstart private producers and putting the country’s oil patch on track for its lowest production since the 1970s. Pemex, formally known as Petroleos Mexicanos, produced just 1.548 million bpd in July while private
Reuters MEXICO CITY – The trial of a former boss of Petroleos Mexicanos threatens to expose years of alleged malpractice at the state oil company and provide a canvas for Mexico’s leftist president to depict rot at the heart of government that he has vowed to clean up. Once a symbol of Mexican self-reliance and ingenuity, the firm known as
Forbes There are experiences in Mexico’s history (and certainly other countries’) that serve as painful reminders that building an economy highly dependent on hydrocarbons is not, in the long term, the cleverest of decisions. The oil boom in the 1970s and early 1980s and the resulting social and economic crisis left policymakers with valuable lessons that, considering today’s conversation around
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 – 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
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, which is expected to fall between 10% and 36% in Latin America through the first half of the year. Although
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
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”,
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. Chief Executive Officer Octavio Romero told a regular government news conference that the company known as Pemex believes most of
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 external emails to corporate accounts, according to people in Pemex’s finance, legal and refining departments who asked not to be
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 been reporting over the past two weeks that a ransomware attack prompted the Pemex to shut down all computers at
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 that the attack hit the company’s administrative headquarters in Mexico City and that its “plants and wells” continued to operate.
