Mexico Bails On OPEC+ Deal
Non-OPEC Mexico, which was the surprise holdout in the OPEC+ meeting in April, bailed out of the group’s one-month extension of the record production cuts. But Mexico’s share of the Continue Reading
US gas exports to Mexico rise, propelled by weather, reopening economy
rts to Mexico are up sharply this month amid signs of looming demand growth from warming temperatures, a reopening economy and from Fermaca’s delayed Wahalajara pipeline system. Receive daily email Continue Reading
Mexico’s President Is Betting Big Against Renewables
It sounds like a news report out of yet another dystopian novel: Mexico is halting grid connection for new solar and wind power projects. In a world rushing to produce Continue Reading
Oil price crash, Pemex junk bond rating rattles Lopez Obrador’s Mexican dream
He was the son of a petroleum worker in a nation that honors its oil company with an annual holiday. When Andrés Manuel López Obrador became president, he made it a Continue Reading
Mexico boosts fiscal aid to Pemex to weather crude price storm
Mexico’s Pemex will receive additional fiscal benefits from the government as part of a series of measures to bolster its finances during the oil price rout, the state-owned oil and Continue Reading
Pemex Pulls Staff From Offshore Oil Platforms Over Coronavirus
Mexico’s state-held oil firm Petroleos Mexicanos (Pemex) said on Sunday that it had started to reduce the number of oil workers at its offshore oil platforms to reduce the risk Continue Reading
5 Reasons Why Mexico’s Oil Industry Is Destined For Disaster
Mexico has somewhat inadvertently found itself at the heart of the oil industry’s most burning issues of 2020 – just when it seemed that Russia, Saudi Arabia, the United States Continue Reading
Mexico’s Pemex Suspends Fuel Imports From U.S. As Demand Tanks
Mexico’s Pemex declared force majeure on fuel imports, which it receives from the United States, because of tanking demand, Reuters reported , citing two unnamed sources. Bloomberg quoted another unnamed Continue Reading
Pemex’s PMI Declares Force Majeure on Gasoline Imports
Mexico, the largest recipient of U.S. gasoline exports, is seeking to cancel imports of the fuel from at least one U.S. company amid the rippling effects of the coronavirus on Continue Reading
With Oil Hedged At $49, Mexico Saves $6.2 Billion As Prices Crash
As the oil price crash squeezes oil companies across the globe, Mexico’s Hacienda Hedge is set to deliver $6.2 billion to the Latin American country, Mexico’s President Manuel Lopez Obrador Continue Reading
Mexico’s President Fears The Economic Consequences As Oil Prices Go Negative
The oil price meltdown will affect Mexico’s economy and is bound to deepen the global economic crisis, Mexican President Andrés Manuel López Obrador said on Tuesday, a week after he Continue Reading
Mexico to Shut Down Wells a Week After Refusing Deep OPEC+ Cuts
With crude prices collapsing, Mexico’s president says his country will shut down new wells in a move that comes just over a week after he almost wrecked a global oil Continue Reading
Mexico’s Offshore Oil Investment Set To Plunge Despite Government Pledges
Investment in Mexico’s offshore oil sector is set to plunge by 21 percent between 2020 and 2025 compared to previous expectations, as the price crash and the financial issues of Continue Reading
Mexico’s Pemex Makes Unusual Move With Call For Joint Venture Opportunities
Mexico’s Pemex is looking for joint venture opportunities, the country’s energy regulator said. That’s despite the president’s decision to suspend all new bidding rounds and review all contracts with foreign Continue Reading
Mexico’s Pemex Has Too Much Fuel and Nowhere to Store It
Mexico’s Pemex has too much gasoline and nowhere to store it, potentially racking up significant ship fees as demand wanes because of the fast-spreading coronavirus. A lack of storage capacity in Continue Reading
The Real Winner Of The OPEC+ Output Deal
As of April 15, Mexico, the world’s 10th-most populous country, had recorded 5847 cases and 449 deaths related to COVID-19, far behind the figures reported by its northern neighbor, the Continue Reading
Mexico’s State Oil Firm Fails To Pay Hundreds Of Workers
While Mexico’s leftist President Andrés Manuel López Obrador wants to make state oil firm Pemex the pillar of a turnaround in the country’s declining oil production, hundreds of Pemex workers Continue Reading
China Plans To Copy Mexico’s Mega Oil Hedge
This weekend, OPEC and its partners managed to agree on a historic oil production cut to the tune of 9.7 million bpd. The initial number the cartel eyed was 10 Continue Reading
Mexico to cut oil output by 100,000 bpd from May: officials
Mexico will reduce its oil output by 100,000 barrels per day (bpd) from May after top oil producers collectively agreed to cut production by 9.7 million barrels per day at Continue Reading
Mexico Refuses to Cut Oil Output
Outside of Saudi Arabia and Russia, most oil producers are racing to deal with the historic oil price collapse by cutting back spending and in some cases production. But Mexico’s Continue Reading
Mexico president sticks to modest economic recovery plan
Mexico President Andrés Manuel López Obrador promised Monday to stick with his modest economic recovery plan after the country’s main business groups reacted negatively to the proposal, which would expand Continue Reading
Business groups say Mexican plans to boost economy are insufficient
Mexico’s most powerful business lobbies said on Monday that President Andres Manuel Lopez Obrador’s plans to lift the Mexican economy out of a coronavirus-induced crisis were insufficient and more was Continue Reading
Mexico’s president to lay out ‘unorthodox’ coronavirus plan to shield the poor, economy
Mexico’s President Andres Manuel Lopez Obrador on Sunday will outline measures to alleviate the economic impact of the coronavirus outbreak with a focus on shielding the poor but is likely Continue Reading
Analysis: Pandemic response in Mexico puts gas demand, imports at risk
Residents asked to remain at home as cases near 1,000 Social distancing could cut demand, imports by 400 MMcf/d As the number of reported coronavirus cases in Mexico continues to Continue Reading
Mexicans fear looting spree as shops robbed, online messages incite theft
Mexicans on Wednesday feared measures to contain the coronavirus outbreak would lead to widespread looting after criminals robbed stores that were closed and posted calls on social media for people Continue Reading
Mexico’s Oil Hedge Just Saved Its Economy
Petroleos Mexicanos has been in an unrelenting downward spiral for decades. Pemex, Mexico’s state-owned oil company, has seen a vast and speedy decline of its production rates for the last Continue Reading
Mexico’s Pemex Widens Q4 Net Loss To $9 Billion
Mexican state-owned oil firm Petróleos Mexicanos (Pemex) reported on Thursday a net loss of US$8.77 billion (169.8 billion Mexican pesos) for the fourth quarter of 2019, widened from a loss Continue Reading
Shell Plans Major Drilling in Mexico
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 Continue Reading
In Mexico, Pemex Seeks Control Over a Major Oil Field
Although the populist economic policies of Mexican President Andres Manuel Lopez Obrador haven’t triggered a significant slowdown in the country’s economy, the reversal of his predecessor’s liberalizing energy reforms are Continue Reading
Mexico’s Oil Future Is In Jeopardy
Mexico’s future is in large part dictated by the future of its oil and gas industry, and the rolling back of landmark energy reforms has now put that all in Continue Reading
Mexico’s Mega Oil Hedge Cost “Around” $1 Billion
The largest oil hedge in the world cost Mexico “ around $1 billion ” for 2020, Mexico’s Finance Minister Arturo Herrera said on Thursday, according to Reuters. Herrera had said Continue Reading
Mexico’s major oil find could strangle foreign investment for years: analyst
Pemex’s massive new oil discovery at the Quesqui field might paradoxically prove to be the worst news of 2019 for Mexico’s energy sector, as it will be used to justify Continue Reading
Mexico’s demand for US natural gas poised for growth, but risks remain
US gas exports to Mexico could see significant upside in 2020, thanks to recent infrastructure upgrades and growing, latent demand south of the border. Any potential growth in southbound volumes, Continue Reading
The Finance 202: USMCA isn’t expected to have a big impact on the economy
President Trump is on track to secure a political victory by forging a breakthrough with congressional Democrats to update the North American trade pact. But in a sign the agreement Continue Reading
Pemex reserve discovery boosts Mexico’s oil ambitions
Quesqui field holds estimated 500 million barrel 3P reserve Crude production forecast to reach 110,000 b/d by 2021 Denver — Pemex’s largest hydrocarbon reserve discovery in 30 years is boosting Continue Reading
Mexico private fuel imports likely to grow in 2020
Mexico private imports at 27.78% of total share Increased Pemex production not enough to meet demand Private imports to grow along with storage in 2020 Houston — Growing infrastructure investments Continue Reading
Exclusive: Oil companies swap stakes in Mexico as government holds off on auctions
With Mexico’s government insisting that energy companies increase oil and gas output before it auctions off more of the country’s vast reserves or offers more partnerships with state-run Pemex, firms Continue Reading
Tourism Is Forcing Mexico To Build Another Natural Gas Pipeline
Mexico plans to shortly launch a tender for the construction of a natural gas pipeline between the Tuxpan port on the eastern coast to Cancun and Merida on the Yucatan Continue Reading
Pemex Is Still Suffering From Cyberattack Fallout
The communications system of Mexico’s oil giant Pemex is still suffering the lingering effects of a cyberattack that occurred earlier this month, sources from the company told Bloomberg. A ransomware Continue Reading
The Billion Dollar Bet On An Oil Price Crash
Mexico’s oil hedgers, one of the world’s most-active sovereign oil-trading desk, has spent nearly $1 billion on options contracts to protect the government’s revenues from oil sales for 2020 against Continue Reading
Pemex reports fourth straight quarterly loss as oil output rises
Pemex, Mexico’s debt-burdened state oil producer, has reported a fourth consecutive quarterly loss but lauded a slight increase in crude output as a hopeful sign for the strained finances of the Continue Reading
Secret Recordings Describe Extensive Bribery at Mexico’s Pemex
The audio recordings are part of the evidence in a lawsuit filed last year against the Mexican government by a Mexican oil-field drilling company called Oro Negro. The company claims Continue Reading
Mexico: López Obrador makes a big bet on oil
Every couple of minutes, a large truck splattered with mud rumbles through the gate to what was once an expanse of mangroves. After recent rains, a lake has formed where Continue Reading
Oil Pirates: The Gulf Of Mexico’s Billion Dollar Problem
Pirate activity in the Gulf of Mexico is on the rise and so is oil theft from platforms operating in the area, Fox News reports , with losses for Pemex Continue Reading
Pemex Looking To Take Over 2 Billion Barrel Talos Field
Pemex is reportedly seeking a way to take over an offshore oil exploration project in the Gulf of Mexico that is currently developed jointly by the Mexican major and U.S. Continue Reading
Exclusive: Mexico’s Pemex seeks control of U.S. oil firm’s billion-barrel find
When U.S. oil firm Talos Energy found nearly a billion barrels off Mexico’s southern Gulf coast two years ago, it marked the first discovery by a foreign firm since the Continue Reading
Mexico’s Very Risky Energy Bet
Mexico’s new government came into power with promises to turn around the country’s oil industry and boost production after, it said, the previous government failed. Despite these promises and the Continue Reading
Mexico Goes Full Steam Ahead With $8 Billion Oil Refinery Against Advice
Mexico’s controversial Dos Bocas oil refinery project will indeed be built despite investor criticism, Mexican Energy Minister Rocio Nahle said during a radio broadcast on Thursday, reported by Reuters . Continue Reading
Pemex business plan does not change negative outlook: Moody’s analyst
Pemex has failed to convince ratings agency Moody’s Investor Services with its newly unveiled business plan, an analyst for the Mexican state oil company said on Wednesday, adding that the Continue Reading
Mexico Confirms Major Tax Cut For PEMEX
President Andrés Manuel López Obrador presented the Business Plan of Petróleos Mexicanos (Pemex) this morning for 2019-2023, stating that the Plan he is supporting he has acted in Pemex’s best Continue Reading