Mexico unveils new oil finds
New discoveries made off the eastern coast of Mexico have the potential to produce more than 20,000 barrels of oil per day, the state energy company said. Mexican state oil Continue Reading
Pemex Budget Slashing to Continue as Minister Signals Austerity
Finance Minister sees possible cut around 100 billion pesos Pemex budget cuts continue to exacerbate oil production losses Mexico will continue to hack into the budget of its oil producer Continue Reading
These Oil Majors Will Bid In Mexico’s $44B Offshore Tender
U.S. oil majors ExxonMobil, Chevron and Hess will bid jointly in the upcoming deepwater oil and gas tender planned by Mexico. The auction, which will take place on December 5, Continue Reading
Pemex Woes Snowball as Cash Crunch Deepens Production Plunge
Morgan Stanley sees dramatic production drop in coming years Cash flow gap forecast to reach record $22 billion this year Petroleos Mexicanos’ deteriorating finances are poised to get much worse, Continue Reading
Mexico Said to Begin Quietly Hedging 2017 Oil Price in June
World’s largest sovereign oil hedge started earlier than usual Mexico spends about $1 billion a year locking in prices Mexico started quietly buying contracts to lock in 2017 oil prices Continue Reading
Can Mexico Reverse Its Steep Output Decline?
The petroleum industry in Mexico dates back over a century to 1901 where the commercial production of crude oil began. Since then, both Great-Britain and the United States played major Continue Reading
Pemex Has Imported Exactly Zero Barrels of U.S. Crude Oil
Producer has deferred purchases of light crude from U.S. Refinery woes, smaller profit margins said to stall plans Ten months after Mexico won special dispensation to import U.S. crude oil, Continue Reading
Pemex loses U.S. appeal of $465 million arbitration judgment
A U.S. appeals court on Tuesday upheld a decision confirming a $465 million judgment won through arbitration by a unit of KBR Inc in a contract dispute with Mexico’s national Continue Reading
Pemex Losses Accumulate as Oil Production Hits Record Low
Mexico oil company hasn’t reported positive results since 2012 Pemex had plant explosion, received capital injection in 2Q Petroleos Mexicanos added to more than three years of losses as a Continue Reading
Petróleos Mexicanos Posts $4.4 Billion Second-Quarter Loss
Mexican state oil company Petróleos Mexicanos on Thursday said it recorded an after-tax loss of $4.4 billion in the second quarter, as lower oil prices and output hit sales and Continue Reading