Category: Mexico

MEXICO CITY, Oct 24 (Reuters) – Mexico’s state-owned oil company Pemex reported a sharply deeper third quarter loss on falling crude output and prices, the company said on Friday in a filing with the Mexican stock exchange. Pemex said its quarterly loss totaled 59.65 billion pesos ($4.44 billion) during the July to September period, compared with a year earlier loss of 39.14 billion pesos ($2.98 billion). The company reported third-quarter revenues of 406.5 billion pesos for the quarter, down 0.7 percent compared with same period last year. Higher interest payments and foreign exchange losses also weighed. Pemex’s crude oil production was down 4.3 percent during the quarter to 2.398 million barrels per day (bpd), compared with 2.506 million bpd during the third quarter of 2013. Meanwhile, the average price of Pemex’s crude exports fell 8.4 percent to $92.08 per barrel, compared with $100.53 per barrel during the same period […]

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When Mexico’s energy overhaul was signed into law in August, Emilio Lozoya, the chief executive of Petróleos Mexicanos, set a goal for the state oil giant that until recently would Continue Reading

Print Back to story Petroleos Mexicanos, Mexico ’s state-run oil producer, is optimistic of a crude discovery at the Vasto-1 ultra-deep water exploratory well by year-end, said Exploration and Production Director Gustavo Hernandez. Pemex, as the Mexico City-based producer is known, has found “evidence of hydrocarbon content” at the Vasto-1 well and hopes to announce an ultra-deep water find by year-end, Hernandez said today in a phone interview from Mexico City. If confirmed the discovery would be the latest in the Perdido area, where the company estimates that as much as 10 billion barrels of potential reserves can be pumped. “We are working on the well and if it turns out to be as satisfactory as we hoped, I think we will be making another announcement in the near future,” Hernandez said of the Vasto-1 well. “It has shown good results that are going to allow us to determine […]

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Exxon Mobil Chairman Rex Tillerson signs memorandum of understanding with Mexican oil company Pemex. UPI/Kevin Dietsch MEXICO CITY, Oct. 3 (UPI) — The Mexican energy company known as Pemex said its agreement with Exxon Mobil is part of an effort to attract private capital to the national landscape. Emilio Lozoya Austion, director general of Petróleos Mexicanos, hosted Exxon Mobil President Rex Tillerson for the signing of a memorandum of understanding in upstream and downstream sectors of the Mexican energy sector . "The signing of the memorandum adds to the efforts Pemex has done to attract new technologies, capital and partners to allow them to compete effectively in the new Mexican oil market, ensure production and create jobs in the domestic energy sector," the Mexican company said in a Thursday statement. Mexican lawmakers embraced plans by President Enrique Peña Nieto to draw international energy companies into the nation’s energy sector […]

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Bloomberg Photo Service ‘Best of the Week’: Workers prepare drilling pipe on the Petroleos Mexicanos (Pemex) La Muralla IV deep sea crude oil platform in the waters off Veracruz, Mexico, on Friday, Aug. 30, 2013. Gulf of Mexico crudes strengthened on concern that the conflict in Syria might spread and threaten imports from the Middle East. Photographer: Susana Gonzalez/Bloomberg Mexico’s oil hedging programme – a highly secretive deal that is the largest single trade in crude markets – appears to be unfolding in public for the first time, according to traders. The public disclosure of a large options trade on a new database has led to speculation that the country’s government has locked in a price for most of its oil exports next year. More On this topic IN Commodities Put options locking in the sale of 5m barrels of crude for at least $80 per barrel were this […]

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MEXICO CITY, Sept. 12 (UPI) — Mexico relies on imports from its North American counterparts for some of its energy needs. Last year, the United States exported 658 trillion cubic feet of natural gas to the Mexican market, a 6 percent increase from the previous year. State-owned Petroleos Mexicanos, known also as Pemex, said it’s spending $2.5 billion to upgrade domestic refineries to produce more diesel and gasoline. The effort could cut back on Mexico’s imports from the United States and eventually lead to fuel exports . Lawmakers in Mexico are putting the final touches on plans embraced by President Enrique Peña Nieto aimed at drawing international energy companies into the nation’s energy sector. The move opens Mexico up to private investors after more than 70 years under a monopoly controlled by Pemex. The country’s energy sector accounted for more than 10 percent of export earnings last year. The […]

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MEXICO CITY—State-owned oil firm Petróleos Mexicanos said Friday that it is raising its 2015 goal for crude-oil output to 2.4 million barrels a day. The outlook comes after Pemex was forced last week to reduce this year’s production figures to account for water and other impurities pumped from offshore fields that were erroneously counted as oil. "We are looking at an upward tendency for 2015," said the company’s director of exploration and production, Gustavo Hernández, at a news conference. Pemex, as the company is known, lowered its estimated production for this year to 2.35 million barrels a day from 2.44 million to account for measuring errors at its offshore fields. Equipment at three production areas wasn’t accurately detecting the amount of water and impurities that are a common byproduct of oil production, particularly offshore, Pemex said. Mr. Hernández said its 2015 estimate for next year is for crude that […]

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Petroleos Mexicanos is preparing a request for the reimbursement of taxes the state-owned oil company paid on barrels it never produced. Pemex, whose taxes provide Mexico’s government with about a third of its budget, may seek the refund after over-reporting crude output for the first seven months of the year, according to investor relations head Rolando Galindo. Negotiations with the Finance Ministry could be lengthy and might not result in a reimbursement, he said in a telephone interview yesterday. The Mexico City-based producer last week reduced its year-to-date production through July to 2.34 million barrels a day from a previously reported 2.47 million, attributing the difference to water levels and measurement inaccuracies. Earlier yesterday, a person with direct knowledge of the matter said Pemex plans to ask for the reimbursement and is in the process of calculating how much it overpaid. The person asked not to be named because […]

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Source: U.S. Energy Information Administration, International Energy Outlook 2014 preliminary projections On August 11, Mexico’s president signed into law legislation that will open its oil and natural gas markets to foreign direct investment, effectively ending the 75-year-old monopoly of state-owned Petróleos Mexicanos (Pemex). These laws, which follow previously adopted changes in Mexico’s constitution to eliminate provisions that prohibited direct foreign investment in that nation’s oil and natural gas sector, are likely to have major implications for the future of Mexico’s oil production profile. As a result of the developments in Mexico over the past year, EIA has revised its expectations for long-term growth in Mexico’s oil production. Although there are many complexities to the new reform and many details that still must be settled before the reforms can take effect, reform is expected to improve the long-term outlook for growth in Mexico’s petroleum and other liquids production. Analysis in […]

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