Mexico – Oil & Gas 360

Carlos Slim invested $1B in American oil & gas companies in 2024

December 31, 2024

(Oil Price) – Carlos Slim, Latin America’s richest man, boosted his stakes in American energy companies in the current year as the world’s leading tycoons continue betting on fossil fuels. Slim invested $602 million in Parsippany, New Jersey-based refiner PBF Energy Inc. (NYSE:PBF), boosting his stake to 25%, and also bought $326 million worth of shares in Houston-based oil producer Talos Energy Inc.(NYSE:TALO). Last

Pemex CEO faces tough road to fix world’s most indebted major oil producer

October 28, 2024

(World Oil) – National oil companies tend to be more bloated and less efficient than their private-sector counterparts. Yet Petroleos Mexicanos, with a workforce of about 128,000, stands out even among its state-owned peers. The amount of crude Pemex pumps per employee has slipped to just under 14 bpd, less than any other Latin American state producer except Petroleos de

Mexican Senate votes to give constitutional preference to state power company

October 17, 2024

(Investing) – MEXICO CITY – Mexico’s Senate voted to amend the country’s constitution late on Wednesday to give dispatch preferences to state electricity company CFE, cementing the national power generator’s preferential status above foreign or private competitors. The initiative passed the upper chamber of Congress with 86 votes to 39, meeting the requirement of two-thirds support to change the constitution. The

Mexico moves to strengthen state control over Pemex

October 10, 2024

(Oil Price) – Mexico’s new parliament late last night passed a bill that would give the president more control over state oil company Pemex and the country’s power utility, CFE. The aim of the bill, per a Bloomberg report on the news, is to make those state entities prioritize social and economic objectives over corporate profits. To that end, the bill proposed that

Mexico’s Pemex posts drop in oil production as Lopez Obrador exits

September 27, 2024

(BOE Report) – Crude output by Pemex fell in August as Mexico’s national oil company failed to reduce fuel imports in line with company targets, while overall falling well short of the lofty energy trade goals of the country’s outgoing president. While locally produced petroleum product volumes rose during the month, gasoline and diesel import volumes were still much higher

Mexico’s richest man Carlos Slim scoops more Talos shares following surprise CEO departure

September 9, 2024

World Oil (Bloomberg) – Carlos Slim, Latin America’s richest person, boosted his stake in U.S. oil and gas producer Talos Energy Inc. this week in the aftermath of a surprise exit by its founder and chief executive officer that sparked a drop in shares. Through his Control Empresarial de Capitales holding firm, Slim bought about 2.7 million shares this week

Pemex taps private sector to redevelop Gulf of Mexico oil fields, aiming for production boost

August 15, 2024

World Oil (Bloomberg) — Petroleos Mexicanos has reached a deal with an oilfield-services provider to drill in the Gulf of Mexico as the heavily indebted state energy company turns to the private sector to boost crude production. Pemex reached an agreement with Mexico-based CME Oil and Gas to revive the Bacab and Lum fields, mature deposits that are part of

Phillips 66 slashes jobs, caps reduction at 1%- oil and gas 360

Mexico’s richest man Carlos Slim boosts stakes in Talos, PBF Energy with $24.2 million investment

August 6, 2024

World Oil (Bloomberg) –Carlos Slim, Latin America’s richest person, took advantage of the equity-market selloff to boost his majority stakes in two U.S. energy companies. Slim’s Control Empresarial de Capitales SA spent $24.2 million on the first two days of this month to snap up 923,000 shares of Talos Energy Inc. and 357,000 shares of PBF Energy Inc., according to

Exclusive: Mexico seeks more 2025 fuel import deals after refinery delays

July 26, 2024

Yahoo Finance MEXICO CITY/NEW YORK/SINGAPORE – Mexico is seeking to import more motor fuel for next year than it had previously planned, to compensate for delays in the startup of its new Olmeca refinery, half a dozen traders said, marking an about-turn by state energy company Pemex. The purchases for next year signal that the refinery would not be ready

Eni makes oil and gas discovery offshore Mexico in emerging Sureste basin hub

July 9, 2024

World Oil (WO) – Eni has made a new discovery on the Yopaat-1 EXP exploration well in Block 9, approximately 63 km off the coast in the mid-deep water of the Cuenca Salina in the Sureste basin offshore Mexico. The preliminary estimates indicate a discovered potential of around 300-400 MMboe of oil and associated gas in place. The well has

Mexico’s richest man Carlos Slim to invest $1.2 billion in Lakach deepwater field in Gulf of Mexico

July 8, 2024

World Oil (Bloomberg) – A company controlled by Mexico’s richest person, Carlos Slim, is investing $1.2 billion to develop a vast field in the Gulf of Mexico that is expected to produce gas around 2026, a potential model for how Mexico’s state oil company will work with private enterprise. Slim’s Grupo Carso SAB agreed to a deal with Mexico’s state-run

Pemex tax payment deferred as state oil firm struggles with $100-billion debt

June 26, 2024

Oil Price Mexico has allowed Pemex to defer its June monthly tax payments to July 31 as the government continues to support its state oil giant that has been reeling under $100 billion in debts for years. Petroleos Mexicanos, as Pemex is officially known, has been granted a government deferral of the so-called DUC levy for May, due in June,

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