New natural gas pipeline to Mexico expected to be in service by July 2017 Howard Midstream Energy Partners (HEP) announced today that it plans to develop the Nueva Era Pipeline, an approximately 200-mile, 30-inch natural gas pipeline connecting its existing Webb County Hub in Webb County, Texas to Escobedo, Nuevo Leon, Mexico, and the Mexican National Pipeline System in Monterrey,
Four new discoveries could generate 200 MBOPD Petroleos Mexicanos (PEMEX) announced last week that the company made its largest discovery in the last five years. The four offshore finds are located in the southern Gulf of Mexico, in an area known as Litoral of Tabasco, according to a press release from PEMEX. The finds are located near the company’s most
PEMEX struggles to replace production Mexico’s proven oil and gas reserves fell by 3.1% last year to 13.02 billion BOE as national oil-major Petroleos Mexicanos (PEMEX) was unable to find enough new reserves to replace production last year, the National Hydrocarbons Commission said. Proved reserves in 1990 stood at 55 billion BOE, but have since been in sharp decline, reports
Twenty Senators ask Congress to authorize more trade with Mexico Senator Lisa Murkowski (R-AL) and 19 other senators asked Commerce Secretary Penny Pritzker to authorize the export of oil to Mexico in a letter this week. Murkowski said in her letter that expanding U.S.-Mexico energy relations would be mutually beneficial. The letter address reports that Mexico’s PEMEX applied for swap
The Energy Information Administration (EIA) released an updated geologic layout of the Eagle Ford Shale this morning, detailing the play’s thickness, footprint, elevation, and initial gas to oil ratios (GORs). The industry, as they do with all shale plays, continues to progress in unlocking the “code” of the Eagle Ford. The sprawling South Texas field has transformed from an emerging
Russia receives downgrade Moody’s Investors Service announced last week that it was downgrading the outlook for the government of Russia’s debt rating to Baa2 from Baa1, putting Russia’s rating just one notch above a junk rating. Moody’s also maintains a negative outlook for the future of Russia’s ratings. According to the release put out by Moody’s, the main reasons for
Reliance Industries Limited (ticker: RIL) and the Mexican state owned company, Petroleos Mexicanos (PEMEX) have entered into a Memorandum of Understanding (MOU) regarding cooperation on potential upstream business opportunities in Mexico and the companies will jointly evaluate value added opportunities in international markets, according to a RIL press release. RIL and PEMEX will also share expertise and skills in the
For the first time since 1938, Mexico’s oil frontier is open for business. Mexico’s newly privatized oil industry was officially signed into law on August 11, 2014, ending Petróleos Mexicanos’ (Pemex) 76 year nationalization reign on the country’s hydrocarbon resources. Pemex provides roughly one-third of Mexico’s tax revenue, but years of corruption and inefficiency have cut sharply into its production. The company has lost roughly $8 billion to date in 2014, according to Reuters. Volumes for Q2’14 dipped to 2,468 MBOEPD, and management expects overall output for 2014 to average 2,441 MBOEPD. If the numbers prove to be accurate, production will have declined by 36% since 2004 (3,848 MBOEPD), or an annual average of roughly 140 MBOEPD. If the entire ten year period is considered, the lost production of 1,407 MBOEPD is roughly equal to Q2’14 volumes produced by both Apache Corp. (ticker: APA, 636 MBOEPD) and Occidental Petroleum (ticker: OXY, 741 MBOEPD).
For 76 years, Mexico’s state-owned oil company Petroleos Mexicanos, or Pemex, has been the government-enforced monopoly over all of the country’s oil and gas industry efforts. Roughly one-third of all of Mexico’s tax revenues is derived from Pemex, according to Reuters. Like many other countries with government-owned oil and gas monopolies, Mexico has not reinvested enough in Pemex for it
An agreement between the U.S. and Mexico is prompting U.S. oil and gas offshore operators in the Gulf of Mexico to brush up on their Spanish. The passage of H.R. 1613 in the U.S. House of Representative is expected to establish a transboundary agreement to allow joint energy development projects between U.S. energy companies and the Mexican state owned oil
On Sunday July 1, 2012, Mexicans went to the polls to cast their vote for president. Election authorities predict that Enrique Pena Nieto as the winner. The 45-year old former governor of the state of Tabasco, who is married to a Mexican soap opera star, was estimated to have captured approximately 38% of the vote, 7% more than his nearest
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