Oil Price Mexico’s state oil firm Pemex is expected to start running the long-delayed Dos Bocas oil refinery at full capacity this year, Mexican Energy Minister Rocio Nahle said this week. The oil refinery has seen delays and cost overruns estimated around or even above $3.6 billion, and it hasn’t started producing usable gasoline yet. The plant is one of
Oil Price Chevron and Spain’s Repsol have quit exploration at two offshore blocks in Mexico waters after early work suggested there are not enough resources to make it worthwhile to continue. The two had won the rights to explore the blocks at a tender during the tenure of Mexico’s previous administration, Reuters reported. Now, Chevron told the Mexican energy regulator its work
Nasdaq President Joe Biden’s administration has asked U.S. energy companies to prepare affidavits documenting how Mexico’s protectionist policies disrupted their investments as Washington prepares to escalate a trade dispute with its neighbor, according to three people familiar with the discussions. The request for affidavits from major U.S. oil and renewable energy companies represents the latest and clearest signal that the
World Oil (WO) – Paradigm Drilling Services has recruited Rocio Hoz Cano as Technical Sales Engineer in Mexico to support growth investment in new drilling tools being deployed in the region. Bringing over 10 years of well planning and engineering experience in the drilling sector, Rocio will be responsible for solving clients drilling dysfunctions through the implementation of Paradigm
World Oil (Bloomberg) – ConocoPhillips agreed to a long-term deal to buy liquefied natural gas from an export terminal being developed on Mexico’s west coast. Under a 20-year agreement, ConocoPhillips will buy approximately 2.2 million tons of LNG annually from Mexico Pacific Limited LLC, the companies said in a statement Thursday. The facility in Sonora will cost an estimated
Oil Price Mexico’s state-owned oil giant Pemex, the world’s most indebted oil company, has received a capital injection of $4.16 billion (70 billion Mexican pesos) from the finance ministry, sources with knowledge of the matter told Bloomberg on Friday. The Mexican government and President Andrés Manuel López Obrador are looking to support the company and help it pay off its huge debt,
Nasdaq MEXICO CITY – For Mexican industrial park owners like Sergio Bermudez, business is booming amid a wave of U.S businesses setting up over the border. So-called nearshoring has pulled over $9 billion into Mexico since last October by manufacturers like Unilever ULVR.L, Barbie maker Mattel MAT.O, and Tesla TSLA.O, lured by its proximity to the giant U.S market, cheap labor, and geopolitical stability.
Oil Price Fitch Ratings has downgraded Petroleos Mexicanos—or Pemex—squarely into junk territory after several accidents and “weak operating performance”. Fitch also lowered its ESG score after those accidents, which included an explosion at a natural gas platform that ended with fatalities and damages to critical infrastructure and assets, to reflect “the environmental and social impact” of those events. Fitch slammed the company’s
Nasdaq MEXICO CITY – Mexico’s oil regulator shelved plans to impose at least three fines against the national energy company Pemex for violations at the country’s most promising new fields, two dozen previously unreported documents showed and three sources confirmed. It is the latest sign of a weakened regulator, which, after government-backed changes in the leadership, lets Pemex operate with
World Oil (Bloomberg) – Petroleos Mexicanos said it lost production capacity for about 700,000 bbl of oil, more than a third of its daily output, after a massive platform explosion on Friday that left at least two people dead. The company is working to recover production, Pemex Chief Executive Officer Octavio Romero confirmed in a video late Saturday, adding that
Oil Price The U.S. Energy Information Administration (EIA) has reported that energy trade in 2022 between the United States and Mexico totaled $81.9 billion in real prices, an all-time high. U.S. energy exports to Mexico in real prices totaled $55.8 billion in 2022, up from the previous high of $45.4 billion in 2021, again an all-time high. The U.S. was a net
Oil Price Mexico’s state-owned oil company Pemex has faced challenge after challenge, following scrutiny over its poor safety standards and low production levels and now it’s likely to miss the scheduled launch of its new refinery. The indebted oil firm was expected to open the new Olmeca refinery last December before it announced it was postponing the opening until July
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