Mexico – Page 4 – Oil & Gas 360

Pemex sinks deeper into junk: Fitch

July 17, 2023

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

Exclusive: Mexico’s oil regulator, constrained by government, dropped plans to fine Pemex

July 12, 2023

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

“Massive” explosion on Pemex production platform leaves two dead, cuts output by 700,000 bbl

July 10, 2023

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

EIA: Energy trade between U.S. and Mexico hits record levels

June 28, 2023

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

Mexico’s energy conundrum: AMLO’s nationalization plans face scrutiny

June 6, 2023

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

Billionaire Carlos slim buys stake in huge Mexican oilfield

May 26, 2023

Oil Price Talos Energy is selling 49.9% of its Mexican subsidiary to a unit of Grupo Carso, owned by billionaire Carlos Slim, with which the buyer gets access to the huge Zama oilfield offshore Mexico. Talos Energy on Thursday announced that Zamajal, a wholly owned subsidiary of Grupo Carso, has agreed to acquire a 49.9% interest in Talos’ Mexican subsidiary, Talos

New Pemex oil refinery to again miss production launch – document

May 24, 2023

Nasdaq MEXICO CITY – A new oil refinery belonging to Mexico’s state-owned Pemex, a top priority of the country’s president, will again miss its promised launch date to begin production, according to an internal audit report seen by Reuters. The report stated that the current July goal was “not feasible,” which would mark a setback for President Andres Manuel Lopez

US to kick off Gulf of Mexico oil drilling rights auction

March 29, 2023

BOE Report The Biden administration will hold an auction of oil leases in the U.S. Gulf of Mexico on Wednesday, the first test of demand for new investment in the region since the Russian invasion of Ukraine tightened energy supplies and sent prices soaring. The auction fulfills a provision in President Joe Biden’s 2022 climate change law, the Inflation

Exclusive: US plans ultimatum in Mexico energy dispute, raising threat of tariffs

March 27, 2023

Yahoo Finance The Biden administration plans to send Mexico an “act now or else” message in coming weeks in an attempt to break a stalemate in an energy trade dispute as bipartisan calls grow for the U.S. to get tougher with its southern neighbor, according to people familiar with the discussions. The move would represent a significant escalation in already-strained

Talos Energy and its partners announce submission of unit development plan for Zama Project in Mexico

March 24, 2023

Oil and Gas 360 HOUSTON, March 23, 2023 /PRNewswire/ — Talos Energy Inc. (“Talos” or the “Company”) (NYSE: TALO) and the other Zama Unit Holders Wintershall Dea, Harbour Energy plc (“Harbour”) and Petróleos Mexicanos (“Pemex”), today announced that on March 23, 2023, Pemex, as operator, submitted the Zama Unit Development Plan (“UDP”) to Mexico’s National Commission of Hydrocarbons (“CNH”) for formal approval. An

Eni makes oil discovery offshore Mexico

March 17, 2023

World Oil (WO) – Eni made a new oil discovery on the Yatzil exploration prospect in Block 7, located in the mid-deep water of the Cuenca Salina in the Sureste Basin, offshore Mexico. According to preliminary estimates, the new finding may contain around 200 MMboe in place. Yatzil-1 EXP is the second commitment well of Block 7 and the eight

Three fires at Pemex facilities in one day

February 24, 2023

Oil Price Mexico’s state-owned oil company Pemex saw three fires in one day at three separate facilities that it operates in Mexico and the United States. Pemex reported on Thursday a fire at the storage facility Tuzandepetl in the state of Veracruz. The fire started in the drilling equipment for reasons that are yet unknown, the Mexican company said. Five workers

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