(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
(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
(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
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
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
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,
Yahoo Finance HOUSTON – U.S. crude oil imports last month rose to a nearly two-year high as refiners scooped up heavy crudes from Canada and Latin America to process into fuels for summer driving season. Imports of crude oil rose to 3.1 million barrels per day (bpd) in May, the highest since July 2022, data from ship tracking service Kpler
BOE Report Mexican state energy company Pemex is unlikely to produce any commercially viable motor fuels at its new Olmeca refinery before the end of the year, five sources said, despite pressure that it should be ready before the outgoing president’s term ends. President Andres Manuel Lopez Obrador, a resource nationalist, inaugurated the 340,000-barrel-per-day refinery in July 2022 in his
Yahoo Finance HOUSTON – Oil prices dipped for a second straight day on Tuesday, as talks for a ceasefire in Gaza continued, but losses were limited to less than a dollar a barrel as Egyptian and Qatari mediators met resistance in their search to find a way out of the war. The talks in Cairo, also attended by the director
World Oil (Bloomberg) – Mexico’s state-controlled oil company said a fire at one of its Akal-B oil platforms in the Campeche Bank left nine people injured Saturday afternoon. Petroleos Mexicanos, also called Pemex, said two of the injured were its employees while the rest were from other companies. None had serious injuries and the fire was controlled in under 20
Nasdaq MEXICO CITY – Mexican state energy company Pemex put off urgent repairs and maintenance at an important offshore platform for months, resulting in methane spewing into the atmosphere, according to internal documents and three sources familiar with the infrastructure. Methane, the main component of natural gas, is a much more potent driver of global warming in the short term
Nasdaq MEXICO CITY – Mexico’s outgoing president has taken steps to promote a smooth hand-off for national oil company Pemex, three sources told Reuters, but the latest moves will likely postpone a day of reckoning for the world’s most heavily-indebted oil company. Last week, President Andres Manuel Lopez Obrador rolled out fresh support for Pemex, part of his longstanding goal
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