Investing Mexican state energy company Pemex’s mounting debt with oil service providers as well as private crude and gas producers threatens production, investment and in some cases even the survival of suppliers, industry groups warned. In addition to financial debt of more than $105 billion, the company disclosed that at the end of September it owed local and foreign companies
Reuters New Fortress Energy (NASDAQ:NFE) and state energy company Pemex have terminated a deal to develop what could have been Mexico’s first deepwater natural gas project, Reuters reported Tuesday. Pemex wants to continue with the development of the Lakach gas field in the Gulf of Mexico and is in talks with other companies, according to the report, which did not
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,
World Oil (Bloomberg) – A large oil spill has been spotted in the Gulf of Mexico near the site of a deadly explosion at a Petroleos Mexicanos natural gas platform, according to Mexican newspaper Reforma. A scientist working with environmental groups including Greenpeace detected the leak on July 4, days before the blast off the coast of Mexico’s Campeche, Reforma said.
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
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
Oil Price Mexico’s indebted state oil company, Pemex, is searching for ways to make $10 billion in bond payments this year, an amount that neither the company nor Mexico’s government has planned for, Bloomberg News reported Monday. Last month, Pemex Chief Executive Officer Octavio Romero said the company was in talks with the government about getting renewed support for paying
Nasdaq MEXICO CITY, Jan 13 – Mexican state oil company Petroleos Mexicanos will take control of the Deer Park refinery in Houston, Texas on Jan. 20, three sources with knowledge of the matter said on Thursday. Royal Dutch Shell RDSa.L in May agreed to sell its majority stake in the Deer Park refinery, which can process up to 340,000 barrels per day
Reuters MEXICO CITY/HOUSTON -A pair of New York businessmen filed a lawsuit in a U.S. court seeking to block Mexico’s state oil company Petroleos Mexicanos (Pemex) from taking control of a Texas refinery, claiming the sale would raise U.S. gasoline prices. Royal Dutch Shell in May agreed to sell its majority stake in the 302,800 barrel per day (bpd) Deer
World Oil MEXICO CITY (Bloomberg) –Mexico could slash Pemex’s taxes further as the world’s most indebted oil company scrambles to reverse long-term oil production declines. “With Pemex, for example, we are constantly or periodically lowering taxes so they have more funds,” said President Andres Manuel Lopez Obrador during his daily press conference on Monday. “And we can lower them more.”
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