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Keyword: pemex

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  • Mexican lawmakers approve overhaul ending Pemex monopoly

    08/07/2014 12:23:57 PM PDT · by thackney · 12 replies
    Fuel Fix ^ | August 6, 2014 | Robert Grattan
    The Mexican Congress has passed sweeping legislation intended to revitalize the country’s anemic energy industry by opening it to private competition and ending a 75-year state monopoly. After weeks of debate and a constitutional amendment, legislators approved this week the majority of the new laws and are expected to finalize the remaining items in the coming days. The energy overhaul is the most sweeping of a broad set of economic measures promised by Mexican President Enrique Peña Nieto. Mexico’s oil and gas industry has been largely left out of the latest oil boom, despite the general consensus that the country...
  • Mexico's Pemex to Spend $6B to Maintain Output at Cantarell

    07/03/2014 6:13:56 AM PDT · by thackney · 3 replies
    Rig Zone ^ | July 1, 2014 | Reuters
    Mexico's state-run oil company Pemex will launch a $6 billion investment in 2017 aimed at maintaining current levels of production at its once-supergiant Cantarell field over the next decade, a Pemex official said on Tuesday. Discovered in 1976, output from the offshore Cantarell field once supplied over 2 million barrels per day (bpd), or more than half of Mexico's total crude production. But output at the field has fallen more than 80 percent since 2004 to hover around 340,000 barrels per day (bpd). The investment will counteract the natural decline of Cantarell by squeezing out an additional 100,000 bpd per...
  • Bloody Mexican Shale Fields Sit Idle While Texas Booms

    06/13/2014 5:46:51 AM PDT · by thackney · 10 replies
    Reuters via Rig Zone ^ | June 12, 2014 | David Alire Garcia
    To grasp the difficulties Mexico faces in capitalizing on a North American shale boom, just wander into the dusty landscape due south of the U.S. border. On one side of the fence, thousands of wells work around the clock in Texas to produce record volumes of shale oil and gas, transforming towns like Carrizo Springs in a modern-day gold rush. On the other side, violent drug cartels roam above untapped shale riches, leaving behind a trail of blood. The relatively few conventional wells operated by state oil giant Pemex and its contractors close down overnight as a security precaution. But...
  • The fracking divide: Mexico’s oil frontier beckons U.S. drillers in wake of new law

    04/21/2014 6:07:43 AM PDT · by thackney · 27 replies
    Washington Post ^ | April 19, 2014 | Nick Miroff
    The geological marvel known to Texas oilmen as the Eagle Ford Shale Play is buried deep underground, but at night you can see its outline from space in a twinkling arc that sweeps south of San Antonio toward the Rio Grande. The light radiates from thousands of surface-level gas flares and drilling rigs. It is the glow of one of the most extravagant oil bonanzas in American history, the result of the drilling technique known as hydraulic fracturing, or fracking. Curving south and west, the lights suddenly go black at Mexico’s border, as if there were nothing on the other...
  • Mexico’s drug cartels are standing in the way of a fracking bonanza

    02/25/2014 4:59:03 AM PST · by thackney · 11 replies
    Quartz ^ | February 20, 2014 | Steve LeVine
    —If all goes well, drillers responsible for a shale-oil bonanza in Texas will soon cross the southern US border and extend the hydraulic fracturing boom to Mexico. But first the Mexican government, foreign oil companies or some combination of the two will have to neutralize some of the most savage gangsters in the world. Oil and gas were a key subtext of yesterday’s North American summit between Canadian prime minister Stephen Harper, Mexican President Enrique Peña Nieto and US President Barack Obama. Hoping to join the US and Canadian energy boom and invigorate the laggard Mexican economy, Peña has pushed...
  • Rick Perry thinks Mexico may have just solved America’s immigration problem

    02/24/2014 7:07:25 AM PST · by SeekAndFind · 100 replies
    Washington Post ^ | 02/24/2014 | Reid Wilson
    If, a handful of years into the future, the number of undocumented immigrants in the United States has fallen sharply or zeroed out, the president will deserve all the credit. Mexico’s president, that is. Texas Gov. Rick Perry, no stranger to the tough debate over the nation’s immigration laws, thinks recent legislation passed by Mexico’s Congress, a major priority of President Enrique Pena Nieto, may have set in motion a reversal of the flow of undocumented immigrants northward. In a short time, Perry said in an interview Saturday, undocumented immigrants may be streaming back over the U.S.-Mexico border, headed for...
  • Mexican Oil And Gas: Christmas Arrives Early

    12/12/2013 11:29:42 AM PST · by iowamark · 2 replies
    Forbes ^ | 12/12/2013 | The Mexico Institute
    On the morning of December 12th, Mexico woke up to the sound of fireworks as the country celebrated the festival of the Virgin of Guadalupe. A national holiday, the 12th marks the beginning of the Christmas festivities in Mexico, which will end on the 6th of January with the Dia de los Reyes (Three kings day or Epiphany). But for many in the energy industry, the fireworks and celebrations had a double meaning. The day before, the Mexican Senate and Chamber of Deputies approved a legislative initiative that reforms the country’s energy sector. As expected, the law includes measures to...
  • Measure To End Pemex's Petroleum-Production Monopoly Passes Mexican Senate

    12/12/2013 5:38:55 AM PST · by thackney · 5 replies
    Fox News Latino ^ | December 11, 2013 | Fox News Latino
    The Mexican Senate approved legislation early Wednesday to overhaul the country's energy industry, a historic move that will open the sector to private investment. Lawmakers must still debate some points in the bill that are being challenged by leftist legislators. The bill, which was backed by the President Enrique Peña Nieto's Institutional Revolutionary Party, or PRI, and the conservative National Action Party, or PAN, was approved on a vote of 95-28, Senate spokesmen said. The bill modifies Articles 25, 27 and 28 of the Mexican Constitution in response to the "historic responsibility of turning the energy sector into the lever...
  • ‘Groundbreaking’ Mexico energy overhaul would end Pemex monopoly

    12/11/2013 11:42:27 AM PST · by JerseyanExile · 11 replies
    Fuel Fix ^ | December 10, 2013 | Emily Pickrell
    Mexico’s energy sector has been largely sealed off from foreign investment for the better part of a century, but historic legislation, proposed over the weekend, may change that. After months of negotiating behind closed doors, the Senate issued a 295-page reform proposal that goes much further than most had expected in opening Mexico’s oil and gas fields to international investment. “It is groundbreaking,” said Gabriel Salinas, an attorney with Mayer Brown, who has followed the reform debates closely. “It provides what companies will need to go down there and develop Mexico’s resources. I think the bill has everything that Mexico...
  • How Oil Reforms Could Trigger Mexico's Biggest Economic Boom In A Century

    10/02/2013 5:30:37 AM PDT · by thackney · 24 replies
    Forbes ^ | 10/01/2013 | Christopher Helman
    Mexico has one of the world’s most notoriously closed-off oil industries. The Mexican constitution makes it illegal for anyone but the state oil monopoly Petroleos Mexicanos (Pemex) to even own a barrel of oil. If you’re a farmer in Mexico and oil is discovered underneath your land, not one drop of the black gold is yours — it belongs to the state, to the people. As a result, Pemex is the only game in town. There are no private companies operating oilfields in Mexico, no risk-based production sharing contracts or joint ventures with any international oil companies. This could not...
  • Reformed Mexico Energy Sector Could Be in Place by Early 2014

    09/24/2013 5:42:12 AM PDT · by thackney · 2 replies
    Rig Zone ^ | September 23, 2013 | Karen Boman
    The proposed reform for Mexico’s energy constitution could be approved late this year or early 2014, with secondary legislation that will shape Mexico’s energy sector to be finalized in the second half of next year, according to a panel of industry experts at a recent Mayer Brown presentation in Houston on the proposed reform of Mexico’s energy sector. Should the legislative process move forward as planned, the first profit sharing contracts under the new regime would be issued for the bidding process in the second half of 2014, said Duncan Wood, director of the Mexico Institute at the Woodrow Wilson...
  • Campbell: Mexico Is A Long Way from Opening Its Oil Sector

    07/29/2013 1:23:34 PM PDT · by thackney · 3 replies
    Reuters via Rig Zone ^ | July 29, 2013 | Robert Campbell
    Everyone is getting excited that the Mexican government may open up the nation's oil sector to foreign companies, but a dose of realism ought to temper the bullish sentiment. ... The last time this happened was several years ago. Between 2007 and 2008, then-President Felipe Calderon urged the Mexican Congress to adopt legislation that would allow state oil monopoly Pemex to offer bonuses to private companies working as contractors. The idea was that the bonuses, while not tied to oil prices or reserves, would somehow be enough to bring in foreign capital and expertise to develop Mexico's hitherto largely untouched...
  • Mexico to propose constitutional energy reform in August -top lawmaker

    07/27/2013 10:22:03 AM PDT · by JerseyanExile · 7 replies
    Reuters ^ | Jul 24, 2013 | David Alire Garcia, Adriana Barrera
    Mexican President Enrique Pena Nieto will present an energy reform to Congress in August that proposes changing the constitution to encourage major new private investment in the oil sector, a senior lawmaker said on Wednesday. Pena Nieto favors an overhaul of country's closed energy industry to lure private capital and boost flagging oil and gas production. David Penchyna, leader of the Senate's energy committee and a member of Pena Nieto's Institutional Revolutionary Party (PRI), said the proposal will seek to change the constitution to allow either concessions or risk-sharing contracts. "We will have President Pena's initiative in August," said Penchyna....
  • Pemex pipe explodes in central Mexico, 7 injured

    07/22/2013 6:10:53 AM PDT · by thackney · 3 replies
    Fuel Fix ^ | 7/22/2013 | Associated Press
    A pipeline explosion Sunday that injured seven people and sent flames and smoke shooting hundreds of feet into the air in central Mexico was caused by illegal tapping, Mexico’s state-owned oil company said. The pre-dawn explosion in a farm field injured four police officers and three firefighters among those called to the scene by a report of an oil leak, the state prosecutor’s office said. Petroleos Mexicanos, or Pemex, issued a statement on its Twitter account blaming the blast on an attempt to steal oil with an illicit tap. The supply of crude oil through the pipeline was immediately suspended,...
  • Mexican daily: Pemex admits "serious" corruption

    05/18/2013 8:24:17 PM PDT · by SunkenCiv · 14 replies
    La Prensa ^ | May 17, 2013 | EFE
    State-owned Petroleos Mexicanos admits that "serious" corruption exists in some areas of the company and that contracting processes in particular have been plagued by "interference from organized crime," a leading Mexican daily said Friday. In a front-page story, El Universal said Pemex representatives and members of the Mexican Construction Industry Chamber drew that conclusion at a meeting in late April. Pemex executives acknowledged that corruption is fueled "by the elevated potential economic benefit of illegal acts, impunity and the spaces opened up due to unnecessary flexibility," the newspaper reported. El Universal's story was published just days after rival daily Reforma...
  • Pemex makes deep-water Gulf of Mexico find

    05/18/2013 8:24:13 PM PDT · by SunkenCiv · 7 replies
    La Prensa ^ | May 17, 2013 | EFE
    Mexican state-owned oil monopoly Petroleos Mexicanos said it detected the presence of oil at a deep-water field in the Gulf of Mexico. "There are clear signs of the presence of hydrocarbons in Maximino, but final tests are still needed to fully confirm it," Pemex announced on Twitter. It said exploration work was continuing at the field, which is located on Mexico's side of the Perdido basin in a zone very near U.S. territorial waters. Pemex has previously found crude at other deep-water fields in the Perdido area. The Mexican company added that it hopes "to have definitive results shortly on...
  • Peña Nieto ready to break up the State oil monopoly

    03/18/2013 2:20:58 PM PDT · by JerseyanExile · 5 replies
    Voxxi ^ | March 17, 2013 | Phillippe Diederich
    On March 18th Mexico celebrates the day president Lazaro Cardenas expropriated Mexico’s oil industry. Now, president Enrique Peña Nieto is getting ready to break up the State oil monopoly. Earlier this month, Bloomberg reported that Peña Niet’s political party, the Institutional Revolutionary Party, (PRI) which controls 241 of 500 seats in the lower house voted during its national assembly to agree to, “end its opposition to constitutional changes that would ease state-owned Petroleos Mexicanos’s grip on the oil industry.” Breaking up PEMEX and opening refining, exploration and extraction of oil to foreign companies has been one of Peña Nieto’s political...
  • Mexico oil company Pemex blast: Death toll rises to 32

    02/01/2013 10:47:53 AM PST · by CedarDave · 4 replies
    CBS News ^ | Febru7ary 1, 2013 | CBS News/AP
    Mexico City - Rescuers searched for survivors Friday and authorities promised a thorough investigation after an office building blast killed 32 people and injured 121 at the headquarters of Mexico's state-owned oil company, Petroleos Mexicanos. The cause of the basement explosion in an administrative building next to the iconic, 51-story Pemex tower in Mexico City remained a mystery, with President Enrique Pena Nieto urging people not to speculate. Theories ranged from an electrical fire to an air conditioning problem to a possible attack.
  • Explosion at Pemex headquarters, workers injured

    01/31/2013 4:32:12 PM PST · by JerseyanExile · 32 replies
    Yahoo News ^ | January 31, 2013 | Michael Weissenstein
    <p>An explosion at the main headquarters of Mexico's state- owned oil company in the capital Thursday heavily damaged three floors of the building, sending hundreds into the streets and a large plume of smoke over the skyline. Local media reported that at least one person had died and about 40 were injured.</p>
  • Blast at Pemex gas plant in Mexico claims more lives

    09/21/2012 8:14:34 PM PDT · by JerseyanExile · 3 replies
    BBC ^ | September 20, 2012
    More workers in Mexico have died from their wounds following a blast that set off a blaze at a gas plant, bringing the death toll to 30. Twenty-five people are still in hospital. State-run oil company Pemex says that all those who had been missing are now accounted for. Mexican President Felipe Calderon has ordered an investigation into Tuesday's blast in northern Tamaulipas state. Pemex has ruled out foul play, saying it was an "unfortunate accident". The plant sustained serious damage and could take a month to restart operations, Pemex said. In an interview with Mexican radio, Pemex executive Carlos...
  • Mex'n Drug Cartels 'Taken-Over' Pemex Piplelines, Now Engaged in Widespread Bribery of DHS Employees

    08/31/2012 6:33:43 AM PDT · by Reaganite Republican · 8 replies
    Reaganite Republican ^ | August 31, 2012 | Reaganite Republican
    'clandestine tap' Despite 130-ton pot busts and their being locked in a five year, multilateral war with the government/other gangs in which 5x more people have died than US losses for the entire Iraq war, frightening Mexican drug mafias continue to grow in wealth, power, and influence... and are now extending their unique brand of chaos directly to US soil.The Mexican federal government already had enough problems facing an utterly ruthless enemy equipped with machine guns, narco-tanks and homemade submarines attained via almost unlimited cash- now the gangs have gone on the offensive against the feds' own primary revenue source, Pemex: over thirty of the...
  • Can Mexico's New President Achieve Energy Reform?

    08/18/2012 11:43:49 AM PDT · by JerseyanExile · 1 replies
    The Energy Collective ^ | August 16, 2012 | Isidro Morales
    Most probably, on December 1st, Mr. Enrique Peña Nieto (EPN), the presidential candidate of PRI party, will become the new Mexican president for a six year term. The PRI was the dominant political party in Mexico from 1929 to 2000 although with different names. The resurgence of the PRI comes after a 12 year interregnum of the PAN, a center-right party whose merit was to evict the “hegemonic” PRI from Los Pinos, Mexico’s presidential house. The question on everyone’s minds is: Will the return of the PRI spell a reversal of energy policies pursued by PAN during the past 12...
  • Mexico, U.S. sign cross-border deep water oil deal[Obama Pretends To Care About Energy]

    02/20/2012 6:49:23 PM PST · by SoFloFreeper · 5 replies
    al-Reuters ^ | 2/20/12 | Andrew Quinn
    Mexico and the United States signed an agreement on Monday to help U.S. firms and Mexican oil monopoly Pemex exploit deep water oil resources in the Gulf of Mexico that straddle the countries' maritime boundaries. The deal, negotiated last year, will lift the moratorium on oil and gas exploration and production for 1.5 million acres in the Gulf and sets up legal guidelines for companies to jointly develop any trans-boundary reservoirs.
  • Rescued oil workers file lawsuits

    09/26/2011 6:53:06 AM PDT · by thackney · 1 replies
    AP via Fuel Fix ^ | on September 23, 2011 | JUAN A. LOZANO
    Spagnoletti alleges that a standby ship that was in place to take the workers away in case of trouble left without them, knowing the liftboat had been crippled by the storm and the workers had already called for help. He said the standby ship was still in the area when the workers went into the water. “The vessel didn’t stand by. It just took off,” he said, adding the workers should have been evacuated ahead of the storm. Spagnoletti said the standby vessel left because its crew was getting seasick and wanted to go back to shore. The men tried...
  • Seven missing oil workers found in Gulf; 2 others dead

    09/12/2011 5:06:22 AM PDT · by thackney · 1 replies
    AP via Fuel Fix ^ | September 11, 2011 | Dana Thompson / E. EDUARDO CASTILLO
    Seven of 10 oil workers missing in the Gulf of Mexico were found alive Sunday, according to Mexico’s state oil company, three days after evacuating their disabled rig in a tropical storm and escaping in an enclosed life raft. Two bodies also were found but have yet to be identified, and rescuers are still searching for one worker who remains missing, Petroleos Mexicanos, or Pemex, said in a statement. Pemex identified the survivors as two Americans, Jeremy Parfait and Ted Derise, Jr., both of Louisiana, Kham Nadimuzzaman of Bangladesh and Mexicans Ruben Velasquez, Eleaquin Lopez, Luis Escobar and Ruben Lopez...
  • PEMEX and the long road to privatization

    07/21/2011 7:16:39 AM PDT · by bananaman22 · 2 replies
    OilPrice.com ^ | 20/07/2011 | Andrew Smolski
    Petroleos Mexicanos (PEMEX) is the state-owned oil company (and natural gas) of México, which since the 90’s has been discussed for privatization like many other state-owned companies in México. The policy of privatization is sometimes called liberalizing the company, however many aspects of privatization need to be taken into consideration when discussing such a lucrative portion of the federal budget for México. PEMEX has 41 divisions, and is a source of Mexican sovereignty, and any talk of privatization will not happen without a strong fight, not only from the left, but also Mexican nationalists who see it as a source...
  • Mexico says $250M in oil stolen in 4 months

    06/17/2011 6:49:08 AM PDT · by thackney · 14 replies
    AP via Fuel Fix ^ | June 17, 2011 | MARK STEVENSON
    Increasingly sophisticated thieves stole thousands of barrels per day of oil products from Mexico’s state-owned oil company in the first four months of 2011, thefts worth about $250 million, the company’s director said Thursday. Those thefts amounted to almost one million barrels in the first four months of the year, a level almost 50 percent more than what thieves stole in the same period of 2010, according to the Petroleos Mexicanos oil company, also known as Pemex. Pemex director Juan Jose Suarez Coppel said the stolen fuel was the equivalent of 100 tanker trucks per day.
  • Mexico Oil Exports Could End Within Decade, Report Warns

    05/02/2011 6:15:51 AM PDT · by thackney · 22 replies
    New York Times ^ | April 29, 2011 | JOHN COLLINS RUDOLF
    Mexico, the third-largest supplier of foreign oil to the United States, could lose the capacity to export crude altogether within a decade without major new investments in exploration and production, warns a research group report released on Friday. The country’s shift from exporter to importer would deal a severe blow to Mexico’s federal government, which depends on oil sales for roughly a third of its budget, said the report, a two-year investigation by researchers with the James A. Baker III Institute for Public Policy at Rice University in Houston. “A shift toward oil importer status would be a severe burden...
  • 713 Mexico oil workers evacuate collapsing platform

    04/13/2011 7:35:52 PM PDT · by Rabin · 36 replies
    timeslive ^ | Apr 13, 2011 7:57 AM | Sapa-AFP
    A total of 713 oil platform workers were evacuated on Tuesday when a semi-submersible residence began to collapse into the Gulf of Mexico, said state-owned oil company Petroleos Mexicanos (Pemex).
  • Pemex proved reserves fall

    03/30/2011 10:50:53 AM PDT · by thackney · 13 replies
    Upstream Online ^ | 30 March 2011 | News wires
    Proved reserves fell 1.4% to the equivalent of 13.8 billion barrels of oil last year, the Mexico City-based company said today in a presentation on its website. After two years of delays, the state-owned company, which is spending about $23 billion this year, will open production projects to private companies to maximise output from older or closed fields, Bloomberg reported. Pemex’s crude production dropped 1% to 2.576 million barrels per day last year. Last year, Mexico’s National Hydrocarbons Commission as well as independent auditors disagreed with Pemex regarding the amount of so-called possible and probable oil-equivalent reserves at the Chicontepec...
  • Mexican city devastated by pipeline blast; 27 die

    12/19/2010 5:30:44 PM PST · by BenLurkin · 16 replies
    (AP) ^ | Sunday December 19, 2010, 7:24 pm | E. Eduardo Castillo
    SAN MARTIN TEXMELUCAN, Mexico -- A massive oil pipeline explosion lay waste to parts of a central Mexican city Sunday, incinerating people, cars, houses and trees as gushing crude turned streets into flaming rivers. At least 27 people were killed, 12 of them children, in a disaster authorities blamed on oil thieves.
  • Mexico violence costs $350K daily in natgas losses

    11/11/2010 7:28:47 PM PST · by SwinneySwitch · 3 replies
    Businessweek ^ | November 11, 2010 | MARK STEVENSON
    MEXICO CITY Threats and violence by drug gangs are preventing some government oil workers from reaching installations in northern Mexico and costing state-owned Petroleos Mexicanos about $350,000 every day in lost production, a company official said Thursday. The official said Pemex has shut down the equivalent of about 100 million cubic feet of natural gas production per day. He talked to The Associated Press on condition of anonymity, because company rules do not allow him to be quoted by name. That amounts to about $10.5 million per month, or about 2.3 percent of Mexico's $450 million per month average in...
  • U.S. Loaning Mexico $1B for Gulf Drilling

    09/13/2010 9:40:12 AM PDT · by ChrisBoundsTX · 11 replies · 2+ views
    Liberty Juice ^ | 09/13/2010 | Chris Bounds
    President Obama has a drilling moratorium preventing U.S. companies from deepwater drilling. At the same time the U.S. is loaning money to PEMEX, the Mexican state owned oil company, to help boost its drilling in the Gulf of Mexico. From Fox News: "Despite President Obama's moratorium on U.S. deepwater drilling in the Gulf of Mexico, the U.S. Export-Import Bank intends to guarantee $1 billion in loans to PEMEX, the Mexican state oil company, to bolster the company's oil drilling in the region." "The bank, which is the official American export credit agency, loaned more than $1 billion to PEMEX in...
  • US to guarantee $1 billion for Mexican state oil company.

    09/12/2010 6:36:24 AM PDT · by agee · 21 replies
    American Thinker ^ | September 12, 2010
    This comes on the heals of an earlier deal where the Export-Import Bank of the US is going to loan $2 billion to Brazil's state-owned oil company, Petrobras. This behavior underscores why Presidential approval ratings are down. Reforms from health care to banking are hurting private businesses. The fact that Obama was openly hostile to domestic energy production as a candidate and the overbearing drilling moratorium has demonstrated to many Americans that he doesn't have their best interest in mind......
  • ICE AGENTS SEIZE $8 MILLION HELICOPTER PLANNED FOR ILLEGAL SHIPMENT TO IRAN

    04/20/2010 10:38:25 PM PDT · by Cindy · 11 replies · 1,144+ views
    ICE.gov - News Release ^ | April 16, 2010 | n/a
    Note: The following text is a quote: April 16, 2010 ICE agents seize $8 million helicopter planned for illegal shipment to Iran ARLINGTON, Texas - Special agents with U.S. Immigration and Customs Enforcement (ICE) on Thursday seized a Bell helicopter with an estimated value of $8 million that was destined for shipment to Iran in violation of trade sanctions. Federal agents had first grounded the helicopter in its Arlington, Texas, hangar in December. The aircraft is owned by the Italian company Tiber Aviation. U.S. Federal District Judge John McBryde, Northern District of Texas, Fort Worth Division, signed the civil arrest...
  • Auditors urge Mexico to slash oil estimate

    04/18/2010 5:20:15 AM PDT · by thackney · 3 replies · 312+ views
    Reuters via Calgary Herald ^ | 4/16/10 | Robert Campbell
    Auditors have urged Mexico to slash its broadest oil and gas estimate at a flagship project, two officials briefed on the matter said this week, the latest blow to the country’s embattled oil industry. The auditors recommended that state oil monopoly Pemex cut more than 7.5 billion barrels of oil equivalent at the Chicontepec onshore oil project in Mexico, which the country was betting on to save tumbling production. Management at the oil monopoly rejected the recommendation, which would wipe out more than 17 per cent of the 43 billion barrels of oil equivalent (boe) of proved, probable and possible...
  • Mexico Oil Politics Keeps Riches Just Out of Reach

    03/09/2010 7:41:48 AM PST · by Willie Green · 9 replies · 174+ views
    New York Times ^ | March 8, 2010 | CLIFFORD KRAUSS and ELISABETH MALKIN
    VENUSTIANO CARRANZA, Mexico — To the Mexican people, one of the great achievements in their history was the day their president kicked out foreign oil companies in 1938. Thus, they celebrate March 18 as a civic holiday. Yet today, that 72-year-old act has put Mexico in a straitjacket, one that threatens both the welfare of the country and the oil supply of the United States. The national oil company created after the 1938 seizure, Pemex, is entering a period of turmoil. Oil production in its aging fields is sagging so rapidly that Mexico, long one of the world’s top oil-exporting...
  • Mexico's Fading Oil Output Crimps Exports

    09/10/2009 5:18:58 PM PDT · by SwinneySwitch · 9 replies · 808+ views
    WSJ ^ | SEPTEMBER 9, 2009 | DAVID LUHNOW
    Budget Shortfall Is Likely to Worsen; Major Field Plunges MEXICO CITY -- Mexico's oil output is falling faster than expected, increasing the chance that the country will lose its status as a major oil exporter in coming years and face a worsening budget shortfall. Output at state-owned oil monopoly Petróleos Mexicanos's offshore field Cantarell, once the world's second-largest oil field, has plunged to 500,000 barrels a day from its peak of 2.1 million in 2005. "I don't recall seeing anything in the industry as dramatic as Cantarell," says Mark Thurber, assistant director for research at the Program on Energy and...
  • Point man in Mexico's war on drug cartels resigns

    09/08/2009 4:32:53 PM PDT · by SwinneySwitch · 4 replies · 393+ views
    Houston Chronicle/AP ^ | Sept. 7, 2009 | OLGA R. RODRIGUEZ
    MEXICO CITY — Mexican President Felipe Calderon replaced his point man in the drug war Monday, accepting the resignation of the attorney general whose image was tarnished by charges that his top confidant was on the take. The departure of Attorney General Eduardo Medina-Mora constituted the biggest shakeup in Calderon's offensive against organized crime. The president said it signified the second phase of his six-year presidency, which will reach its halfway mark in December. Calderon said the changes did not signal a relaxation in the government's assault on vicious drug cartels. But the president's all-out war has drawn criticism as...
  • Study: No signs of island that could extend Mexico's offshore oil claims

    06/24/2009 3:15:24 PM PDT · by SwinneySwitch · 22 replies · 720+ views
    Los Angeles Times/AP ^ | June 24, 2009 | MARK STEVENSON
    MEXICO CITY — Mexico vowed to keep looking for a mysterious island that could extend its offshore oil claims after university researchers said they couldn't find it. "The island doesn't exist" in the area where it was shown on maps, a National Autonomous University of Mexico study concluded after conducting studies with underwater sensing devices and aerial reconnaissance in the area. "Isla Bermeja" appeared on maps from the 1700s as a speck of land off the northwest coast of the Yucatan peninsula. A group of Mexican legislators hoped the island would help their decade-long effort to fend off what they...
  • Mexico Oil Output Down 7.8% in First Quarter

    04/22/2009 10:48:39 AM PDT · by thackney · 26 replies · 936+ views
    Rig Zone ^ | April 22, 2009 | Xinhua News Agency
    Mexico's state-run oil giant Petroleos Mexicanos (Pemex) on Tuesday reported that its first quarter oil output was averaged at 2.667 million barrels per day (bpd), down 7.8 percent from the same period of 2008. Cantarell, Mexico's largest oil producing field for decades, produced 787,000 bpd of oil, down more than 34 percent year-on-year. The deposit has averaged between 40 percent and 60 percent of the nation's total oil output at least over the past 20 years. The oil output at Ku-Maloob-Zaap, now the nation's biggest oil producing field, averaged 797,000 bpd, up nearly 20 percent from a year earlier. The...
  • Mexico says gang sold stolen oil to US refineries

    04/04/2009 8:37:31 PM PDT · by Redcitizen · 15 replies · 831+ views
    Assoc Press ^ | Wed Apr 1, 12:52 am ET | Unknown
    MEXICO CITY – Police in northern Mexico caught a gang that allegedly stole oil from state-owned pipelines and smuggled it across the border to sell it to U.S. refineries, authorities said Tuesday.
  • Pemex Awards Contracts Worth Almost $5.4B Thus Far in 2009

    04/03/2009 8:40:39 AM PDT · by thackney · 2 replies · 342+ views
    Rig Zone ^ | April 03, 2009 | EFE News Services
    State-owned Petroleos Mexicanos has awarded bids totaling some $5.39 billion thus far in 2009, the company said in a statement. The most recent contract, worth close to $687 million, is for drilling and completing 500 oil wells in the complex, onshore Chicontepec Field, which covers a 3,800-square-kilometer (1,470-square-mile) area in the east-central Mexican states of Puebla, Veracruz and Hidalgo. Pemex is hopeful that output at Chicontepec can eventually total between 600,000 and 700,000 barrels per day by 2017, but technically challenging horizontal drilling techniques must be employed at thousands of wells to get at the oil, which is found in...
  • Mexico Has Proved Oil Reserves for Nearly 10 Years

    03/23/2009 8:31:46 AM PDT · by thackney · 20 replies · 844+ views
    Rig Zone ^ | March 23, 2009 | Xinhua News Agency
    Mexico has proved oil reserves for the coming 9.9 years and potential reserves for 19.9 years, Mexican state-owned oil company Petroleos Mexicanos (Pemex) said on Friday. Pemex said the reserves total 43.562 billion barrels of equivalent crude. Among them 14.307 billion barrels are proved, 14.516 billion are probable and 14.737 billion possible. The reserves assure 30 years of oil production in Mexico. The statistics were based on such indexes as the evolution of its reserves, oil exploitation and the total production in the previous year, Pemex said in a document entitled "The Hydrocarbon Reserves of Mexico. Evaluation to January 1,...
  • EIA Ranks Mexico as World's 7th-Largest Oil Producer in 2008

    03/18/2009 1:04:35 PM PDT · by thackney · 3 replies · 291+ views
    Rig Zone ^ | March 18, 2009 | Energy Information Administration
    In 2008, Mexico was the seventh-largest oil producer in the world, and the third-largest in the Western Hemisphere. State-owned Petroleos Mexicanos (Pemex) holds a monopoly on oil production in the country and is one of the largest oil companies in the world. However, oil production in the country has begun to decrease, as production at the giant Cantarell field declines. The oil sector is a crucial component of Mexico's economy: while its relative importance to the general Mexican economy has declined, the oil sector still generates over 15 percent of the country's export earnings. More importantly, the government relies upon...
  • Pemex Trims Estimate for Cantarell's 2009 Oil Output

    03/03/2009 10:10:13 AM PST · by thackney · 8 replies · 345+ views
    Rig Zone ^ | March 03, 2009 | Nancy Agin
    According to a report by Reuters, Pemex has lowered its production estimate for its aging Cantarell oil field, which is set to produce an average of 700,000 barrels per day (bpd) of crude in 2009. The average output rate is down from the previously announced estimate of 756,000 bpd presented by Pemex to Mexico's Congress in January. Additionally, Reuters noted that Pemex has also trimmed its forecast for Cantarell's long-term output, which the company sees averaging 400,000 bpd between 2009 and 2017. Pemex originally estimated in its January presentation that output at Cantarell would reach 423,000 bpd. Pemex has announced...
  • Mexican Oil Output Down by 9.2% in January

    02/23/2009 10:01:55 AM PST · by thackney · 11 replies · 414+ views
    Rig Zone ^ | February 23, 2009 | EFE
    Mexican state oil monopoly Petroleos Mexicanos produced an average of 2.68 million barrels of crude oil per day in January, down 9.2 percent from the same month last year. Pemex announced its January results on Friday, noting that for the first time the Ku Maloob Zaap heavy oil field in the Gulf of Mexico became the country's most productive oil field with an average output of 787,000 bpd. It took over that position from Cantarell, which had been the most productive field since 1979 but continued its rapid decline, falling 38 percent to 772,000 bpd. Natural gas production, meanwhile, climbed...
  • Pemex reports 9.2% decline in oil production for 2008

    01/24/2009 2:46:16 PM PST · by thackney · 2 replies · 297+ views
    Oil & Gas Journal ^ | Jan. 22 2009 | Eric Watkins
    Mexico's Petroleos Mexicanos (Pemex), eyeing continued depletion at its main oil field, said the country's oil production declined by 9.2% in 2008 to just under 2.8 million b/d. The country's level of production was the lowest since 1995, when it reached 2.62 million b/d, according to statistics from the energy ministry. Pemex explained the decrease as due largely to continuing depletion of the country's Cantarell oil field and to Hurricane Ike, which disrupted production at offshore platforms in the Gulf of Mexico. Pemex said the gradual depletion of Cantarell, where production dropped by 461,000 b/d to around 1 million b/d...
  • Mexico to Seek Talks with Obama Admin on Border Oil Fields

    01/14/2009 2:29:08 PM PST · by thackney · 9 replies · 425+ views
    Dow Jones Newswire via Rig Zone ^ | January 14, 2009 | Peter Millard
    Mexico expects to hold talks with the incoming Obama administration concerning the "fair" development of oil fields that sit on both sides of the maritime border, Energy Minister Georgina Kessel said Wednesday. "We expect that, as soon as officials from the new administration are in office, these conversations will advance," Kessel told lawmakers at a hearing. She said Mexico has presented a formal proposal to negotiate "efficient and fair development of these types of reservoirs." State-run Petroleos Mexicanos thinks at least two deepwater oil fields stretch from the U.S. into Mexico. ... If production starts in the U.S. first, oil...
  • Mexico takes urgent economy steps

    01/08/2009 6:56:59 AM PST · by traumer · 10 replies · 514+ views
    The Mexican government has unveiled emergency measures to protect its economy from the global financial crisis and US recession. President Felipe Calderon said Mexico was facing a period of great difficulty and rising unemployment. He promised nearly $150m (£100m) to struggling industries in a bid to save hundreds of thousands of jobs. The measure is part of a 25-point plan that includes freezing petrol prices and increasing unemployment benefits. Mexico sends 80% of its exports to the US and also depends heavily on remittances from Mexican workers in the US so has been hit by the downturn in its neighbour's...