Keyword: pemex

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  • Fire breaks out on Pemex tanker in Gulf of Mexico, crew safe

    09/25/2016 8:12:10 AM PDT · by Olog-hai · 1 replies
    Reuters ^ | Sun Sep 25, 2016 | 10:41am EDT | Natalie Schachar and Noe Torres
    A fire broke out on an oil tanker of Mexican state oil company Pemex in the Gulf of Mexico on Saturday, forcing all the crew to be evacuated in the latest accident to plague the struggling firm. The blaze on the tanker “Burgos” occurred off the coast of Boca del Rio in Veracruz state and all the crew were safe, Pemex said in a tweet. Mexico’s Navy said there were 31 crew members and that all had returned to port. […] The tanker was carrying 80,000 barrels of diesel and 70,000 barrels of gasoline, Mexico’s Communications and Transport Ministry said....
  • Pemex Collapse Threatens Biggest Banks in Mexico (Big-oil bailout already under way)

    08/29/2016 2:53:37 PM PDT · by Lorianne · 12 replies
    Wolf Street ^ | 26 August 2016 | Don Quijones
    These days, the trend is not Pemex’s friend. Mexico’s loss-leading, debt-swamped, state-owned oil giant company announced that in July it had imported 554,000 barrels of oil a day — its highest monthly volume of imports since public records began in 1990. In total, two-thirds of all the oil Mexico consumed in July was imported — a staggering statistic for a country that until not so long ago was home to one of the largest oil fields in the world, the Cantarell. Pemex also acknowledged that its crude production fell a further 5% in July while its natural gas production shrunk...
  • Debt Spiral Grips Both, Pemex and Mexico

    04/10/2016 3:57:20 PM PDT · by Lorianne · 9 replies
    Wolf Street ^ | 05 April 2016 | Don Quijones
    It was just a matter of time before Pemex, Mexico’s chronically indebted state-owned oil giant, began dragging down the national economy it had almost single handedly sustained for over 75 years. The company has been bleeding losses for 13 straight quarters. As of December 31, it had $114.3 billion in assets and $180.6 billion in liabilities, a good chunk of it denominated in dollars, leaving a gaping hole of $66.3 billion (negative equity), after having been strip-mined over the decades by its owner, the government. And given these losses and the equity hole, new credit is becoming harder to come...
  • Pemex launches in Houston with first gas station outside of Mexico

    12/04/2015 4:23:55 AM PST · by thackney · 33 replies
    Fuel Fix ^ | December 3, 2015 | Jordan Blum
    Mexico’s national oil company launched its first gasoline station outside of the country’s borders on Thursday in Houston, the first of several stations planned for the city. After Mexico opened its borders to foreign investment in the country’s oil fields in 2014, state-owned Petróleos Mexicanos, know as Pemex, has started to test its brand strength by competing in the U.S., with that effort beginning in Houston, said José Manuel Carrera Panizzo, the company’s chief of alliances and new business development. “We want to be put to the toughest test,” Carrera said of the competitive Texas gasoline market. “We’re trying to...
  • Mexico's Pemex Loses Nearly $10B In 3Q, 12th Loss In Row

    10/28/2015 2:39:43 PM PDT · by thackney · 12 replies
    Rig Zone ^ | October 28, 2015 | Reuters
    Mexico's state-run oil company Pemex reported a steep third-quarter loss on Wednesday of 167.5 billion pesos ($9.9 billion), well over double the 60 billion pesos loss in the same period last year, hurt by low oil prices and a weaker Mexican peso. It was Pemex's 12th consecutive quarter in the red. Accumulated losses during the first nine months totaled 352.6 billion pesos ($20.8 billion), more than double the loss for the same period the previous year. Pemex said crude output for the quarter was down 5.5 percent, and natural gas production dropped nearly 1.7 percent. Crude exports jumped 10 percent...
  • Pemex secures crude swap license from U.S.

    10/28/2015 10:58:39 AM PDT · by thackney · 1 replies
    Fuel Fix ^ | October 28, 2015 | Associated Press
    The U.S. has given Mexico final permission to import about 75,000 barrels of light crude per day from north of the border. In return, Mexico will send heavier crude to U.S. Gulf Coast refineries. The permit applies for one year.
  • Crude Swap with Mexico – The Heavy and The Light

    09/02/2015 9:52:19 AM PDT · by thackney · 10 replies
    drilling info ^ | September 1, 2015 | Eric Roach
    On August 14 the Obama Administration announced that the Commerce Department would approve applications to export up to 100,000 barrels of light crude per day to Mexico in a swap arrangement for an equivalent volume of heavy crude from Mexico. This type of export has previously been available between The US and Canada, and perhaps indicates willingness to eventually repeal the crude export ban. Here’s a quick little recap and analysis of the situation. WHY IS THIS A BIG DEAL? After the 1975 oil shock, The United States banned the export of crude oil in order to stabilize the price....
  • Oil company Pemex has biggest exploration success in 5 years

    06/11/2015 5:32:37 AM PDT · by thackney · 1 replies
    Financial Times ^ | June 11, 2015 | Jude Webber
    Mexican state oil company Pemex announced five new shallow­water discoveries in the Gulf of Mexico in what it said was its biggest exploration success in five years. Emilio Lozoya, Pemex chief, made the announcement at the inauguration of a national oil and gas conference one month before Mexico’s historic first oil and gas tender. The July 15 auction, of 14 shallow­water exploration blocks in the same area as the new discoveries, is expected to signal the start of billions of dollars in private investment flowing into the sector. “The certain prospect of 200,000 extra barrels of production is very good...
  • This Deal Could Completely Change North American Energy Dynamics

    05/05/2015 11:41:05 AM PDT · by Opintel · 9 replies ^ | 05-05-2015 | NorthAmericanResources
    The United States is edging towards an historic agreement to swap crude oil with Mexico. The deal is important as it brings some relief to US producers struggling with a light oil glut at home and for Mexican national oil company, Pemex, which is hoping to mix the lighter crude coming out of US shale fields with its heavier blend. However, the arrangement is not just about the relationship between the US and Mexico. It’s also about broader North American energy integration. And critically, many experts see the deal as another crack in the US crude oil export ban. The...
  • Fire Reported On Bay Of Campeche Dwelling Platform

    04/01/2015 9:56:45 AM PDT · by thackney · 21 replies
    Oil Pro ^ | 4/1/2015 | Melanie Smith
    Wednesday morning, social network users reported a fire on the dwelling platform Abkatun Alfa located in Mexico's oil-rich Bay of Campeche. According to local media reports, the Abkatun Alpha is a dwelling platform purposed for housing personnel working offshore in the Bay of Campeche. Early reports also indicate it is owned by a private firm subcontracted by Pemex. Preliminary information indicates a failure in operation processes caused the fire. The incident prompted the evacuation of the platform. Some injuries were also reported. The injured were transported via helicopter from the rig to hospitals in Ciudad del Carmen. One death, 48...
  • Mexico suffers gasoline shortages because of pipeline thefts

    01/18/2015 6:52:36 PM PST · by thackney · 39 replies ^ | January 13, 2015 | Associated Press
    Mexico’s state-owned oil company acknowledges that pipeline thefts have gotten so bad they’re causing gasoline shortages in some states. The Pemex oil company says thieves repeatedly drilled illegal taps into pipelines carrying gasoline from refineries to distribution centers in north-central Mexico.... Thieves drilled around 2,500 illegal taps in the first nine months of 2104, and stole more than $1 billion in fuel.
  • Contract Cancellations Lead To Thousands Of Job Cuts In Mexico Oil Services & More To Come

    01/09/2015 6:49:35 AM PST · by thackney · 5 replies
    Oil Pro ^ | 1/9/2015 | Jeff Reed
    Over 10,000 workers at Mexican oil services companies were laid off this week as state-run Pemex cut contracts in response to the global decline in oil prices- and more job cuts are expected. Most of the oil services companies affected are headquartered in Ciudad del Carmen, on the Bay of Campeche coast in the GOM, and were informed this week that their contracts with Pemex would not be renewed. Bloomberg quoted Gonzalo Hernandez, secretary at the Ciudad del Carmen Economic Development Chamber, as saying that job losses could increase to 50,000. Meanwhile, Managing director of Xperto Offshore, Stuart Hill, told...
  • Mexico’s Pemex Files Request to Import Light U.S. Crude

    01/09/2015 5:28:21 AM PST · by thackney · 11 replies
    Wall Street Journal ^ | Jan. 8, 2015 | AMY GUTHRIE
    Mexican state-run oil giant Petroleos Mexicanos said Thursday it has requested permission from the U.S. Commerce Department to import light crude to Mexico from the U.S., with the aim of improving output at its Mexican refineries. The significant increase of light crude production in the U.S. presents an opportunity to mix that oil with Mexican heavy crude, and thus boost refining efficiency in Mexico, the company known as Pemex said. Pemex anticipates that it could import up to 100,000 barrels a day of light crude and condensates under the proposal, which it calls a “swap.” America has a long-standing ban...
  • Pemex loss widens as private investment nears

    10/26/2014 6:57:02 AM PDT · by thackney · 4 replies
    Fuel Fix ^ | October 24, 2014 | Robert Grattan
    State-owned, Mexican oil company Petróleos Mexicanos reported a stiff loss and declining production in the third quarter of 2014, as Mexico nears a historic transition to an open energy industry. Pemex said it lost 59.8 billion pesos or $4.4 billion during the July to September period, compared with a year earlier loss of 39.2 billion pesos or $2.9 billion. The loss was driven by falling oil prices and declining production, among other reasons, executives told investors on a Friday conference call. Pemex said it pumped an average of 2.4 million barrels per day in the most recent quarter, down about...
  • Mexican Cartels Steal Billions From Oil Industry

    09/29/2014 7:37:22 PM PDT · by Rabin · 3 replies
    Associated Press ^ | September 25, 2014 | Mark Stevenson
    CIUDAD MIER, Mexico (AP) — Mexico adjusted 75 years of crony-corruption to reform its state-owned oil industry. As it prepares to develop rich Gulf Coast shale fields just south of Brownsville, and attract foreign investors. Brutal "drug" cartels rule Tamaulipas and are stealing billions of dollars' worth of oil from pipelines. Figures released by Petroleos Mexicanos last week show the gangs are have drilled 2,481 taps into the pipelines. Pemex estimates it's lost some 7.5 million barrels worth $1.15 billion. Pemex director Emilio Lozoya (a friend of Eric), called the trend "worrisome."
  • Mexican cartels steal billions from oil industry

    09/25/2014 5:43:01 AM PDT · by thackney · 9 replies
    Fuel Fix ^ | September 25, 2014 | Associated Press
    Mexico overcame 75 years of nationalist pride to reform its flagging, state-owned oil industry. But as it prepares to develop rich shale fields along the Gulf Coast, and attract foreign investors, another challenge awaits: taming the brutal drug cartels that rule the region and are stealing billions of dollars’ worth of oil from pipelines. Figures released by Petroleos Mexicanos last week show the gangs are becoming more prolific and sophisticated. So far this year, thieves across Mexico have drilled 2,481 illegal taps into state-owned pipelines, up more than one-third from the same period of 2013. Pemex estimates it’s lost some...
  • 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 Peńa 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 Peńa Nieto and US President Barack Obama. Hoping to join the US and Canadian energy boom and invigorate the laggard Mexican economy, Peńa 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 Peńa 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...
  • Peńa 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 Peńa 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 ^ | 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......