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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
    Oilprice.com ^ | 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
    Bakken.com ^ | 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...