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Keyword: pemex

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  • 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...
  • Mexico Looks To Buck Global Oil Trend By Raising '09 Spending

    12/23/2008 5:37:05 AM PST · by thackney · 4 replies · 352+ views
    Dow Jones Newswire via Rig Zone ^ | December 22, 2008 | Peter Millard
    Oil firms from offshore Louisiana to Middle Eastern deserts are cutting back during the price collapse, but oil-hungry Mexico is spending as if the boom is just starting. In Mexico, oil exports will run out in less than seven years at current decline rates, and the urgency to reverse the sharp fall has created a flurry of activity in Mexico's oil patch. If Mexico manages to buck the low-investment trend hitting the global oil industry, output will stabilize or at least fall at a slower rate over the next few years. This would guarantee fiscal revenue at home and a...
  • Mexico says oil exports to fall sharply by 2017

    12/11/2008 12:22:49 AM PST · by Vince Ferrer · 8 replies · 389+ views
    Associated Press ^ | Decamber 11, 2008 | Mark Stevenson
    MEXICO CITY (AP) -- Mexico said Wednesday that rising domestic consumption will cut the country's oil exports almost 40 percent by 2017, although the country hopes to increase crude production to just over 3 million barrels per day by that time.
  • Mexican Oil Production Down Nearly 10%

    11/22/2008 9:15:52 PM PST · by St. Louis Conservative · 17 replies · 560+ views
    Associated Press ^ | November 22, 2008 | Staff
    MEXICO CITY (AP) — America's third-largest oil supplier has exported 17 percent less crude this year.Mexico's state-owned Petroleos Mexicanos company says daily production through October averaged 2.8 million barrels, down nearly 10 percent from the same period last year.  Pemex says production has dropped by a third this year at Mexico's main Cantarell oil field.  An energy reform package approved by Mexico's Congress last month aims to reverse declining production by giving Pemex more leeway to hire private companies and devote more revenue to explore for oil.
  • Mexico Hedges Nearly All Of Next Year's Oil Exports

    11/11/2008 8:51:26 AM PST · by marshmallow · 114 replies · 1,090+ views
    Fox Business ^ | 11/11/08
    NEW YORK -- Mexico, the world's sixth-largest oil producer, hedged almost all of next year's oil exports at prices ranging from $70 to $100 at a cost of about $1.5 billion through derivatives contracts, the Financial Times reported on its front page Tuesday, citing bankers familiar with the deal.
  • Reconsidering a long tradition, Mexico's ambassador to U.S. hints of energy reform

    10/22/2008 6:59:24 AM PDT · by thackney · 6 replies · 268+ views
    Houston Chronicle ^ | Oct. 22, 2008 | JENALIA MORENO and DANE SCHILLER
    The worldwide economic slump is causing more Mexicans to consider allowing private investment in Mexico’s state-owned oil company, Arturo Sarukhan, Mexico’s ambassador to the U.S., said Tuesday. “I think that we do see the beginnings of a thaw in the way Mexicans of different political persuasions understand how reforming the energy sector in Mexico is going to be critical, not only in terms of what has happened these past two months in the world economy, but our ability to continue growing,” said Sarukhan, during a visit with the Houston Chronicle’s editorial board. “I think that the global slowdown has forced...
  • As Mexico Oil Reform Accelerates, Firms Wait for Fine Print

    10/20/2008 8:23:31 AM PDT · by thackney · 5 replies · 298+ views
    Dow Jones Newswire via Rig Zone ^ | October 20, 2008 | Peter Millard
    Mexico's energy reform just got a shot in the arm. The financial crisis and tanking oil prices puts a premium on private capital to help shore up the struggling industry, dampening a nationalist backlash. But oil firms are unsure if the reform, which was watered down earlier this year following heavy attacks from left-wing politicians, will offer enough to deploy capital south of the U.S. border. The risks are high for both Mexico and the U.S. Mexico will be importing crude within seven years unless it finds and develops new pools of oil fast. This would undermine state revenue and...
  • Pemex Restores 250,000 B/D Crude Shut-In By Ike

    10/10/2008 9:24:54 AM PDT · by thackney · 2 replies · 243+ views
    Dow Jones Newswire via Rig Zone ^ | October 10, 2008 | Peter Millard
    Mexican state oil firm Petroleos Mexicanos has restored 250,000 barrels a day of crude that it was forced to shut in on Sept. 23 because storm-battered U.S. refineries had to cancel crude shipments, Pemex said Thursday. The export problems saturated Pemex's storage facilities, forcing the company to curb production. Pemex said a total of 1.94 million barrels of Maya crude oil were shut in during the period.
  • Pemex scales back its oil production

    09/25/2008 5:23:36 AM PDT · by thackney · 3 replies · 222+ views
    Houston Chronicle ^ | Sept. 24, 2008, 10:38PM | Chronicle News Services
    Mexico's state oil company says it is temporarily reducing oil production because U.S. refineries damaged by Hurricane Ike have canceled shipment orders. Petróleos Mexicanos, or Pemex, says it has lowered its daily output by 250,000 barrels a day. But the company said this week that it expects production to be back to normal by week's end. Pemex produced an average of 2.75 million barrels a day in August, the latest available output figure. Hurricane Ike shut down or reduced work at more than a dozen refineries on the Gulf Coast of Texas. Seven of those refineries process crude oil from...
  • Pemex's Crude Output Slides to 2.76MM B/D

    09/23/2008 8:27:42 AM PDT · by thackney · 2 replies · 66+ views
    Dow Jones Newswire via Rig Zone ^ | September 23, 2008 | Peter Millard
    Mexican crude production slid to 2.76 million barrels a day in August owing to a steady decline in overall production and temporary production snags. August production was down from 2.78 million barrels a day in July and 2.84 million barrels a day in August, 2007, Pemex reported on Monday. ...pipeline repairs and other operational snags hurt overall production in August, and that output should rise in September.
  • Mexico Ponders How to Boost Faltering State Oil Company

    08/03/2008 10:24:35 AM PDT · by Donald Rumsfeld Fan · 9 replies · 130+ views
    McClatchy Washington Bureau ^ | Sunday, August 03, 2008 | iStockAnalyst
    MINATITLAN, Mexico _ Pungent smoke billows from aging petrochemical plants here. Foul-smelling bluish water gathers in pools outside the walls. Fading paint announces the creaky Lazaro Cardenas refinery, a perfect metaphor for one of the world's biggest and most antiquated state oil companies. Petroleos Mexicanos employs more than 147,000 people and has long operated as a state within a state, with its own hospitals, pensions and integrated business operations. snip----Workers warn that they'll fight downsizing. "The energy reform should not harm the (labor) agreements. If it does, it won't fly," warned Jose Manuel Sanchez Urrita, a 24-year veteran of the...
  • Mexico's capital, 9 states vote on nation's oil industry {referendum, privatizing Pemex}

    07/28/2008 6:19:54 AM PDT · by thackney · 6 replies · 161+ views
    Los Angeles Times ^ | July 28, 2008 | Marla Dickerson
    A bitter debate on how to rescue Mexico's troubled state-owned oil company went directly to the people Sunday as residents of the capital and nine states voted in a nonbinding referendum on President Felipe Calderon's plan to open some portions of the petroleum industry to outsiders. The vote, organized by the opposition Democratic Revolution Party, or PRD, has no official bearing on energy legislation making its way through Congress. But opponents of Calderon's reforms hope a decisive "no" vote will force legislators to back off. The balloting was the first of three so-called Citizen Consultation referendums over the next month...
  • Mexico Soon to Be a Bigger Problem?

    05/26/2008 6:50:16 AM PDT · by captjanaway · 2 replies · 86+ views
    Family Security Matters ^ | May 26, 2008 | Alan Caruba
    As if the constant flow of illegal aliens and drugs from Mexico were not already a huge problem for the United States, it is about to get worse. When Business Week took notice of Mexico's dwindling oil reserves and failed national oil company, Pemex, in its May 5th edition, it signaled a problem whose significance is as great as the one involving an invading population. "A Slippery Moment for Mexican Oil" was the title, followed by "Output is tanking, but there's fierce opposition to a plan that could reward Big Oil for helping find new reserves." You have to read...
  • Mexico April Crude Output 2.77MMb/d, Lowest Since Oct '99

    05/23/2008 10:29:46 AM PDT · by thackney · 13 replies · 100+ views
    Dow Jones Newswire via Rig Zone ^ | May 23, 2008 | Peter Millard
    Mexico's April oil output slid to the lowest level since October 1999, underscoring the inability of state-run Petroleos Mexicanos to reverse an output decline that began in 2004. April output was 2.77 million barrels a day, compared with 2.85 million barrels a day
  • Mexican oil output falls 7.8 pct in first quarter

    04/21/2008 2:40:41 PM PDT · by BenLurkin · 11 replies · 15+ views
    AP ^ | Monday April 21, 3:30 pm
    MEXICO CITY (AP) -- Mexico's state-run oil company said Monday that oil production fell 7.8 percent to 2.91 million barrels a day in the first quarter as current reserves dwindle. Petroleos Mexicanos, or Pemex, has struggled with falling reserves, especially at its main Cantarell oil field, and lacks the money and expertise to launch new drilling projects. Pemex only has enough proven oil reserves to last nine years at current production rates. President Felipe Calderon this month proposed an energy reform that would allow more private and foreign investment to jump-start new projects, but opponents argue the bill is a...