September 16, 2014
U.S. oil producers anxious to export booming supplies of domestic crude may have another way around a ban in place since 1975, this one via Mexico. Mexico’s state oil company, Petroleos Mexicanos, or Pemex, has expressed interest in importing some of the lighter oil the U.S. has in abundance, swapping it for heavier Mexican oil that U.S. refineries are able to process. If approved by the U.S. Commerce Department, it would be another exemption permitted by President Barack Obama’s administration, which this year let two oil producers sell a lightly processed form of crude overseas.
July 2, 2014
The first big set of contracts for oil and gas development in Mexico are likely to be delayed a few months, an energy ministry official said on Tuesday, after disagreements in Congress over detailed legislation to underpin them.
Congress is currently discussing so-called secondary laws, including some new rules and amendments to existing ones, needed to set in motion a landmark energy reform passed in December to open up the oil and gas industry to private capital.
June 26, 2014
During Mexico’s first oil boom, Tampico was such a magnet for foreign capital that it became the biggest oil-exporting port in the Americas and home to grandiose architecture that inspired comparisons to Venice and New Orleans.
A century on, Tampico is the country’s kidnap capital, racked by fear, murder and extortion that threaten to choke off its bid to make a comeback as Mexico, the world’s No. 10 crude oil producer, opens up its oil and gas industry.
June 3, 2014
Mexican state-run oil company Pemex has hired Credit Agricole to sell its stake of just over 9 percent in Spanish oil major Repsol , Spanish online newspaper El Confidencial reported on Monday, citing financial sources.
Pemex, a long-time Repsol shareholder, has had an increasingly fractious relationship with the Spanish group.
It has publicly locked horns with Repsol Chairman Antonio Brufau over how he handled negotiations after Argentina’s 2012 seizure of the company’s YPF business, which ended in a $5 billion settlement this year.
June 3, 2014
Financial Post, 06/03/14
While the United States takes an aggressive stand against fossil fuels, its neighbours to the south and north are working together to boost oil and gas production.
A high-level delegation from Mexico was in Calgary Monday to invite Canadian companies to take advantage of its sweeping energy reforms.
Endowed with massive oil and gas resources, the two countries have made their development central to their economies, while taking the view that growth and environmental protection can move hand-in-hand, not at each other’s expense.
January 24, 2014
Fox News Latino, 01/24/2014
Iranian President Hassan Rouhani has made a concerted effort to reach out to Western powers during his trip the World Economic Forum this week, highlighting the Islamic Republic’s need for greater energy ties with Latin America – even broaching the topic of alleviating the country’s tense relations with the United States. The main focus of Rouhani’s trip to Davos was to woo foreign investors to Iran, which has a market of around 76 million people and some of the largest gas and oil reserves in the world.Earlier in the week the chief of the Iran-Mexico Parliamentary Friendship Group met with the head of the Mexican Senate’s Foreign Relations Committee, Gabriela Cuevas Barron, in Tehran to discuss the expansion of energy ties between the two nations and in other parts of Latin America. For its part, Mexico appears open to the idea of growing its relationship with Iran, despite the country’s poor relations with Mexico’s closest ally, the U.S.
January 23, 2014
Infraestructura Energetica Nova (IENOVA*) SAB, the Mexican unit of Sempra Energy (SRE), is being forecast by analysts as a winner because of energy legislation that helps it extend last year’s growth and a 53 percent stock gain.
Ienova is expected to be an “early beneficiary” of the energy law enacted by Mexico’s President Enrique Pena Nieto last month that will allow foreign companies to produce crude in Mexico for the first time since 1938, Credit Suisse analysts led by Vanessa Quiroga said in a Dec. 16 note to clients. Opportunities to enter oil and natural gas transportation and storage as well as electricity transmission and distribution will probably keep driving Ienova shares, according to Curt Launer, an analyst at Deutsche Bank AG. He rates the shares a buy with a target price of 67 pesos.
The second part of Mexico’s energy law will be debated in congress next month. Secondary legislation will determine legal specifics for contracts of foreign oil companies entering Mexico such as Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX)
“Energy reform brings in new capital and new drilling and makes Mexico able to grow its own natural gas production,” Launer said in a Jan. 21 phone interview from New York. “Ienova is very well positioned to be the natural gas processor, to be the liquids processor, and the joint venture they already have with Pemex looks like it would be a big winner in any of those circumstances.”