Oil companies eye Mexico’s ‘sweet shop’

September 29, 2014

09/26/14 Financial Times

energy - oil barrelsMexico is “like a sweet shop in the oil business”, according to one executive, and international energy companies are eyeing the goodies it offers as they wait for technical and fiscal details to work out how much they can splurge. Mexico is accelerating the bidding process in the reform of its energy sector. It expects to announce fiscal terms in November and to award the first contracts – for shallow water fields – in late April-early May. Deep-water fields will be awarded in September-October 2015.

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Mexican cartels steal billions from oil industry

September 25, 2014

09/25/14 The Washington Post

Oil barrelsMexico 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 7.5 million barrels worth $1.15 billion.

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Pemex boss: looking to the US and to Asia

September 17, 2014

09/15/14 Financial Times

Oil barrelsEver pragmatic, the boss of Pemex, Mexico’s revamping state oil company, knows the first barrels of oil extracted from the enticing deepwater prospects in the Gulf of Mexico under the country’s historic energy reform will probably be processed and shipped through existing US infrastructure. But don’t be tempted to think that Pemex is taking its eye off Asia.

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Mexico’s Interest in U.S. Oil Seen Opening Export Door

September 16, 2014

09/16/14 Bloomberg

energy - oil barrelsU.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.

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Mexico oil contracts set to be delayed: official

July 2, 2014

7/1/14 Reuters

energy - oil pumpsThe 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.

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Crime-ridden state poses acid test for Mexican oil reform

June 26, 2014

06/25/14 Reuters

TampicoDuring 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.

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Mexico’s Pemex prepares to sell 9 pct Repsol stake

June 3, 2014

Reuters, 06/03/14

energy - oil barrelsMexican 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.

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