July 30, 2014
Mexico’s state oil company struck a deal to import U.S. natural gas from a Swiss trading house, a step that would help the nation secure a cheaper long-term alternative to fuel oil for its power plants.
A subsidiary of Petroleos Mexicanos will form a joint venture with Geneva-based Mercuria Energy Group Ltd. to handle the gas and will aim to be one of the five largest participants in the North American natural gas market, the company said today in an e-mailed statement.
July 30, 2014
07/30/14 Financial Times
Mexico is poised to increase its public debt at a time of sluggish economic growth, as the government considers taking some of Pemex’s giant pensions liabilities on to its own balance sheet.
The move comes amid a sweeping reform of the energy and power sectors that will see the state oil company as well as utility CFE transform into “state productive enterprises” by the end of next year, competing with private investment.
July 24, 2014
Nine Petroleos Mexicanos employees reported minor injuries after a storage tank at a refinery in Ciudad Madero caught fire late last night.
Seven workers have been treated for dehydration and two for minor burns, according to a Pemex press official who declined to be named because of company policy. Emergency services crews continue to work to extinguish the fire at the state-owned oil producer’s refinery 500 kilometers (311 miles) north of Mexico City in the Tamaulipas state. No serious injuries have been reported.
July 21, 2014
Mexico’s Senate passed two bills late on Sunday that set out modified structures for the country’s two state-owned energy companies, part of a sweeping reform that overhauls the oil, gas and electricity sectors.
The new laws that define the administration and new transparency measures for state-run oil company Pemex and national electricity utility CFE passed on a vote of 89 to 27.
July 10, 2014
07/10/14 Fox News Latino
Mexican state-owned energy giant Petroleos Mexicanos has awarded a contract to build a section of the Los Ramones natural gas pipeline to a consortium made up of Brazilian engineering group Odebrecht, Mexican construction company Arendal and Italian-Argentine group Techint.
The contract was awarded after a “painstaking analysis” to ensure the necessary “technical experience and capacity” to develop the Los Ramones Phase II North project in a timely and appropriate manner, Pemex said in a statement.
July 9, 2014
Petroleos Mexicanos is beating global oil producers from Exxon Mobil Corp. (XOM) to Chevron Corp. in the bond market as lawmakers move closer to approving rules to lower the company’s taxes.
Dollar-denominated debt from Pemex, as the state-owned company is known, has returned 8.3 percent this year, data compiled by Bloomberg show. That compares with an average 6 percent gain for 372 securities from integrated oil companies globally, a 1.3 percent return on debt issued by Exxon, the world’s biggest energy company by market value, and a 3.3 percent advance on Chevron notes.
July 2, 2014
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.
June 27, 2014
Mexico’s state-run oil company Pemex said on Thursday it had record demand for its latest local debt issuance which was oversubscribed nearly four-fold.
Investors aiming to purchase three separate Pemex debt offerings worth a total of 15 billion pesos ($1.15 billion) pledged 57.5 billion pesos, or 3.8 times the amount issued, Pemex said in a statement.
June 25, 2014
06/23/14 Financial Times
After more than 40 years in the oil industry, Ali Moshiri thought he had seen it all. As Chevron’s boss for Latin America and Africa, he has witnessed Venezuela’s socialist revolution, Argentine financial turmoil, multibillion-dollar pollution lawsuits in Brazil and Ecuador, and Colombian violence – all before he turned to Africa.
Yet the one thing the unflappable executive thought he would never see is finally happening: after nearly eight decades, Mexico is set to open its oil industry to foreign investment, welcoming back the same multinational oil companies, including Chevron, that it kicked out in 1938 when it nationalised the industry.
“For about 25 years, I have been looking at Mexico and waiting for this moment,” says the silver-haired 61-year-old. “Now we have to calibrate our patience.”
June 6, 2014
06/06/14 Washington Post
When Mexican President Enrique Peña Nieto arrived at the March rally, he was greeted like a rock star. Hundreds of local residents and employees of Petróleos Mexicanos had gathered in the state of Veracruz to celebrate the 1938 expropriation of foreign oil wells and the founding of Pemex.
The workers, dressed in white shirts and guayaberas with the Pemex logo, leaned over waist-high barriers to try to touch the president. They cheered, breaking frequently into a chant normally reserved for the national soccer team.
An outsider would never have guessed that just three months earlier, Peña Nieto, 47, had signed into law a constitutional amendment that Pemex, its powerful union and its political backers had fought for decades. The amendment will open Mexican oil and gas fields to foreign and private investment for the first time in 76 years.