Mexico’s Senate OKs fresh changes to Pemex, electrical utility

July 21, 2014

07/21/14 Reuters

energy - oil_rigMexico’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.


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Mexico’s Pemex awards gas pipeline contract to OAT consortium

July 10, 2014

07/10/14 Fox News Latino

gas pipeline in green fieldMexican 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.

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Pemex Beating Exxon on Planned Cut to Tax Burden: Mexico Credit

July 9, 2014

7/9/14 Bloomberg

tax - pinPetroleos 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.

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Mexico’s Pemex to spend $6 bln to maintain output at Cantarell

July 2, 2014

7/1/14 Reuters

energy- oil pumps 2Mexico’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.

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Mexico’s Pemex sees record demand for latest debt issuance

June 27, 2014

06/26/14 Reuters

pemex2Mexico’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.

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Energy: Back to black

June 25, 2014

06/23/14 Financial Times

energy - oil pumpsAfter 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.”

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Pemex, Mexico’s state oil giant, braces for a the country’s new energy landscape

June 6, 2014

06/06/14 Washington Post

pemex2When 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.

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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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Mexico arrests entrepreneur in fraud case linked to Citibank, Pemex

May 30, 2014

Los Angeles Times, 05/29/14

pemex2Arrest in Mexico fraud case comes as president seeks to open up nation’s petroleum business to outsiders.

The Mexican government on Thursday announced the arrest of a wealthy entrepreneur who is accused of a multimillion-dollar fraud involving Citibank and the giant Mexican oil monopoly.

Amado Yañez Osuna was placed under arrest and will be charged with fraud, the federal attorney general’s office said in a statement. He won’t go to jail immediately, however, because he is in hospital recovering from surgery. There, officials said, he is under police guard.

Yañez was head of the Oceanografia firm, which supplied services to Petroleos Mexicanos, or Pemex, the state oil company. According to prosecutors, Oceanografia fraudulently billed the firm for work not done and took out loans from the Mexican bank Banamex based on those false premises. Banamex is a subsidiary of Citibank.

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Security threats may snag Mexico’s energy overhaul

May 12, 2014

energy -drilling_platform_in_seaHouston Chronicle, 5/10/14

Criminal activity in northern Mexico threatens to undermine an ongoing effort to open the country to foreign oil and gas producers for the first time in decades, a new report from Rice University’s Baker Institute warns.

The report comes as Mexico hammers out the details of constitutional changes approved last year that soon will allow foreign energy companies to bid on access to the country’s oil and gas resources, which for decades have been controlled exclusively by the state-run monopoly Petróleos Mexicanos, or Pemex.

But the new report says criminal activity by drug cartels and others could deter some foreign companies from pursuing opportunities in Mexico despite its potential bounty and may prevent the country from profiting as much as it hopes to from the energy overhaul.

“These companies – they’re smart people, they’ll ask questions, and they’ll make their calculations,” said Tony Payan, author of the report and director of the Baker Institute’s Mexico Center. If Mexico isn’t able to convince companies it’s safe, Payan warned, “there may be lost opportunities for investment.”

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