Is The Next Shale Boom About To Unfold In Mexico?

09/26/16 OilPrice.Com

stock-footage-montage-of-clean-energy-fossil-fuel-pollutionMexico could auction off shale acreage as soon as the second quarter of next year.

Mexico’s energy secretary said last week at Rice University that the government could begin shale auctions at some point after March 2017, another step forward in the country’s historic opening up of its energy sector. Mexico is sitting on what many think are vast shale oil and gas resources in the north, which are thought to be extensions of the Eagle Ford shale in South Texas.

 

Read more…

Mexico Extinguishes Fuel Tanker Fire Off Gulf Coast

09/25/16 The New York Times 

MEXICO CITY — Firefighting crews extinguished a fire aboard a fuel tanker belonging to the Mexican state oil company, Pemex, late Sunday afternoon, about 30 hours after an explosion sent flames billowing into the air off the Gulf Coast port of Veracruz.

Pemex said all 31 crew members aboard the tanker, the Burgos, were safely evacuated.

The tanker was carrying 80,000 barrels of diesel fuel and 70,000 barrels of gasoline, but officials said the boat’s double hull reduced the risk of a spill.

Read more…

Sempra takes on bigger role in Mexico’s energy landscape

09/23/16 The San Diego Union Tribune

stock-footage-montage-of-clean-energy-fossil-fuel-pollutionSempra Energy’s subsidiary in Mexico, known as IEnova, has taken another step toward expanding its profile in the country’s energy landscape.

On Wednesday, Mexico’s antitrust commission approved IEnova’s purchase of a 50 percent stake in the infrastructure company Gasoductos de Chihuahua for about $1.1 billion from Pemex, Mexico’s state-run oil company.

Read more…

Mexico Ratifies the Paris Agreement

09/21/16 Natural Resources Defense Council

NRDC.jpgMexico’s Environment Secretary, Rafael Pacchiano Alamán, delivered the country’s ratification of the Paris Agreement to the United Nations today, bringing Mexico into the fold of the now-60 countries who have ratified this groundbreaking treaty to combat global climate change with domestic action. Those 60 countries account for 47.76% of emissions worldwide.

In fact, Mexico is the latest of many Latin American countries that have taken this important step, with others on the way.

Read more…

Mexico unveils new oil finds

09/14/16 UPI

energy - oil pumpsMEXICO CITY, Sept. 14 (UPI) — New discoveries made off the eastern coast of Mexico have the potential to produce more than 20,000 barrels of oil per day, the state energy company said.

Mexican state oil company Petróleos Mexicanos said it made two oil discoveries in the deep waters of its territory of the Gulf of Mexico and four in the shallow waters, which could combine for a potential production rate of around 22,000 barrels of oil per day. All told, the discoveries contain, at the high end, an estimated 200 million barrels of oil equivalent.

Read more…

UPDATE 1-Mexico’s IEnova plans October share offering of over $1 bln -sources

09/12/16 Reuters

Mexico’s Infraestructura Energetica Nova (IEnova) aims to raise more than $1 billion in a secondary share offering in October, three people with knowledge of the matter said, in what would be one of the biggest Mexican equity placements in recent years.

A unit of U.S. firm Sempra Energy, IEnova has hired Credit Suisse and JP Morgan to underwrite the offer that will help it fund major investments, according to two of the people, who declined to be named as the offering is not yet public.

A spokeswoman for IEnova declined to comment. Credit Suisse and JP Morgan also declined to comment.

Read more…

Mexico’s $1 billion oil hedge may pay economic dividends

09/10/16 CNBC

oil wellAs the world in general and oil producers in particular continue to navigate a world awash in cheap crude, Mexico is trying to get ahead of the game — and potentially reap a big reward in the process.

Home to oil reserves of at least 10 billion barrels according to U.S. Energy Information Administration figures, Mexico has traditionally done very well by hedging oil in global markets.

Read more…