Mexico Sets National Target of 5% Renewable Energy by 2018

April 1, 2015

Bloomberg Business, 3/31/2015

energy -wind_energyMexico has set a national target of getting 5 percent of its power from renewable sources by 2018, lower than the 8.2 percent goal in draft policies released earlier this month.

The goal is part of a national development plan issued Tuesday by Mexico’s energy secretary. It’s a step toward reaching the country’s existing long-term target of getting 35 percent of its energy from clean sources by 2024.

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Mexico Announces “Landmark” Greenhouse Gas Target — A Cut of 22 Percent by 2030

March 31, 2015

By Steven Mufson, The Washington Post, 3/27/2015

globe north south americaMexico vowed Friday to slash its output of greenhouse gases and make 2026 its peak emissions year, an ambitious goal and the first one submitted by an emerging market country in the runup to the global climate conference in Paris in December.

Mexico said it would reduce its emissions of greenhouse gases by 22 percent and its emissions of black carbon or soot by 51 percent by the year 2030.

Hitting that target will mean sharply raising vehicle fuel efficiency to bring standards in line with those in the United States and adopting appliance standards. Mexico also set goals for increasing the share of renewable and nuclear energy in its electric power sector.

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Weighing up partners for Mexico oil tenders

March 13, 2015

03/13/15 Financial Times 

Oil Rig 2 by Flickr user tsuda Photo by Flickr user tsudaInternational oil companies are “polygamous” by nature, says Iván Sandrea, chief executive of Sierra Oil & Gas, the first Mexican exploration company to be formed since the country’s sweeping reform of the sector to open it to private investment. So one thing the former Statoil executive is not happy about is the government’s insistence that bidders in the two tenders so far launched can belong to only one consortium. “I’ve never seen this in other countries,” he says. Still, given the natural urge in the industry, as he puts it, not to have to “marry only one bride and stay with her for the whole party”, Sierra is preparing to bid both as part of a consortium, and potentially team up with state oil company Pemex in some fields in which it is looking to bring in private partners.

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Mexico’s Oil and Gas Reserves Fall 3.1%

March 12, 2015

03/11/15 Wall Street Journal

energy - oil pumpsMexico’s proven oil and gas reserves fell by 3.1% last year to 13.02 billion barrels of crude-oil equivalent as national oil company Petróleos Mexicanos was unable to find new reserves to replace all the petroleum it took out of the ground last year, the National Hydrocarbons Commission said. Reserves of crude oil stood at 9.71 billion barrels as of Jan. 1, versus 9.81 billion a year earlier, the commission said late Tuesday. Natural gas reserves were 15.29 trillion cubic feet, compared with 16.55 trillion cubic feet in 2014. Proven oil and gas reserves are equivalent to 10 years of production at current rates.

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Mexico sweetens tax terms for energy groups developing its oil

March 10, 2015

03/09/15 Financial Times

532687354_fdef042d72_zMexico is sweetening the tax terms for energy groups hoping to develop the country’s oil and gas resources, because of government fears that the fall in crude prices could prompt companies to submit low bids. The North American country is holding its first competitive tender under which energy groups bid for contracts to explore and develop Mexico’s hydrocarbons — in a move that will end the 77-year monopoly enjoyed by Pemex, the state-controlled oil and gas company.

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Black Gold Next Frontier for Top Billionaires: Corporate Mexico

February 26, 2015

02/26/15 Bloomberg 

532687354_fdef042d72_zMexico’s top three billionaires — Carlos Slim, Alberto Bailleres, and German Larrea — dominate the country’s telecommunications, mining and retail industries. Next up on their priority list: oil. Slim, Bailleres and Larrea, Mexico’s three richest men according to the Bloomberg Billionaires Index, have created branches within their holding companies to compete in the oil and natural gas industries as the country’s government-run energy monopolies end. Bailleres’s Grupo Bal, which oversees mining companies Fresnillo Plc and Industrias Penoles SAB, formed PetroBal to explore for crude in Mexico two weeks ago.

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Mexico to stop shipping ready-to-use fuel to curb thefts

February 19, 2015

02/17/15 BBC News 

AP

AP

Mexico’s state-owned oil company Pemex has announced it will stop shipping ready-to-use petrol and diesel through its pipelines, in an effort to curb fuel thefts. Pemex says it will use its pipelines across Mexico only for unfinished fuel. That fuel will go through a last phase of mixing when it reaches the company’s storage plants. More than $1bn (£650,000) worth of fuel was stolen by Mexican gangs in 2014, an increase of 70% over the previous year. In a statement, the company warned consumers not to buy illegal fuel tapped from its pipelines as it was likely to damage car engines.

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