Seeking to improve understanding, communication, and cooperation between Mexico and the United States by promoting original research, encouraging public discussion, and proposing policy options for enhancing the bilateral relationship.
In a press conference at Cuernavaca on 1 October, López Obrador said that reforms put to the Chamber of Deputies on 30 September would give CFE its rightful place in the power system. They would effectively undo reforms made in 2014 intended to increase competition.
Obrador said that private companies had been encouraged to enter the Mexican power market at CFE’s expense. He said they had been able to generate power and make money while CFE power plants were required to be idle, and were able to use the national power grid for no cost.
Mexico’s government designated state oil company Petróleos Mexicanos as the operator of a large offshore oil reservoir it shares with a consortium led by Houston-based Talos Energy Inc., which has already invested heavily in the reservoir.
The designation gives Pemex management control of the joint development and comes as nationalist President Andrés Manuel López Obrador steps up efforts to revert key parts of an overhaul in 2014 that opened oil exploration and production to foreign investment.
Andres Manuel Lopez Obrador is doubling down on a promise that helped launch him to Mexico’s highest office in a landslide victory.
The Mexican president is trying to scrap a policy that opened the nation’s energy sector, and he’s made it the center of his strategy to keep control of congress in midterm elections just two months away.
MEXICO CITY (Reuters) – Mexico’s Senate passed on Tuesday a divisive bill aimed at strengthening state utility CFE that has angered private businesses and could cause disputes with some of the country’s top trade partners.
The bill was approved with 68 votes in favor and 58 against. The lower house had approved the bill on Feb. 23 without changes and President Andres Manuel Lopez Obrador, who had sent it to Congress, must now sign it.
Texas Gov. Greg Abbott’s decision last week to ban natural-gas exports to Mexico temporarily was shortsighted and counterproductive for his state.
This isn’t to dismiss the suffering in Texas. But Northern Mexico, which was also in the deep freeze, is the Lone Star State’s largest trading partner and its biggest market for natural-gas exports. Trying to use a state edict to cut off Mexican power generators in a crisis was a public admission that in Texas’s eyes, customers south of the border don’t rate.
Mexico’s grid planners expect 10GW of capacity (13% of the current installed base) to retire in the next decade. Most of the 96 retiring generators burn fossil fuels, and all of them are owned by Comision Federal de Electricidad (CFE).
Shedding outdated capacity is a step toward modernizing Mexico’s electricity grid. On average, the outgoing plants are less efficient and run less often than the remaining fossil fleet.
MEXICO CITY, May 13 (Reuters) – The Mexican government announced measures intended to help state oil company Pemex with its debt obligations, including renewal of credit lines with JP Morgan, HSBC and Mizuho, as well as a gradual tax reduction for the firm, officials said on Monday.
MEXICO CITY, May 9 (Reuters) – The construction of Mexico’s new refinery will be overseen by state oil firm Pemex after the government declared void the tender to build the facility, Mexican President Andres Manuel Lopez Obrador said on Thursday.
Speaking at his regular morning news conference, Lopez Obrador said the new refinery will be built “with the coordination, administration and supervision” of Pemex and the energy ministry. Construction will begin on June 2 and conclude by May 2022, Lopez Obrador said.
Over the last 25 years, trade with Canada and Mexico has quadrupled, almost reaching $1.3 trillion and supporting 14 million American jobs through our trading partners.The U.S. energy benefits provided through this agreement makes even more vital that we continue this trade partnership through the U.S.-Mexico-Canada-Agreement (USMCA).
Recently the International Trade Commission’s review of the new USMCA finds that the agreement will improve the U.S. economy broadly, raising GDP by $68 billion and employment by 176,000 jobs. This will not surprise either economists or historians, who have long noted the benefits of trade. But a closer look at the impact of North American trade for America’s energy sector is also instructive. The economic benefits of North American trade for energy underscore the critical importance of passing this agreement and why withdrawing from the North American Free Trade Agreement (NAFTA) would be perilous.
Mexico’s cash-strapped state oil company Pemex swung into a 36bn peso ($1.9bn) loss in the first quarter but said things were moving steadily in the right direction and highlighted a sharp drop in fuel theft — a major cash drain.
The first-quarter loss compares to the 113bn peso profit recorded in the year ago period. However it was much smaller than the 157.3bn peso loss posted in the fourth quarter, reflecting the positive impact of a 121bn peso foreign exchange profit and the company’s new strategies, officials said.
Furthermore, they said the 15-year freefall in crude production was being controlled. Mexico’s total crude production in the quarter averaged 1.69m barrels per day, of which Pemex produced 1.661m and commercial partners produced 29,000, Alberto Velázquez, chief financial officer said in a conference call with analysts. The production goal for 2019 is 1.725m bpd.
“We have made improvements, although gradual ones. We have advanced in all areas. The challenges will require time to resolve but the trend is clear . . . Pemex is moving in the right direction,” Mr Velázquez said. The company expects to finish its long-awaited business plan by the end of June and to start bringing 20 new fields onstream by year-end.