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.

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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.

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Shell becomes first oil company to join Mexico’s hedging program: Bloomberg

09/01/16 Reuters

shell by Azfar Hakim
Photo by Flickr user Azfar Hakim

Royal Dutch Shell Plc participated in Mexico’s oil hedging program for 2017, the first time an oil company has taken part in the world’s large commodities hedging program, according to Bloomberg, citing four people with knowledge of the matter.

Shell’s trading unit was one of the seven counterparties to the Mexican government, the report said, adding that their involvement is the first known participation since Mexico started to lock in prices regularly 15 years ago.

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Mexico to ban gasoline oxygenated with ethanol in three urban centers

08/24/16 Reuters

Mexico-pollutionMexico will ban the sale of gasoline oxygenated with ethanol beginning in late October in three major urban centers as part of a push to combat the worst pollution in over a decade due to high concentrations of ozone in the atmosphere, government officials say.

While Mexico opened to the door to such imports in April, such a blend of ethanol and gasoline is not yet present in the Mexican market. State oil company Pemex says it neither produces nor imports gasoline oxygenated with ethanol.

 

Mexico Oil Regulators Approve Bidding Process for 12 Exploration Blocks

08/23/16 The Wall Street Journal

oil wellMEXICO CITY—Mexican oil regulators on Tuesday approved a bidding process for a dozen exploration and production areas containing mostly natural gas, the sixth auction since the country opened the industry to private and foreign investment.

The auction includes 12 onshore blocks, nine in the Burgos basin of northern Mexico and three in the south of the country. Contracts are for 30 to 40 years, including exploration, development and production periods.

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Exxon, Chevron, Hess in Joint Bid for Mexican Oil

08/18/16 Bloomberg

oil wellExxon Mobil Corp., Chevron Corp. and Hess Corp. have agreed to bid together for rights to drill for crude in Mexico’s deepwater oil areas, according to a person with direct knowledge of the plans.

The three U.S.-based producers have reached a Joint Operating Agreement, which allows the consortium to bid to produce oil in the 10 areas up for auction on Dec. 5, according to the person, who asked not to be identified because the information isn’t public.

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Mexico says it has nearly completed 2017 oil hedge

08/16/16 Reuters

Mexico has nearly completed its oil hedging program for 2017, the country’s finance minister said on Tuesday, adding that what is considered to be the world’s biggest sovereign oil derivatives trade began in mid-June.

Luis Videgaray gave no details on how much crude Mexico was hedging, how much it spent or the average price it paid.

“We have advanced in an important way, we still haven’t finished the process but the vast majority of the options, that is to say the hedge, have already been acquired,” Videgaray said at an event in the northern city of Monterrey.

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