April 20, 2015
4/18/2015 Bloomberg Business
Mexico will hedge its 2016 oil exports to protect against lower prices even with crude near a six-year low, and the nation has little room to increase its debt to avoid spending cuts, Finance Minister Luis Videgaray said.
“There are certainly lower prices that can happen and could represent risk, so yes we will hedge,” Videgaray said in an interview Saturday in Washington. “Certainly it will not be a hedge at the price we were able to get for this year’s hedge, but we’ll take what the market gives us.”
March 25, 2015
Fox News Latino, 3/25/2015
Mexican state-owned oil company Petroleos Mexicanos said it expects crude production in 2015 to come in at an average of 2.29 million barrels per day, down from 2.43 million bpd last year, the National Hydrocarbons Commission, or CNH, said.
Natural gas production also will fall this year to 6.36 billion cubic feet per day, compared to 6.53 billion cfd in 2014, the CNH said Tuesday, citing the Pemex Exploration and Production’s Quarterly Operational Program.
March 13, 2015
03/13/15 Financial Times
International 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.
March 12, 2015
03/11/15 Wall Street Journal
Mexico’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.
March 3, 2015
Adam Williams and Angelina Rascouet, Bloomberg, 2/2/2015
Mexico will alter terms of oil blocks being auctioned this year in response to criticism from prospective bidders that crude’s rout made original requirements onerous.
Authorities will release new fiscal terms for shallow water contracts on Friday, Finance Minister Luis Videgaray said at an energy summit in London Monday. He spoke after BP Plc Chief Executive Officer Bob Dudley said terms “need to be a little more competitive,” echoing comments by Occidental Petroleum Corp. and Mexico’s Alfa SAB.
February 26, 2015
Mexico’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.
February 18, 2015
BBC News, 2/17/2015
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.