Talos Energy files notice with Mexico over disputed oil field

09/07/2021

Source: Mexico News Daily

A United States energy company has submitted notices of dispute to the federal government over a decision to take away its control of a shallow water oil field in the Gulf of Mexico.

Houston-based Talos Energy intends to fight the decision by the Energy Ministry (Sener) to designate the state oil company Pemex as the operator of the Zama field, which contains almost 700 million barrels of oil.

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Five killed in Mexico’s oil platform fire, hammering Mexico output

08/23/2021

Source: Reuters

MEXICO CITY, Aug 23 (Reuters) – Five workers were killed and six injured in Sunday’s fire on an offshore platform in the southern Gulf of Mexico operated by Petroleos Mexicanos (Pemex) that cut about a quarter of Mexico’s oil production, the company said on Monday.

The fire broke out as crews were performing maintenance on the platform, and a search for missing workers continues, Pemex Chief Executive Octavio Romero told a news conference.

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Offshore platform fire cuts Mexico oil output by 444,000 bpd

08/23/2021

Source: Reuters

A fire that struck an offshore oil platform operated by Mexico’s state-run Pemex cut the company’s production by 444,000 barrels per day (bpd) due to the lack of natural gas to re-inject into crude fields, a company document showed on Monday.

At least one person died and five others were missing following an explosion on Sunday at Pemex’s E-Ku-A2 platform, part of a gas-processing center of the Ku-Maloob-Zaap complex in the Gulf of Mexico’s Bay of Campeche. The fire was brought under control hours later, Petroleos Mexicanos (PEMX.UL) said.

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Mexico’s president criticizes Shell-Pemex joint venture in Texas refinery

05/06/2021

Source: Yahoo! News

MEXICO CITY, May 6 (Reuters) – Mexico’s president on Thursday criticized the partnership between state oil company Pemex and Royal Dutch Shell in a Texas refinery, saying it has not yielded any benefits for Mexico.

President Andres Manuel Lopez Obrador, an energy nationalist who has sought to revive the fortunes of the deeply-indebted Pemex, said that no profits have been repatriated to Pemex since the partnership with Shell was established in 1993 as they have all been re-invested.

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Mexican oil regulator flags Pemex’s ‘worrying’ performance this year

10/29/2020

Source: Reuters

MEXICO CITY, Oct 29 (Reuters) – The oil fields prioritized for development since 2019 by Petroleos Mexicanos have significantly underperformed the Mexican state oil company’s targets, data from the national oil regulator (CNH) showed on Thursday.

Of 20 priority fields, 16 have executed investments – 13 of which are offshore in the southern Gulf of Mexico – and only 10 have completed wells through August.

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Mexico’s Oil Hedge Under Wraps, But Traders Suspect Activity

10/07/2020

Source: Bloomberg

Mexico’s oil hedge is the largest annual oil deal in Wall Street, but this year the finance ministry has kept the $1 billion operation strictly under wraps — even declaring its details a state secret. Time is running out to do the deal for 2021, though, and the market is abuzz with rumors.

Every year, the Latin American nation locks in the price of its oil exports by buying put options from Wall Street banks. The deal typically roils the market, creating violent swings in the price of oil options.

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Exclusive: Mexico to hold off on possible new energy reform until next year – sources

09/22/2020

Source: Reuters

MEXICO CITY (Reuters) – Mexico’s president asked regulators on Tuesday to help strengthen state oil firm Pemex and power company CFE using existing laws, but added he could seek energy reforms next year if required to meet his goals, two sources said.

The sources, who were at the closed-door meeting and spoke on condition of anonymity, said President Andres Manuel Lopez Obrador called on energy regulators to avoid issuing permits that would prevent private competitors to Pemex and CFE from expanding their footprint in the country.

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Mexico Is Cutting Pemex’s Oil Output Forecast in Latest Setback

09/08/2020

Source: Bloomberg

Mexico is cutting its 2021 forecast for oil production at Petroleos Mexicanos by 8.4% as the state producer struggles under a $107 billion debt load and the impact of the deadly coronavirus.

The country’s Finance Ministry lowered its preliminary estimate for output next year to 1.857 million barrels a day, down from 2.027 million in an April forecast, according to a draft of next year’s budget proposal obtained by Bloomberg News.

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Oil companies swap stakes in Mexico as government holds off on auctions

energy - oil pumps

12/04/19 – Reuters

By Marianna Parraga, Adriana Barrera

With Mexico’s government insisting that energy companies increase oil and gas output before it auctions off more of the country’s vast reserves or offers more partnerships with state-run Pemex, firms ranging from foreign majors to local players are scrambling to buy and sell blocks they already own.

The negotiations are creating a dynamic secondary market for oil acreage, which could be the only investment opportunity left for firms until leftist President Andres Manuel Lopez Obrador unblocks his predecessor’s flagship energy reform that has seen no new licensing rounds since 2018.

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Gunmen in Mexico try to steal fuel convoy

energy - oil barrels

11/20/19 – AP News

Armed thieves tried to abduct an entire convoy of fuel tanker trucks in northern Mexico, but security forces fought off the gang in a shootout.

Mexico began moving fuel in tanker trucks this year to combat thefts from government pipelines. But now thieves appear to be attacking even fuel convoys.

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