Mexico’s Trade Deficit Widens in September

10/26/16 The Wall Street Journal

MEXICO CITY—Mexico’s trade deficit increased in September as imports of petroleum products and components outpaced growth in crude oil and factory exports.

Exports last month rose 1.4% from a year earlier to $32.62 billion, while imports grew 1.7% to $34.23 billion, for a deficit of $1.61 billion, the National Statistics Institute said Wednesday. It was wider than the year-ago deficit of $1.47 billion and the expected deficit of $535 million.

Petroleum exports rose 5.7% from a year before to $1.89 billion as state oil company Petróleos Mexicanos increased its crude shipments to 1.425 million barrels a day from 1.169 million. The increase last month coincided with a sharp drop in Pemex’s refinery output.

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Mexico loses millions of dollars daily to fuel theft

10/17/16 PRI

gas pipeline and gaugeMexico is opening up to private gasoline retailers, and a new wave of fuel imported from the United States is expected to follow.

But here’s a not-so-little problem: Gangs steal a huge amount of gas, and loose law enforcement and corruption let it happen.

For the past decade or so, there’ve been widespread reports of drug cartels putting illegal taps in the fuel pipeline network. The state-run oil company Pemex has documented that some of its workers and contractors have participated, after receiving bribes or even death threats.

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Mexico’s Pemex Seeks Partners for Shallow Water Fields

10/18/16 The Wall Street Journal

pemexMEXICO CITY—Mexican state oil company Petróleos Mexicanos said Tuesday that it will seek private partners to develop two shallow water oil fields in its second planned exploration and production joint-venture under the country’s new energy laws.

The Ayin and Batsil fields in the southern Gulf of Mexico contain estimated reserves of 281 million barrels of crude-oil equivalent, including 46 million barrels in proven reserves, 77 million in probable reserves and 158 million in possible reserves, Pemex said in a news release.

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Mexico Seeks to Export Flagship Maya Crude to U.S. West Coast

12/11/16 Bloomberg

energy - oil_rigMexico is targeting U.S. West Coast refineries to boost sales of its flagship Maya crude amid a global oil glut.

While Mexico has been a regular supplier of Maya oil to U.S. Gulf Coast refineries, it hasn’t shipped any to the West Coast since February 2008, according to data from the U.S. Energy Information Administration. California refineries such as Valero Energy Corp.’s Benicia, Chevron Corp.’s El Segundo and Phillips 66 used to be big buyers of the grade.

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Mexico’s Pemex Sells $4 Billion in Bonds, Carries Out Debt Swap

03/10/16 The Wall Street Journal

energy- oil pumps 2MEXICO CITY—Mexican state oil company Petróleos Mexicanos sold $4 billion in long-term bonds to buy back existing debt and prefund some of its 2017 financing needs, the company’s chief financial officer said Monday.

In addition, Pemex carried out a bond exchange for around $1.6 billion, Juan Pablo Newman said at a meeting with reporters.

“These operations improve the company’s debt profile, reduce our financing risk and give us access to better terms and conditions. It strengthens the finances and financial structure of the institution,” Mr. Newman said.

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Bidders given extra week to comment on Mexico deep-water oil venture

03/10/16 Reuters

13391132434_62669b1ed7_o.jpgMexico’s oil regulator on Monday gave oil companies an extra week to submit comments and questions about the country’s first-ever deep water joint venture covering state oil company Pemex’s Trion field.

Potential bidders will now be able to submit comments through Oct. 10, the regulator, known as the CNH, said.

The CNH also approved a week-long extension on the final publication of clarifications to the joint operating agreement between Pemex and its future partner to Oct. 14.

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Mexico’s Pemex to reduce stake in first deep water venture

09/27/16 Reuters

pemexMexican state oil firm Pemex will cut its stake to 40 percent from 45 percent in the first planned joint venture with private companies to develop reserves in the Gulf of Mexico’s deep waters, the national oil regulator said on Tuesday.

Global oil majors are widely expected to bid in the December auction to help Pemex develop the Trion light oil field in the Perdido Fold Belt, which lies south of Mexico’s maritime border with the United States.

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