Mexico Crude Output to Fall to 2.29 mn Barrels Per Day in 2015

March 25, 2015

Fox News Latino, 3/25/2015

energy - oil_rigMexican 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.

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Pemex to Postpone Some Deep-Water Exploration, CEO Says

February 19, 2015

02/18/15 Wall Street Journal 

pemexMexican state-owned oil company Petróleos Mexicanos will likely postpone some unstarted deep-water exploration projects as a result of the drop in oil prices and its recently announced budget cuts, Chief Executive Emilio Lozoya said Wednesday. In an interview with Mexico’s Radio Fórmula, Mr. Lozoya said Pemex is aiming to keep to a minimum the impact the cuts will have on exploration and production. However, some exploration projects in deep waters of the Gulf of Mexico could be delayed, he added. Pemex will make around half of the $8.3 billion in federal government budget cuts this year. The cuts will include delays in a number of refinery upgrades, reductions in spending, and some layoffs.

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Mexico to stop shipping ready-to-use fuel to curb thefts

February 19, 2015

02/17/15 BBC News 

AP

AP

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. More than $1bn (£650,000) worth of fuel was stolen by Mexican gangs in 2014, an increase of 70% over the previous year. In a statement, the company warned consumers not to buy illegal fuel tapped from its pipelines as it was likely to damage car engines.

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Mexico to Consider Changes to Pemex Regulatory System

February 5, 2015

2/4/2015 Reuters

120px-PemexMexico will review methods for addressing fraud and other issues brought to the attention of internal investigators at state oil company Pemex and could make changes to its control process across all government bodies, a government minister said on Wednesday.

The review is in response to a Reuters report that found congressional auditors issued 274 recommendations between 2008 and 2012 for Pemex to take serious action over contract and other irregularities, but the state oil company acted in only three cases.

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Mexico Looks the Other Way as Contractors Fleece Oil Giant Pemex

January 26, 2015

1/23/2015 Reuters

8000285504_fe021fbed2_zThe state-owned petroleum giant Pemex paid $9 million in 2011 to have an oil rig towed halfway round the world, from the United Arab Emirates to the Gulf of Mexico. When government auditors looked at the contract, they turned up some problems.

The rig had the wrong equipment for the assignment, according to a report by Mexican congressional auditors. And the tow job itself was a fiction: The rig didn’t need to be moved. It was already in the Gulf of Mexico.

The auditors alerted Pemex in February 2013, urging it to discipline the employees who handled the contract. Pemex did nothing. About a year later, an explosion aboard the rig killed two workers. The cause of the blast is still under investigation by Pemex.

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Mexico Update: What Do Lower Oil Prices Mean for Round One of the Energy Reform?

January 26, 2015

1/23/2015 Americas Society/Council of the Americas

telecomunicaiconesIn August 2014, Mexico’s energy secretary launched Round One, the bidding process through which the government will tender contracts to companies interested in exploring and exploiting oil fields or in partnering with state energy firm Pemex. Back then, the Secretariat of Energy estimated that overall new projects will represent investments of $12.6 billion per year over the next four years and that by 2025 the energy reform will have generated 2.5 million new jobs.

But in recent months, that positive outlook changed. Since September 2014, oil prices have declined by about 55 percent, partly due to weaker demand in some major economies and partly because of more oil production worldwide—particularly shale oil in the United States. Around the world, billions of dollars for oil exploration and exploitation have been put on hold after the dramatic fall in crude prices.

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Special Report: Mexico looks the other way as contractors fleece oil giant Pemex

January 23, 2015

By Elinor Comlay, Mica Rosenberg and M.B. Pell, 1/23/2015

energy - oil_rig(Reuters) – The state-owned petroleum giant Pemex paid $9 million in 2011 to have an oil rig towed halfway round the world, from the United Arab Emirates to the Gulf of Mexico. When government auditors looked at the contract, they turned up some problems.

The rig had the wrong equipment for the assignment, according to a report by Mexican congressional auditors. And the tow job itself was a fiction: The rig didn’t need to be moved. It was already in the Gulf of Mexico.

Read more…


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