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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Mexico Is Refinancing Pemex Debt After Getting IMF Reserves

09/07/2021

Source: Bloomberg

Mexico has begun a process of refinancing state-owned Petroleos Mexicanos’s debt, after the nation received a transfer of about $12 billion from the International Monetary Fund. 

President Andres Manuel Lopez Obrador said Monday that refinancing had begun, and restated that he wants to use newly issued IMF reserves to pay debt, but that he couldn’t provide further details. His spokesman Jesus Ramirez confirmed to Bloomberg News that Pemex’s debt is being refinanced.

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Mexico can keep supporting Pemex, finance minister says

09/02/2021

Source: Reuters

MEXICO CITY, Sept 2 (Reuters) – Mexico’s finance minister Rogelio Ramirez de la O said on Thursday that the government is in a position to continue supporting state oil firm Petroleos Mexicanos (Pemex).

Ramirez de la O, who recently took over as finance minister, said at an event organized by Moody’s Investors Service that he expects a closer relationship between Pemex and the finance ministry.

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Oil Rebounds On Mexico Production Outage

08/24/2021

Source: Oilprice.com

Crude prices recovered somewhat from last week’s freefall, boosted by improving signals coming out of East Asia (China reporting no locally transmitted infections) as well as the Ku-Maloob-Zaap platform seeing a major supply disruption in offshore Mexico. ICE Brent quotes swung back above the $70 per barrel mark, whilst WTI futures trended around $67.5 per barrel, further extending the widening Brent-WTI spread.

A fire on a PEMEX-operated offshore oil platform connected to the Ku-Maloob-Zaap complex (40% of Mexico’s crude output) killed at least 5 people, forcing the Mexican NOC to decrease output as the platform ran out of natural gas for reinjection.

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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 Hands Control of Large Oilfield to Pemex in Dispute With U.S.’s Talos

07/06/2021

Source: The Wall Street Journal

Mexico’s government designated state oil company Petróleos Mexicanos as the operator of a large offshore oil reservoir it shares with a consortium led by Houston-based Talos Energy Inc., which has already invested heavily in the reservoir.

The designation gives Pemex management control of the joint development and comes as nationalist President Andrés Manuel López Obrador steps up efforts to revert key parts of an overhaul in 2014 that opened oil exploration and production to foreign investment.

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‘Eye of fire’ that erupted in Gulf of Mexico is under control, says Mexico-owned oil company

07/06/2021

Source: CNN

A blaze on the surface of the Gulf of Mexico resembling a large “eye of fire” has been brought under control, according to Mexico’s state-run oil company Pemex.

Orange flames resembling molten lava appeared to erupt from below the surface in videos that went viral on social media, which dubbed it an “eye of fire.” The fire broke out a short distance from a Pemex oil platform.

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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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Mexico Congress Passes Controversial Pro-Pemex Bill

04/22/2021

Source: Oilprice.com

The lower house of the Mexican parliament has passed a controversial bill that will give state-owned oil major Pemex more sway over the Mexican fuel market.

Bloomberg reports that the house voted 301 in favor and 147 against the proposal, which will remove a stipulation from an earlier law that requires the state energy market regulator CRE to prioritize fuel sales from private companies as a way of leveling their playing field with Pemex. According to the backers of the change, the field is level enough for the state-help provision to be removed. The bill now needs to pass through the Senate.

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