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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Mexico Extinguishes Fuel Tanker Fire Off Gulf Coast

09/25/16 The New York Times 

MEXICO CITY — Firefighting crews extinguished a fire aboard a fuel tanker belonging to the Mexican state oil company, Pemex, late Sunday afternoon, about 30 hours after an explosion sent flames billowing into the air off the Gulf Coast port of Veracruz.

Pemex said all 31 crew members aboard the tanker, the Burgos, were safely evacuated.

The tanker was carrying 80,000 barrels of diesel fuel and 70,000 barrels of gasoline, but officials said the boat’s double hull reduced the risk of a spill.

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Mexico unveils new oil finds

09/14/16 UPI

energy - oil pumpsMEXICO CITY, Sept. 14 (UPI) — New discoveries made off the eastern coast of Mexico have the potential to produce more than 20,000 barrels of oil per day, the state energy company said.

Mexican state oil company Petróleos Mexicanos said it made two oil discoveries in the deep waters of its territory of the Gulf of Mexico and four in the shallow waters, which could combine for a potential production rate of around 22,000 barrels of oil per day. All told, the discoveries contain, at the high end, an estimated 200 million barrels of oil equivalent.

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Mexico to ban gasoline oxygenated with ethanol in three urban centers

08/24/16 Reuters

Mexico-pollutionMexico will ban the sale of gasoline oxygenated with ethanol beginning in late October in three major urban centers as part of a push to combat the worst pollution in over a decade due to high concentrations of ozone in the atmosphere, government officials say.

While Mexico opened to the door to such imports in April, such a blend of ethanol and gasoline is not yet present in the Mexican market. State oil company Pemex says it neither produces nor imports gasoline oxygenated with ethanol.

 

TransCanada Moves Into Mexico With $800 Million Project

08/02/16 Bloomberg

TransCanadaTransCanada Corp. is placing a bet on Mexico’s demand for fuels.

The Calgary-based pipeline owner is joining with the Mexican company Sierra Oil & Gas to build an $800 million marine terminal and pipeline in the Mexican port of Tuxpan, the companies said in a statement. The project will transport gasoline, diesel and jet fuel to central Mexico.

Mexico, the largest importer of U.S. fuel, gets an infrastructure boost. The nation relies on imports for 55 percent of its gasoline needs, according to June data from Petroleos Mexicanos, the state-owned oil company. Pemex has struggled to process enough crude at its six refineries and has said it’s seeking partners to help with operations and improvements.

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Mexico’s IEnova says recasts Pemex deal to buy pipeline stake

07/12/2016 Reuters

5337912858_1b19aea036_mIEnova, the Mexican unit of U.S.-based Sempra Energy, said on Tuesday it had restructured a deal to buy state-run oil company Pemex’s 50 percent stake in pipeline company Gasoductos de Chihuahua for $1.108 billion.

In December, Mexico’s Federal Economic Competition Commission (COFECE) said it objected to a previous incarnation of the deal, as Pemex had failed to sell its stakes in a liquefied petroleum gas pipeline and a natural gas pipeline, as ordered by a previous anti-trust agency.

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Mexico’s Ever Growing Natural Gas Market

07/02/16 Forbes 

natural gas drillMexico is a very fast growing natural gas market, and imports from the U.S. could reach 8-10% of current U.S. production much faster than most realize. The 2013 Energy Reforms are a historic opportunity for state-owned Pemex to increase oil and gas production and lift the economy. Pemex has been forced to unfairly provided the government with 35-40% of its budget. Too lengthy of a subject to detail here (check here, here, here), but the reforms and the Implementation Plan should install a fully competitive Mexican natural gas market around 2018.

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