The governing boards of Mexico’s Petroleos Mexicanos (Pemex) and Spain’s Repsol YPF announced Tuesday that they have signed a 10-year strategic alliance and plan to cooperate in several areas, including exploration and production (E&P) and liquefied natural gas (LNG).
“The respective decision-making bodies of Pemex and Repsol have agreed that this alliance will be able to generate benefits in the short- and medium-term, as well as achieve positive synergies and fulfill strategic plans at both companies,” Pemex stated. “This is an important step forward in strengthening our relationship.”
Under the alliance, a team of managers from both companies would be appointed to help manage the partnership and look for ways to collaborate on E&P and LNG matters. Additionally:
On Tuesday Pemex reported that in 2011 the company posted a net loss of $6.5 billion, most of which was caused by depreciation of the Mexican peso against the U.S. dollar. Revenues from sales and services — including the Mexican government’s special tax on production and services (IEPS), which applies to gasoline and diesel fuel — totaled $124.2 billion during 2011, a 28.2% increase from 2010. Also the company reported that EBITDA (earnings before interest, taxes, depreciation and amortization) increased 29.4% over 2010, to $76.9 billion.
Natural gas production dropped approximately 6.4% year/year. Pemex produced an average of 5.9 Bcf/d in 2011, down from 6.3 Bcf/d in 2010. Pemex said natural gas utilization increased to 95.8% in 2011, as gas flaring decreased 41% from 421 MMcf/d in 2010 to 249 MMcf/d in 2011. The company said 67% of its natural gas production was from onshore, and it averaged 3,156 wells targeting nonassociated gas in 2011, up 69 wells (2.2%) from 2010.
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