Fitch Ratings Inc. has again downgraded the credit rating of Mexican state oil company Petróleos Mexicanos (Pemex), citing liquidity and environmental, social and governance (ESG) concerns. Pemex’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) already were in junk territory at ‘BB-,’ and now have been lowered to ‘B+,’ the Fitch team said Friday…
Exploration And Production
Articles from Exploration And Production
Haynesville Shale Pullback Sends U.S. Natural Gas Drilling Count Tumbling
A pullback in Haynesville Shale drilling saw the U.S. natural gas rig count fall six units to finish at 124 for the week ended Friday (June 30), while a modest decline in the oil patch left the combined domestic tally down eight to 674, according to the latest figures from Baker Hughes Co. (BKR). The…
‘Massive’ Job Gains in Texas E&P Said At Risk on Weak Commodity Prices
The Texas upstream industry added a record 6,800 jobs in May, but the oil and gas industry overall may be at risk as activity slows and the rig count falls because of low prices, according to a top state energy economist. The monthly Texas Petro Index (TPI) compiled by economist Karr Ingham for the Texas…
Mexico Must Incentivize Domestic Natural Gas Production, Regulator Says
Mexico must incentivize domestic production of natural gas in order to reduce its dependence on imports from the United States, according to one of Mexico’s top oil and gas officials. Hector Moreira, a commissioner with upstream regulator Comisión Nacional de Hidrocarburos (CNH), spoke with NGI’s Christopher Lenton, senior editor for Mexico and Latin America, on…
Natural Gas Drilling Steady as U.S. Drops Five Rigs Amid Slump in Oil Activity
Declines in the oil patch drove the combined U.S. rig count five units lower to 682 for the week ended Friday (June 23), while the natural gas drilling tally held flat at 130, the latest figures from Baker Hughes Co. (BKR) show. A six-rig decline in domestic oil-directed drilling was partially offset by a net…
Australian Energy Giant Gives Green Light to $7B Deepwater Oil, Gas Project Offshore Mexico
Australia’s largest oil and gas producer Woodside Energy Group Ltd. has made a final investment decision on the massive Trion development offshore Tamaulipas in northeastern Mexico. First production at the $7.2 billion deepwater project is expected in 2028, executives said. Regulatory approval and commitment from Mexican state firm Petróelos Mexicanos, aka Pemex, is expected at…
Mexico Natural Gas Policy Needs ‘Change of Mindset,’ Expert Says
A new government in Mexico in 2024 should reconsider its position regarding the importance of domestic natural gas in the energy mix, according to Erick Sánchez, vice president for Business Development in Mexico and Central America at Rystad Energy. “With all of the development in the southeast around the fields that everyone has identified as…
Oil Cuts Drive Another Double-Digit Rig Drop in Latest BKR Tally
Extending a multi-week stretch of steep cuts to domestic drilling activity, the U.S. rig count plunged 15 units to 696 for the week ended Friday (June 2) amid a slowdown in the oil patch, according to the latest numbers from Baker Hughes Co. (BKR). Natural gas-directed drilling was unchanged domestically for the period, with oil-directed…
Mexican Billionaire Carlos Slim Snaps Up Zama Stake as Oil-Rich Project Awaits Sanctioning
Mexican conglomerate Grupo Carso SAB has bought into the Zama shallow water oil and gas field, considered to be one of the country’s richest hydrocarbon assets. Carso subsidiary Zamajal SA de CV will acquire a 49.9% interest in the Mexican subsidiary of Houston-based Talos Energy Inc. The purchase price was $124.75 million. The transaction is…
Haynesville Declines Pace in Another Week of Retrenchment in U.S. Natural Gas, Oil Drilling
Continued retrenchment in domestic drilling activity saw the U.S. natural gas rig count fall four units to 137 for the week ended Friday (May 26), the latest numbers from Baker Hughes Co. (BKR) show. A decline of five oil-directed rigs saw the combined U.S. rig count drop to 711, down nine week/week and off 16…