Mexico

BP Second Quarter Earnings Down; Dividend Increased

Citing unfavorable market conditions, BP plc reported decreased earnings in the second quarter relative to the second quarter of 2001. Nevertheless, the company added that “performance and growth [is] firmly on track,” and increased the company’s quarterly common stock dividend to $6 from $5.50 at this time last year.

July 31, 2002

Pemex Reports New Offshore Gas Field Producing 15.4 MMcf/d

Mexico’s Petroleos Mexicanos (Pemex) reports a test well in an offshore deposit in the Veracruz state, the Lankahuasa, is yielding dry gas production of 15.4 MMcf/d. The Lankahuasa is one of three newly discovered sources of non-associated natural gas announced in March by Pemex.

April 15, 2002

Pemex Expects Slight Rise in Gas Production, but Also Higher U.S. Imports

Mexico’s state-owned oil company expects its natural gas production to rise slightly this year, about 0.3% over 2001, to average 4.526 Bcf/d — a small but hopeful sign for a country expecting to see its gas use grow 20% this year. Despite the small gains, Petroleos Mexicanos, also known as Pemex, said U.S. gas imports for 2002 will more than double to 673,000 Mcf/d, up from 292,200 Mcf/d a year earlier.

March 19, 2002

Former Enron Exec Appointed to Texas PUC

Former Enron executive Mario Max Yzaguirre, who recently resigned as president of Enron de Mexico, has been named by Texas Gov. Rick Perry to fill the spot vacated by Judy Walsh on the three-member Texas Public Utilities Commission. Perry still has one spot to fill after former Chairman Pat Wood III was named to the Federal Energy Regulatory Commission.

January 22, 2002

Texas PUC Chair’s Enron Ties Stir Controversy in Austin

When former Enron de Mexico President Max Yzaguirre was appointed to chair the Texas Public Utilities Commission (PUC) last June, critics charged that his affiliation with his former employer would cause a conflict of interest. Now that Enron Corp. has declared bankruptcy, Yzaguirre’s appointment has come under even more fire, with Texas Gov. Rick Perry’s office in the middle of another controversy.

January 7, 2002

Texas PUC Chair’s Enron Ties Stir Controversy in Austin

When former Enron de Mexico President Max Yzaguirre was appointed to chair the Texas Public Utilities Commission (PUC) last June (see Daily GPI, June 15, 2001), critics charged that his affiliation with his former employer would cause a conflict of interest. Now that Enron Corp. has declared bankruptcy, Yzaguirre’s appointment has come under even more fire, with Texas Gov. Rick Perry’s office in the middle of another controversy.

January 2, 2002

Drilling Decline Continues; U.S. Gas Rigs Fall to 741

Rig utilization continued to free fall last week under the pressure of low gas and oil prices. U.S. Gulf of Mexico oil and gas rig utilization has dropped to 58.1% from 85.5% last year and nearly 90% five years ago, according to ODS-Petrodata Group’s weekly offshore rig count. There was a net two-rig decline in the number of contracted rigs last week compared to the previous week.

December 28, 2001

North Baja Pipeline Awaits Environmental Hurdle on U.S. Portion

A long-time dream of bringing natural gas to energy-poor North Baja in Mexico’s burgeoning industrial and population centers along the U.S. border faces one last environmental hurdle on the U.S. side that backers are optimistic will be cleared this month with the release of an environmental impact statement (EIS) from federal regulators. Without that hurdle being cleared, however, an already tight timetable and other environmental concerns related to the timing of the pipeline’s construction schedule might prevent initial supplies from flowing this coming summer.

December 17, 2001

North Baja Pipeline Awaits Environmental Hurdle on U.S. Portion

A long-time dream of bringing natural gas to energy-poor North Baja in Mexico’s burgeoning industrial and population centers along the U.S. border faces one last environmental hurdle on the U.S. side that backers are optimistic will be cleared still this month with the release of an environmental impact statement (EIS) from federal regulators. Without that hurdle being cleared, however, an already tight timetable and other environmental concerns related to the timing of the pipeline’s construction schedule might prevent initial supplies from flowing this coming summer.

December 17, 2001

Kerr-McGee Finds 300-500 Bcf of Deepwater Gulf Reserves

Kerr-McGee Corp. said it found 300-500 Bcf of gas reserves in the deepwater Gulf of Mexico at its Red Hawk prospect on Garden Banks block 877. Located in more than 5,300 feet of water, the 23,500-foot discovery well encountered more than 135 feet of gas and gas condensate pay in two zones. A successful updip appraisal sidetrack to the discovery encountered about 175 feet of gas and gas condensate pay.

October 23, 2001