NOCs

Mexico’s government is doing all it can to boost the fortunes of troubled state oil and gas giant Petróleos Mexicanos (Pemex), with the Finance Ministry again reducing the firm’s profit-sharing duty and injecting $3.5 billion to reduce debt. “Pemex is strategically important for the country, not only in its function as a provider of goods…

Colombia’s state oil company Ecopetrol SA has recovered from a production blip in the second quarter and is upping capital expenditures (capex) for 2022 executives said during a recent conference call. Months of anti-government protests starting in late April hampered oil and gas activity in the country in the first half of this year. However,…

Editor’s Note: NGI’s Mexico Gas Price Index, a leader tracking Mexico natural gas market reform, is offering the following column by Eduardo Prud’homme as part of a regular series on understanding this process. The opinions and positions expressed by Prud’homme do not necessarily reflect the views of NGI’s Mexico Gas Price Index. Although Mexico’s energy…

Floating specialist Excelerate Energy LP has reached a deal to import liquefied natural gas (LNG) to Brazil as the nation continues to deal with rising power demand amid a historic drought that has left hydroelectric reservoirs depleted. Under an initial deal struck with state-owned Petróleo Brasileiro SA, aka Petrobras, Houston-based Excelerate would deploy one of…

Mexico’s highly touted Ixachi and Quesqui natural gas fields are producing below their stated targets amid historically high natural gas prices, according to the latest data from upstream regulator Comisión Nacional de Hidrocarburos (CNH). Discovered in 2017 by state oil company Petróleos Mexicanos (Pemex), Ixachi had been forecasted to reach peak production of 638.5 MMcf/d…

China Petroleum & Chemical Corp., aka Sinopec, has reportedly announced another oil and natural gas discovery in the Tarim Basin.  The state-owned company said on Chinese social media that it had discovered 100 million tons of oil and gas resources in the legacy-producing region, according to Reuters. That’s roughly the equivalent of 733 million bbl…

Mexican state oil company Petróleos Mexicanos (Pemex) had restored 71,000 b/d of the roughly 421,000 b/d of oil production knocked offline by a fatal offshore platform fire as of Tuesday evening, according to CEO Octavio Romero Oropeza. In a video message posted late Tuesday night, Romero said Pemex expected to restore an additional 110,000 b/d…

Colombia’s Ecopetrol SA saw its production take a hit in the second quarter because of social unrest in the country but management foresees a strong recovery this year. Ecopetrol was also boosted in the second quarter by its joint venture (JV) with Occidental Petroleum Corp. in the Permian Basin’s Midland formation in West Texas. “Social…

Mexico’s state oil company Petróleos Mexicanos (Pemex) posted a rare 14 billion-peso ($719 million) profit in the second quarter thanks to higher sales revenue. The oil giant had posted a $2 billion loss in the year-ago quarter.  Oil production rose to 1.736 million b/d in the second quarter compared with 1.673 million b/d in the…