NOCs

Upstream oil and gas spending in Latin America is on track for a modest year/year (y/y) recovery in 2021 after a pandemic-driven slowdown in 2020, according to Evercore ISI. Exploration and production (E&P) spending by select firms in the region fell by 14% y/y in 2020, Evercore analysts said in the firm’s 2021 Global E&P…

The Abu Dhabi National Oil Co. (Adnoc) has signed long-term sales agreements to supply two of the United Arab Emirates’ (UAE) leading industrial companies with natural gas over the next 10 years as the company aims to boost output and the nation’s economic growth.  The deals, signed with integrated steel producer Emirates Steel and construction…

Private sector oil production in Mexico averaged 61,501 b/d during April, up from 55,682 b/d in April 2020, a 10.5% year/year increase, according to data from upstream regulator Comisión Nacional de Hidrocarburos (CNH). This marks the first time that monthly private sector production has surpassed 60,000 b/d since Mexico’s 2013-2014 constitutional energy reform ended state…

Mexico’s Petróleos Mexicanos (Pemex) reported a steep rise in the flaring and venting of its natural gas in its first quarter earnings call. Natural gas production was 3.70 Bcf/d in the first quarter of 2021, down slightly compared to the 3.71 Bcf/d reported in 1Q2020. But natural gas flaring shot up to 712 MMcf/d, from…

Latin America’s national oil companies (NOCs) must perform a difficult balancing act as they seek to bounce back from the pandemic and shore up profits and reserves, a panel of experts said during a virtual event Tuesday. Oil “is at the heart of economic, social [and] fiscal issues in Latin America,” said Mauricio Cárdenas, who…

Mexican state oil company Petróleos Mexicanos (Pemex) is forecasting a base-case scenario increase of natural gas production to 4.19 Bcf/d in 2021 from 3.64 Bcf/d realized in 2020, according to its newly released 2021-2025 business plan. For 2022, Pemex sees production reaching 4.39 Bcf/d before dropping to 4.1 Bcf/d in 2023 and 3.94 Bcf/d in…

Mexico’s Petróleos Mexicanos (Pemex) is moving in the opposite direction of fellow Latin American national oil companies (NOCs) by failing to embrace the energy transition and natural gas, according to a panel of experts. While NOCs such as Colombia’s Ecopetrol SA and Brazil’s Petróleo Brasileiro SA (Petrobras) have embraced diversification and environmental, social and governance…

Talk of the energy transition dominated this week’s CERAWeek by IHS Markit, with Latin America’s national oil companies (NOC), which have long served as key sources of revenue for their governments, part of the discussion. The consensus is oil and gas will remain relevant for decades as energy use intensifies across rapidly developing economies. However,…

As Latin America’s national oil companies (NOCs) pivot toward partnerships with the private sector and divestment of non-core assets, Mexico’s Petróleos Mexicanos (Pemex) remains an outlier even in the wake of Covid-19, a panel of experts agreed earlier this month. Even before the pandemic, the region’s oil-exporting countries were struggling to navigate a “lower-for-longer” oil…