Oil

Mexico’s state oil company Petróleos Mexicanos (Pemex) has jettisoned plans to drill an appraisal well delineating the Zama shallow water oil deposit, which straddles one block operated by Pemex and another operated by Talos Energy Inc. The decision was revealed Tuesday during a session of upstream regulator Comisión Nacional de Hidrocarburos (CNH). CNH approved a…

The U.S. natural gas rig count fell one unit to 97, while the oil-directed rig count remained unchanged, leaving the overall domestic drilling total essentially flat for the week ended Friday (June 4), according to updated figures from Baker Hughes Co. (BKR). The United States had a combined 456 active rigs as of Friday, up…

Pembina Pipeline Corp. will take over Inter Pipeline Ltd. in an agreement announced Tuesday to combine their Calgary-based western Canadian delivery, processing and storage networks for natural gas, liquid byproducts, oil and petrochemicals. The all-stock deal values Inter Pipeline at C$8.3 billion ($6.6 billion), topping a rejected bid from Brookfield Infrastructure Corp. in Toronto by…

The U.S. natural gas rig count fell one unit to 98 for the week ended Friday (May 28), including a decline in drilling activity in the Northeast, according to updated figures published by Baker Hughes Co. (BKR). The addition of three oil-directed rigs in the United States offset the decline in natural gas drilling to…

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 state oil company Petróleos Mexicanos (Pemex) will add more refining capacity to its portfolio with the deal announced Monday to purchase Royal Dutch Shell plc’s share in the partnership that owns the Deer Park refinery on the Texas coast. The $596 million transaction was celebrated by Mexican officials as yet another step on the…

Talos Energy Inc. management on Friday indicated disagreement with the finding that Mexican state oil company Petróleos Mexicanos (Pemex) holds a majority gross interest in the Zama oil discovery offshore Mexico. Zama was discovered by a Talos-led consortium at shallow-water Block 7 in 2017, but the reservoir extends into a neighboring Pemex tract. A third-party…

The Port of Corpus Christi, a leading U.S. oil and natural gas export hub, has unveiled plans to explore green hydrogen production at its facilities in South Texas. Under a memorandum of understanding (MOU), the Corpus Christi port is partnering with finance giant Ares Management Corp. to look into the potential for building the hydrogen…

The American Petroleum Institute (API) on Friday told the Biden administration that unfair treatment of U.S. energy companies by Mexico’s government is worsening and is likely in violation of the U.S.-Mexico-Canada-Agreement (USMCA).  In a letter to cabinet officials, API CEO Mike Sommers alleged an intensifying pattern of nationalist regulatory and legislative reforms under Mexico’s firebrand…