pemex

Mexico Natural Gas Potential Said ‘Massive’ with Right Policy Changes

Mexico Natural Gas Potential Said ‘Massive’ with Right Policy Changes

Mexico’s recent widespread blackouts serve as a warning in failed policies for the current and incoming governments, but solutions are available, experts said Thursday.  Speaking in San Antonio, TX, at the 10th Mexico Gas Summit organized by Industry Exchange, Grupo Alfa’s Rodolfo Gamboa, vice president for Energy said, “The impending energy crisis that we are…

May 20, 2024
Mexico Hydrocarbons Law Said Heightening Private Sector Midstream Risks

Mexico Hydrocarbons Law Said Heightening Private Sector Midstream Risks

A recent ruling by Mexico’s Supreme Court to uphold the constitutionality of the 2021 Hydrocarbons Law could further limit the ability of private companies to obtain regulatory permits and heighten risks of government intervention in midstream and downstream operations, industry experts told NGI’s Mexico GPI.  Last month, the majority of Mexico’s 11 Supreme Court Justices…

May 15, 2024
Pemex’s Natural Gas Production Slumps as Mature Fields Decline

Pemex’s Natural Gas Production Slumps as Mature Fields Decline

Mexico’s state oil and gas giant Petróleos Mexicanos, or Pemex, reported a 7.5% year/year drop in natural gas production in the first quarter as the country’s aging offshore oil fields showed weaker output. Natural gas production, including from partners, was 3.836 Bcf/d in the first quarter, down 312 MMcf/d compared to the comparable period in…

April 30, 2024
Pemex Safety Woes Continue as Offshore Platform Fire Kills One, Injures Nine

Pemex Safety Woes Continue as Offshore Platform Fire Kills One, Injures Nine

Mexico’s state oil company Petróleos Mexicanos (Pemex) said a fire Saturday at the Akal-B offshore platform in Campeche Bay left one worker dead and nine injured, including two in critical condition. The deceased worker was an employee of a contractor company called COTER. The incident occurred in an area where pipelines supply natural gas as…

April 9, 2024
Pemex CEO Lashes Out at Downgrade, Says Mexico Government Backs State Firm

Pemex CEO Lashes Out at Downgrade, Says Mexico Government Backs State Firm

Mexico’s Petróleos Mexicanos (Pemex) has “gained unprecedented help from the government during this administration,” CEO Octavio Romero Oropeza said in an earnings call. During the call the company chief railed against credit rating agency Moody’s recent downgrade of the state firm. Moody’s said Pemex is likely to face increased financial stress in the next two…

February 27, 2024
Mexico Waives Pemex Taxes After Moody’s Downgrade

Mexico Waives Pemex Taxes After Moody’s Downgrade

Mexican President Andrés Manuel López Obrador said last week that the government waived four months of tax obligations for state oil and gas producer Petróleos Mexicans (Pemex) in an effort to free up cash flow for the debt-saddled company following a downgrade by the credit agency Moody’s.  The credit rating for Pemex — which is…

February 20, 2024
In Final Stretch, Mexico’s AMLO Still Trying to Get Rid of Energy Regulators

In Final Stretch, Mexico’s AMLO Still Trying to Get Rid of Energy Regulators

Mexico President Andrés Manuel López Obrador, or AMLO, is ending his term the way he started it – by lambasting the nation’s regulators and accusing them of being in cahoots with private business interests. On Monday, the president said he would try to push a bill through Congress in his final months that would eliminate…

December 13, 2023
Mexico’s Pemex Looks to Join Latin American Peers with Decarbonization Strategy

Mexico’s Pemex Looks to Join Latin American Peers with Decarbonization Strategy

Mexico’s state oil and natural gas giant Petróleos Mexicanos, or Pemex, is working to improve its environmental, social and governance (ESG) scorecard. The company has hired an external consultant to devise a plan focused specifically on reducing emissions. The plan would also assess alternative sources of revenue that could include lower carbon options. Pemex is…

September 12, 2023
Mexico’s Pemex Accidents, Track Record Led to Downgrade, Fitch Director Says

Mexico’s Pemex Accidents, Track Record Led to Downgrade, Fitch Director Says

Fitch Ratings Inc. downgraded the credit ratings of Petróleos Mexicanos (Pemex) in mid July, citing the Mexico state-owned oil company’s high debts, multiple accidents and “continued weak operating performance.”  Fitch’s Saverio Minervini, a senior director in the Latin America corporate finance group, spoke with NGI’s Mexico GPI about the reasons for the downgrade. “This was…

August 4, 2023
Pemex Executives Tout Staunch Government Support in Rising Oil, Gas Production

Pemex Executives Tout Staunch Government Support in Rising Oil, Gas Production

Mexico’s state oil and gas giant Petróleos Mexicanos (Pemex) is showing how serious it is about producing more oil and natural gas, even if it means increasing amounts of government help. Natural gas production was 4.051 Bcf/d in the second quarter, up 199 MMcf/d compared to the same period last year. Liquids production was the…

August 1, 2023
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