pemex

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…

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…

Fitch Ratings Inc. has again downgraded the credit rating of Mexican state oil company Petróleos Mexicanos (Pemex), citing liquidity and environmental, social and governance (ESG) concerns. Pemex’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) already were in junk territory at ‘BB-,’ and now have been lowered to ‘B+,’ the Fitch team said Friday…

Investments in floating liquefied natural gas (FLNG) production terminals are poised to increase sharply in the next four years, driven by Europe’s need to displace Russian natural gas imports and Asia’s ongoing shift away from coal, according to an analysis from Westwood Global Energy Group. Market research firm Westwood expects 18.3 million metric tons/year (mmty)…

Amid record profits across the globe for oil and gas giants, Mexico’s national oil company Petróleos Mexicanos, aka Pemex, posted yet another loss in the fourth quarter of 2022. The company reported a fourth-quarter net loss of 172.4 billion pesos ($9.4 billion) after a 52- billion peso loss in the third quarter. In 4Q2021, Pemex…

 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. Another year is ending, which means it is time to take stock. In many ways, the Mexico natural gas market remains the…

Mexico’s state oil and gas giant Petróleos Mexicanos (Pemex) had a strange third quarter. Amid record commodity prices, the company posted a massive loss. But it also produced more hydrocarbons, in particular natural gas. In an earnings call last week, executives tried to put a positive spin on the results. They highlighted that Pemex liquids…

OPEC is forecasting full-year liquid hydrocarbons production of 2.0 million b/d for Mexico in 2022, flat versus 2021, followed by a slight decline in 2023.  Incremental production in 2022 “is expected to be driven by foreign-operated fields, while minor growth” is also expected in Petróleos Mexicanos (Pemex) operated fields, OPEC said in its latest Monthly…

Mexico is unlikely to substantially increase its natural gas production over the next five to six years, according to upstream regulator Comisión Nacional de Hidrocarburos (CNH). In its latest “prospectiva” or outlook for oil and natural gas output, the regulator modeled high, low and medium production growth scenarios for each hydrocarbon. The high case scenario…