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…
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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…
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…
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…
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…
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…
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…
Fitch Downgrades Mexico’s Pemex as Near-Term Debt, Accidents Mount
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…
Fast-Build FLNG Projects Seen Meeting Global Push to Secure Energy Supplies
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)…
Mexico’s Pemex Posts Disappointing Results, but Natural Gas Output Points Up
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…