Petroleos

Following a recent series of deadly accidents involving both its oil and natural gas pipelines, Mexico’s state-owned oil giant Petroleos Mexicanos (Pemex) said it will spend $330 million to improve the safety of the entire pipeline network.

Mexico’s state-owned oil monopoly Petroleos Mexicanos (Pemex) has suspended its program to offer multiple service contracts (MSCs) to foreign oil and natural gas producers at the request of a legislative auditor, Pemex CFO Juan Jose Suarez Coppel said this week.

Mexico’s state-owned oil and natural gas company, Petroleos Mexicanos (Pemex), may have a “different fiscal regime” by September, with more of a corporate structure, a Pemex official said last week.

Mexico’s state-owned oil and natural gas company, Petroleos Mexicanos (Pemex), may have a “different fiscal regime” by September, with more of a corporate structure, according to a Pemex official.

The director of exploration and production (E&P) for Mexico’s state-run oil monopoly Petroleos Mexicanos (Pemex) said the company is stepping up its spending to increase its proven reserves replacement from the current 15% a year to 77% by 2010.

The director of exploration and production (E&P) for Mexico’s state-run oil monopoly Petroleos Mexicanos (Pemex) said the company is stepping up its spending to increase its proven reserves replacement from the current 15% a year to 77% by 2010.

Without new discoveries and more investment for exploration activities, Mexico’s state oil monopoly Petroleos Mexicanos (Pemex) could be importing oil within 10 years, the director general said last week. However, if it doubled its current $20 billion annual investment, Pemex could become one of the largest oil and natural gas exporters, according to Luis Ramirez Corzo, who took over Pemex last November.

Without new discoveries and more investment for exploration activities, Mexico’s state oil monopoly Petroleos Mexicanos (Pemex) could be importing oil within 10 years, the director general said last week. However, if it doubled its current $20 billion annual investment, Pemex could become one of the largest oil and natural gas exporters, according to Luis Ramirez Corzo, who took over Pemex last November.

In its on-again off-again attempt to secure more natural gas exploration in its country, Mexico’s state-owned oil monopoly Petroleos Mexicanos (Pemex) said Tuesday a group of five Houston-based and Mexican companies is bidding for a contract to develop the Monclova block of natural gas reserves in the Burgos Basin of northeastern Mexico.