Petroleos

Mexico’s oil and gas monopoly, Petroleos Mexicanos (Pemex), wants to launch one of the largest debt issues ever by any state-owned or private company in the country, announcing plans this week to issue 10-year peso-denominated debt for up to 20 billion pesos ($1.78 billion). Proceeds would fund a large capital expenditure program to boost declining reserves and increase oil and gas production.

As it prepares to open its enterprise to outside contractors, Mexico’s Petroleos Mexicanos Exploration & Production (Pemex E&P) has signed a $60 million, two-year contract with Schlumberger Ltd. to manage its upstream asset information.

Mexico’s Petroleos Mexicanos (Pemex) plans to use its new 2003 budget of 108.4 billion pesos (US$10 billion) to fund activities within its production and exploration unit in an effort to raise its natural gas and crude oil output and to replenish its declining reserves. The budget is the largest ever authorized by Mexico’s Congress, according to Pemex.

Mexico’s state oil and gas monopoly Petroleos Mexicanos (Pemex) last week revised downward its estimates of proven natural gas and crude oil reserves. It also revised its unaudited financial statements for 2000 and 2001, following a review by the U.S. Securities and Exchange Commission (SEC).

Mexico’s state oil and gas monopoly Petroleos Mexicanos (Pemex) on Monday revised downward its estimates of proven natural gas and crude oil reserves. It also revised its unaudited financial statements for 2000 and 2001, following a review by the U.S. Securities and Exchange Commission (SEC).

Petroleos Mexicanos (Pemex), Mexico’s state-run oil and gas monopoly, expects its non-associated natural gas to become almost half of its yearly production by 2006. Pemex has a goal to produce 7 Bcf/d by 2006, with 15% from new deposits, it said Tuesday.

Mexico’s state oil monopoly Petroleos Mexicanos (Pemex), which will select its first 10 multiple-service contracts following bidding in November for natural gas projects onshore and offshore, expects the companies that participate to obtain internal rates of return as high as 15%, according to an executive with the Mexican oil and gas company.

Mexico’s state oil monopoly Petroleos Mexicanos (Pemex), which will select its first 10 multiple-service contracts following bidding in November for natural gas projects onshore and offshore, expects the companies that participate to obtain internal rates of return as high as 15%, according to an executive with the Mexican oil and gas company.

The director of Mexico’s oil monopoly Petroleos Mexicanos (Pemex) said the new natural gas multiple-service contracts that would allow private investment in the country’s oil and gas resources are nearly complete, and should be tendered by November as planned.