Japan Banks on Mexican Oil
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Mexico
Posted March 9th, 2010 at 12:36 am
The Japan Bank for International Cooperation will lend $600 million to help Mexico's state-owned Petroleos Mexicanos (Pemex) develop oil and gas fields in the Chicontepec Basin, northeast of Mexico City.
Some of the gas produced there will be supplied to the thermal power stations of Mexican-based independent power producers owned by Japanese trading houses. read more
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Is it Time To Buy Pemex Bonds? they look like a Buy on Spreads, Higher Oil Prices
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Businesses
Posted December 29th, 2009 at 2:49 pm
Is it Time To Buy Pemex Bonds? they look like a Buy on Spreads, Higher Oil Prices.
The 8 percent dollar-denominated securities maturing in 2019 from the largest oil producer in Latin America are yielding 64 basis points above sovereign bonds with the same maturity. A “fair value” for Pemex yields would be as little as 12 basis points higher, said RBC analyst Eduardo Suarez, who is based in Toronto and rates the state oil company’s debt “outperform.”
“With the rating downgrade unc...
Chicontepec field to rise to 40,000 barrels of oil per day
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Mexico
Posted December 10th, 2009 at 1:40 am
Mexico's state oil company Petroleos Mexicanos (PEMEX) expects production at its Chicontepec field to rise to 40,000 barrels per day (bpd) by the end of 2009, a Pemex official said Wednesday.
"It will be close to 40 (thousand bpd) by the end of this year," Jesus Puente Trevino, advisor to the general director of Pemex, told reporters on the sidelines of Deloitte's 2009 Oil & Gas Conference.
Chicontepec, which was producing 29,000 bpd in September, is a focus of long-term Pemex efforts to i...
Mexicos Pemex has discovered oil at the Leek-1 well
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Oil
Posted October 15th, 2009 at 2:53 pm
The company is stepping up its exploration efforts in the Gulf of Mexico as it scrambles to find new fields to replace the aging giant Cantarell field, where production has been plunging.
Mexico's state oil company Pemex has discovered oil at the Leek-1 well in the deep waters of the Gulf of Mexico and is testing it to see if it is commercially viable, a Pemex spokesman said on Thursday.
Leek is the first oil discovery Pemex has made this year in the deep waters of the Gulf of Mexico and follo...
Mexicos Billion Dollar Chicontepec Oil fields
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Oil
Posted September 23rd, 2009 at 11:09 pm
Mexico is “evaluating” its $11.1 billion onshore Chicontepec oil project after production failed to meet targets, Energy Minister Georgina Kessel said.
Chicontepec: which stretches across Mexico’s Puebla and Veracruz states, will produce 60,000 barrels a day by the end of the year, down from a previous forecast of 72,000, according to Pemex. The company is being “too optimistic” about the field, board member Fluvio Ruiz said in a May interview.
Pemex Chief Executive Officer Jesus Rey...
Pemex awards $464 million contract to France’s CGGVeritas
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Oil
Posted September 10th, 2009 at 12:14 am
EXICO CITY, Sept 7 (Reuters) - Mexican state oil monopoly Pemex awarded a $464 million contract to France's CGGVeritas (GEPH.PA) to search for crude in the deep waters of the Gulf of Mexico, Pemex said on Monday.
Pemex, fighting to halt declining reserves and production, said the geophysical survey company would provide more than 46,000 square miles (75,000 square km) of 3D images over five years.
"This work will improve the precision in finding oil wealth in the deep Gulf of Mexico," Peme...
Mexicos 2010 Budget Plan Sees 2.5MB/D Crude Output
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Oil
Posted August 11th, 2009 at 2:20 pm
Mexicos 2010 Budget Plan Sees 2.5MB/D Crude Output
Mexico’s oil production may fall 4.9 percent next year as the nation faces the greatest “fiscal shock” in 30 years, said Finance Minister Agustin Carstens told a Senate committee today.
Lower output is costing the nation as much as 300 billion pesos ($23.05 billion) in lost sales annually and may create a deficit in the federal budget next year, Carstens said. Oil revenue funded 38 percent of the government’s budget last year.
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U.S., Mexico Probe Oil Thefts From Pemex
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Oil
Posted August 11th, 2009 at 2:16 pm
US officials handed $2.4 million in proceeds from stolen oil products to Mexican authorities as part of a case against a Houston importer.
US refineries bought millions of dollars worth of oil stolen from Mexican government pipelines and smuggled across the border, the US Justice....
The Mexican oil industry is in steep decline , But for how long?
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Oil
Posted January 21st, 2009 at 12:38 am
After declines, Mexico says oil Output to increase in 2011
The Mexican government said a recent downward trend in oil production will conclude between this year and next and that output in 2015 will total some 3 million barrels per day, not far off the country's all-time highs.
In an appearance before the Senate on Wednesday, Energy Minister Georgina Kessel said that, following recent energy sector reforms, state oil monopoly Petroleos Mexicanos will produce between 2.7-2.8 million bpd ...
