On January 5th the Board of Directors of Petróleos Mexicanos will decide it’s new strategy towards Repsol. Among the decisions it could take is raising its stake or sell part of it’s interest in the Spanish oil company.
Oil
After production testing, Petroleos Mexicanos (Pemex), reported the discovery of a new natural gas field in the Gulf of Mexico. In a statement, PEMEX said preliminarily estimated that the findings raise an incorporation of 3P reserves to 400.000 million cubic feet of gas with an estimated production of 27 million cubic feet per day.
Mexico could attract as much as $10 billion of investment per year with shale gas projects, Energy Minister Jordy Herrera said at an event in Mexico City. The U.S. Energy Department estimates Mexico has 680 trillion cubic feet of shale gas and has the fourth-largest potential deposits behind China, the U.S. and Argentina, Herrera said.
Mexico’s state-owned oil company Pemex said on Friday that Petrodec Limited, a privately owned liquefied petroleum gas trading company headquartered in Bermuda, won a bidding process to supply gas in 2012 and 2013.
Petroleos Mexicanos (Pemex) increased their income from U.S. sales of 39.3% in the first eight months of 2011, reported the Department of Commerce. Pemex had revenues of 26.7 billion between January and August, in relation to the 19.1 billion for the same period in 2010, according to the trade report from PEMEX.
US Export-Import Bank is getting more aggressive on helping foreign companies finance American goods & products and thus support and create jobs. The mission of the US Export-Import Bank is to create and sustain U.S. jobs by financing sales of U.S. exports to international forgen buyers.
On Wednesday the Board of Directors of Repsol amended the regulations to remove the Pemex and Sacyr of their board seats, claiming conflict of interest, a move that will challenge Mexico’s Pemex.
Repsol directors have voted to ban Pemex representatives from its board in what is likely to deal a blow to the Mexican state oil group’s attempt to gain a seat at the board of directors , alongside shareholder Sacyr Vallehermoso.
The well, located northwest of Ciudad del Carmen, Campeche. State-owned oil giant Petroleos Mexicanos, or Pemex, said Monday it found a small field containing light crude in the Gulf of Mexico Petróleos Mexicanos (Pemex) confirmed the existence of a new oil field , Mexico’s national oil company Pemex has discovered oil with its Kinbe-1 exploration well in the shallow waters of the Gulf of Mexico. The Kinbe oil and gas field is located about 87 [...]
Mexico’s Petroleos Mexicanos state oil monopoly, more familiarly known as Pemex, recently bought 825,150 shares in Spain’s Repsol YPF, S.A., increasing its stake in the Spanish company to 5 percent. Repsol YPF, S.A. is an integrated Spanish oil and gas company operating in 29 countries.
Mexico’s Pemex said on Tuesday it aims to team up with chemicals company Mexichem to produce vinyl chloride in a rare case of the state-run oil company working directly with the private sector. In order to be more competitive in the domestic oil industry, Pemex submitted to the Federal Competition Commission (Cofeco) a request to create a company in charge of integrating the production chain of vinyl chloride.
Mexico’s state oil monopoly Pemex said it will acquire eight new offshore oil drilling platforms and other equipment worth $1.2 billion to expand production in the Gulf of Mexico. Pemex said in a statement seven of the platforms, which will be used in the Bay of Campeche, can operate at 344 feet (105 meters) in the water and can drill at depths of 25,000 feet (7,600 meters).
President Felipe Calderón explained that the new Pemex tanker is capable of carrying over 325 thousand barrels of oil and represents the first acquisition of its kind in almost 20 years with an investment of nearly $50 million.
Mexico hopes to reduce by 8% its imports of gasoline between 2012 and 2016, said Thursday the CEO of state oil company Pemex, Juan José Suárez.
Petroleos Mexicanos ( Pemex ) said to the senators of the Energy Commission to calculate a total investment exceeding 11 billion dollars for the construction of the new refinery at Tula, Hidalgo. The company’s general director, Juan José Suárez Coppel , estimated that the work to begin early next year , while it will take approximately four years to start business operations. The aim is to have no cost overhead then the original budget or [...]
Pemex announced one of the most important gas discoveries in recent years after finding the Piklis well , the greatest water depth the company has drilled. The well is located 144 kilometers northwest of Coatzacoalcos, is the largest water depth to 1.928 kilometers have more depth and a total of 5.431 kilometers. The results of initial tests of production in the lower Miocene rocks in this well indicate the presence of an offshore non-associated gas [...]
Petroleos Mexicanos (Pemex) acquired a double hull tanker with a value of $39 million in order to guarantee the supply of oil on both coasts of the country and upgrade its fleet to transport oil. Pemex said that this purchase is part of the Modernization Program of the tanker fleet, authorized by the Board of Directors of Pemex Refining, with the aim of ensure the best operating conditions industrial safety and environmental protection.
In the first quarter of the year, Pemex reported a surplus of 6.3 billion dollars in its trade balance in crude oil, petroleum, petrochemical and natural gas, an amount 34% higher than reported in the same period 2010. The total income captured by the foreign trade of hydrocarbons and their derivatives was higher in 3.723 billion dollars from the same period last year.
Despite the significant growth in energy prices at the international level, Mexico reports some of the cheapest gasoline in the world, said the Finance Minister Ernesto Cordero Arroyo. In a joint press conference with Labor Secretary Javier Lozano, to address recent employment figures, Cordero Arroyo said that the slide in gasoline prices is a decision you make every month, according to market conditions international and ‘have to see how they evolve. “
