Oil and Politics South of the Border
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Oil
Posted December 30th, 2009 at 7:47 pm
But neither Greece nor Dubai is an oil producer. For energy-focused investors Mexico's deteriorating fiscal position and the actions of the country's national oil company (NOC), Petroleos Mexicanos (PEMEX), are cause for concern. Pemex is the third-largest supplier of crude to the US, behind only Canada and Saudi Arabia. To put the company's operations in perspective, Pemex produced more crude oil than US energy giant Exxon Mobil (NYSE: XOM) in 2008.
Mexico's troubles are less severe bu...
Mexico Has Hedged Oil for 2010 at $57 a Barrel
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Oil
Posted December 8th, 2009 at 2:45 pm
Mexico spent $1.172 billion to buy oil hedges for 2010, covering a possible revenue shortfall if production falls for the sixth straight year and prices don’t recover from about a five-year low.
Mexico purchased put options that give it the option, not the obligation, to sell its oil for $57 a barrel next year, the Finance Ministry said in an e-mail statement today.
“We want this as an insurance policy,” Finance Minister Agustin Carstens said in New York today. “If we don’t collect...
Mexico hopes for deep water oil production in 2014
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Oil
Posted October 16th, 2009 at 5:40 pm
Mexico's state oil company hopes to start deep-water oil production in the Gulf of Mexico by 2014.
Petroleos Mexicanos official Gustavo Hernandez says the company has found crude oil and gas in some of the 11 wells drilled in deep Gulf waters. He says the company, known as Pemex, hopes to start gas production in 2013....
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...
Mexico’s Pemex CEO Reaffirms Commitment To Chicontepec
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Oil
Posted October 15th, 2009 at 1:28 am
The chief executive of Mexican state oil company Petroleos Mexicanos, or Pemex, said Wednesday that the company will continu. Petroleos Mexicanos can't stop working on its Chicontepec oil development.Mexico's state oil monopoly Petroleos Mexicanos, or Pemex, said Wednesday it will leave the constants for pricing its crude exports....
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...
Carlos Slim Buys 60 Percent of U.S. Oil Services Firm’s Mexican Unit
MEXICO CITY – Grupo Carso, which is owned by Mexican billionaire Carlos Slim, said Monday it acquired 60 percent of the Mexico subsidiary of U.S.-based Bronco Drilling Co. for $30 million.
Carso said in a filing with Mexican securities regulators that it reached an agreement on Sept. 18 with Bronco Drilling Mexico, a firm involved in “the operation, leasing and maintenance of drilling rigs, and the repair of oil and gas wells in Mexico and Latin America.”
“In addition, Grupo Carso ...
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.
...
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....
