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(Reuters) - Mexican wants to build new gas liquefaction facilities to export excess gas and will put the plants out to tender if he does not get commitments for their construction within a month, President Andres Manuel Lopez Obrador said on Friday. Lopez Obrador urged U.S firm Sempra, which has a liquefied natural gas (LNG)... Continue Reading →
(Reuters) - Mexico will use the extra revenue it collects from higher oil prices to subsidize domestic gasoline and diesel prices, Deputy Finance Minister Gabriel Yorio told Reuters on Friday. While production has slid significantly in recent years, Mexico remains a major oil producer and exporter. Without the fuel subsidy, annual inflation, which hit 7.29%... Continue Reading →
(Reuters) - Two U.S. liquefied natural gas (LNG) projects took major steps toward launching this week as Russia's threats to cut energy supplies to Europe drives up demand and prices for the super-chilled fuel. Developers Sempra Energy (SRE.N) and New Fortress Energy Inc (NFE.O) advanced agreements on separate projects, one of which could be producing LNG within 12 months.... Continue Reading →
(Reuters) Mexico's ongoing support for state oil company Petroleos Mexicanos (Pemex) remains a challenge to government finances and the sovereign credit rating, Moody's said on Thursday. Moody's, which gave Mexico a "Baa1" rating with a negative outlook, said "sluggish domestic demand, weak investment prospects and limited productivity growth" weigh down the Latin American country's medium-term growth prospects. The rating agency said that Mexico's economic... Continue Reading →
(OE) Mexican authorities have decided that Mexico's national oil company Pemex would become the operator of the giant Zama offshore field development, despite the fact that the discovery was made by the U.S. oil company Talos Energy back in 2017. Talos Energy said Monday it had received the final Unitization Resolution ("UR") from Mexico's Ministry of... Continue Reading →
(Reuters) Flaring by the energy sector in Mexico hit record levels last year while the number of sites where gas is burnt off also rose despite government pledges to reduce such activity, research by a leading team of scientists showed. The practice releases carbon dioxide, black carbon, and other pollutants as well as methane, a... Continue Reading →
(Reuters) - Brazil's Braskem (BRKM5.SA) said it expects a slight growth in sales of petrochemical products and high margins, despite oil price volatility as a result of the Ukraine crisis. Braskem had on Wednesday reported a 51% rise in revenue and a 53% rise in cash generation in the fourth quarter over the same period a year... Continue Reading →
(Bloomberg) — U.S. refiners Valero Energy Corp and Marathon Petroleum Corp., along with Shell Plc’s trading unit Shell Western Supply and Trading, are rushing to secure Ecuadorian barrels after America banned imports of Russian crude. Ecuador’s state oil company EP Petroecuador held back-to-back meetings this week in Louisiana with several refiners and trading houses, according... Continue Reading →
MODEC has started up operations for the FPSO MIAMTE MV34, commissioned by Eni for the Offshore Area 1 block development in the Bay of Campeche offshore Mexico. The charter contract runs initially for 15 years, with options thereafter for annual extensions for up to five additional years. The vessel, moored in 32 m (105 ft)... Continue Reading →
(OM) Eni and its partners are assessing the potential for a cluster oilfield development in block 10 offshore Mexico, said partner Capricorn Energy (formerly Cairn Energy) in its latest results statement. Last year, Eni drilled two wells on the block: the Sayulita-1EXP discovery, and the Saasken-2DEL appraisal well. Drilling of the Yatzil prospect in block... Continue Reading →
Brazil Energy Insight 