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(Reuters) - Mexican President Andres Manuel Lopez Obrador said on Monday that well-known foreign companies had engaged in what he described as fuel smuggling and he named global energy trader Trafigura (TRAFGF.UL) as an example of the practice. The comments marked a new development in a web of corruption probes of some of the world's... Continue Reading →
(Reuters) - Brazilian petrochemical producer Braskem (BRKM5.SA) said on Tuesday its Mexican subsidiary Braskem Idesa has reached a new gas supply agreement with Petroleos Mexicanos (Pemex) (PEMX.UL) to settle pendencies between the companies and build a new ethane terminal. According to a securities filing, the new terminal for ethane imports would fulfill Idesa's needs for the raw... Continue Reading →
Harbour Energy will exit its exploration license interests in the Ceará basin off northeast Brazil and in the Burgos basin offshore Mexico. The company, formed last year from the merger between Chrysaor and Premier Oil, said its exploration strategy was to focus mainly on infrastructure-led, lower risk opportunities in areas where the company already has a producing... Continue Reading →
Harbour Energy, a London-listed oil firm created through a merger between Chrysaor and Premier Oil, has decided to exit the Sea Lion oil field development in the Falkland Islands. The company has a 60 percent stake in the oil field, with Rockhopper Exploration holding the remaining 40 percent stake. The field was discovered in 2010 by Rockhopper,... Continue Reading →
(Bloomberg) --Mexico President Andres Manuel Lopez Obrador is raising Pemex’s spending plan for next year to about $32 billion in a bid to boost flagging oil production. The funds allocated for the state producer in a 2022 budget proposal, including operational spending, represent a 17% increase from this year. Of the total, about $18 billion... Continue Reading →
(Reuters) - Mexico's government on Wednesday proposed sharply reducing the tax burden for state oil firm Petroleos Mexicanos and forecast economic growth of 4.1% for 2022, as Latin America's second largest economy continues to recover from a COVID-19-induced slump. The finance ministry's 2022 draft budget, which it presented to Congress earlier in the day, laid... Continue Reading →
Mexican President Andres Manuel Lopez Obrador said on Monday his government is tackling the debt burden of state oil company Petroleos Mexicanos (Pemex) and hinted he would try to use funds from the International Monetary Fund (IMF) to do so. Asked at a regular government news conference how his government would help Pemex in the... Continue Reading →
(Bloomberg) --Talos Energy Inc., the U.S. offshore explorer behind Mexico’s largest oil discovery in years, is taking the first step toward an international dispute after control of the field was given to state producer Pemex. The Houston-based driller sent the Mexican government a dispute notice Friday, a required step before moving to arbitration under the... Continue Reading →
(Bloomberg) --Mexico’s new Finance Minister Rogelio Ramirez de la O said he will continue support for state oil giant Pemex, but it’s too late to change the country’s oil laws. “The government is in full position to keep supporting Pemex,” Ramirez de la O said at a Moody’s event Thursday. But the government will also... Continue Reading →
(Reuters) - Brazil's real , will continue to get some aid this year from solid trade surpluses and further interest rate hikes that should help avoid bigger losses for the currency as domestic tensions intensify, a Reuters poll showed. The real has been rangebound, trading 4.90-5.40 against the U.S. dollar for roughly three months, while... Continue Reading →
Brazil Energy Insight 