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(Bloomberg) -- Petroleos Mexicanos discovered what’s expected to be a billion-barrel oil field in Tabasco as it aims to reverse a decade and a half of sinking production. The new field at the southern part of the Gulf of Mexico, when combined with nearby deposits, is similar in size to other billion-barrel discoveries, Pemex Chief... Continue Reading →
Offshore mooring systems provider SOFEC has delivered key pieces of equipment for a MODEC FPSO vessel, which will operate for Eni in waters offshore Mexico. Eni contracted MODEC to provide a new FPSO for its Offshore Area 1 project, located off Mexico, back in October 2018. The firm time charter period is 15 years with five... Continue Reading →
(Reuters) - Mexico’s state oil company Petroleos Mexicanos (Pemex) reported on Friday a fourth-quarter 2020 net profit of 124.28 billion pesos ($6.23 billion), helped by currency appreciation, lower imports and tax benefits. It marked a second consecutive quarter of net profit. “It’s a great achievement,” said Octavio Romero Oropeza, chief executive officer, in a call... Continue Reading →
(Reuters) - Mexico’s government has granted new fiscal support to Petroleos Mexicanos (Pemex) worth 73.28 billion pesos ($3.54 billion), to help shore up the state oil firm’s finances and crude output. The government published the so-called fiscal stimulus figure in its official gazette on Friday afternoon. Last week, a senior Mexican official told Reuters that... Continue Reading →
(Reuters) - Mexico’s government will inject between $1.3 billion and $1.6 billion into state oil company Petroleos Mexicanos (Pemex) this year and offer a tax break of 75 billion Mexican pesos ($3.68 billion), a senior official told Reuters on Thursday. The world’s most indebted oil company, Pemex had more than $110 billion in financial debt... Continue Reading →
COVID-19 will continue to skew the floating production systems market for the coming 24 months, while buying power for a large portion of FPSO contracts will be centered in Brazil and Guyana/Suriname. These two areas are expected to account for more than 60% of the FPSO contracts awarded between 2021 and 2025. These are the... Continue Reading →
Maritime and offshore classification society American Bureau of Shipping (ABS) has granted Approval in Principle (AiP) to South Korea's Hyundai Heavy Industries’design for a Floating Storage and Offloading (FSO) vessel that is planned for operations in Mexican waters. The two-million-barrel cargo tank capacity design was reviewed for its compliance with the ABS Guide for Floating... Continue Reading →
(Reuters) - A consortium of Talos Energy Inc, private equity firm EIG Global Energy Partners, Enauta Participacoes SA and 3R Petroleum Oleo e Gas SA has submitted a non-binding offer for Brazilian oilfields Albacora and Albacora Leste, four sources familiar with the matter told Reuters. The exact value of the bid submitted to Brazil’s state-led... Continue Reading →
Drilling of high-impact oil and gas prospects in 2020 suffered at the hands of the global pandemic, but the overall results were nevertheless positive, a Rystad Energy analysis reveals. The success rate rose to 41 per cent from 32 per cent in 2019 and pushed discovered volumes to 3.2 billion barrels of oil equivalent (boe),... Continue Reading →
Offshore drilling contractor Pacific Drilling has secured a contract for its drillship with Malaysian giant Petronas for operations offshore Mexico. In a fleet status report published earlier this week, Pacific Drilling said that the assignment of Pacific Khamsin drillship to Total for Equinor’s second firm well was completed in November 2020. To remind, Pacific Khamsin drilled the Monument exploration well in the U.S.... Continue Reading →
Brazil Energy Insight 