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(Reuters) - Mexico’s government is weighing making further reductions to the tax burden on national oil company Petroleos Mexicanos (Pemex) to bring it closer to that of ordinary corporations, a top finance ministry official said on Wednesday. Lower taxes could mark a turning point for ailing Pemex, the country’s largest company and tax payer. Pemex... Continue Reading →
(Reuters) - French oil major Total has acquired a 16.6% stake in a liquefied natural gas (LNG) project in northern Mexico undertaken by U.S. firm Sempra Energy and its local unit Infraestructura Energetica Nova (IEnova), Sempra said on Wednesday. The $2 billion Energia Costa Azul (ECA) LNG facility by the port of Ensenada is one... Continue Reading →
Offshore drilling contractor Borr Drilling is facing a very challenging financial situation in 4Q and going into 2021 amid difficult market environment combined with payment delays for its rigs working for the Mexican oil giant Pemex. Borr Drilling has five rigs operating for Pemex offshore Mexico. According to its report on Monday, during the third... Continue Reading →
LOC Mexico, a subsidiary of marine and engineering consultancy LOC Group has secured its third contract this year from Permaducto, an enterprise part of the Mexican oilfield services and infrastructure development firm Protexa. Under the contract, LOC Mexico will provide marine warranty survey (MWS) for two submarine pipelines, specifically KMZ-101 and KMZ-103, at Maloob field... Continue Reading →
Offshore engineering and construction firm McDermott on Thursday announced the second shipment of topside modules for a floating production storage and offloading (FPSO) unit for Japans' Modec. The new shipment comes just weeks after the first shipment of modules sailed away from McDermott's Altamira fabrication facility in Mexico to be installed on the FPSO named... Continue Reading →
Offshore accommodation rig provider Prosafe has managed to reduce its quarterly loss despite lower revenues due to lower fleet utilisation and average day rates following the Covid-19 pandemic and oil price crash. Prosafe said on Thursday that its EBITDA for the third quarter was negative by $1.2 million compared to a positive of $26.3 million... Continue Reading →
Oilfield services provider Petrofac has completed the disposal of its non-core assets in Mexico to Perenco, but the two companies have entered into a dispute related to this transaction. Petrofac first sold a 49 per cent of its operations in Mexico to Perenco back in October 2018. This included contracts for work on the Santuario and... Continue Reading →
South America’s offshore output is on track to surpass volumes coming from North America by 2024, energy intelligence group GlobalData said Tuesday. While several projects in Brazil and Guyana have taken final investment decision (FID), and are less likely to be postponed or suspended, offshore US and Mexico tell a different story, GlobalData says. Key... Continue Reading →
(Reuters) - Mexican national oil company Petroleos Mexicanos reported a third quarter net profit of 1.417 billion pesos ($64.1 million), reversing losses from the same quarter last year, the company said in a filing to the Mexican stock exchange on Wednesday. The swing to profit was attributed mostly to the performance of financial instruments as... Continue Reading →
Mexican Energy Minister Rocio Nahle said on Monday so called farmouts, or joint ventures, could be done with state oil firm Petroleos Mexicanos if feasible projects are put forward, marking a potential shift from her previous skepticism. Nahle, one of the staunchest defenders of President Andres Manuel Lopez Obrador's drive for a more statist energy... Continue Reading →
Brazil Energy Insight 