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Sept 8, 2020 Mexico is cutting its 2021 forecast for oil production at Petroleos Mexicanos by 8.4% as the state producer struggles under a $107 billion debt load and the impact of the deadly coronavirus. The country’s Finance Ministry lowered its preliminary estimate for output next year to 1.857 million barrels a day, down from... Continue Reading →
The divergence between Latin America’s two largest economies, Brazil and Mexico, is widening as the region’s most prominent left- and right-wing leaders adopt stridently different fiscal responses to the COVID-19 pandemic. Their approaches, however, are not what would be expected - and investors are adapting accordingly. Continue reading
Ill-timed bets on rising demand have Exxon Mobil Corp facing a shortfall of about $48 billion through 2021, according to a Reuters tally and Wall Street estimates, a situation that will require the top U.S. oil company to make deep cuts to its staff and projects. Wall Street investors are even starting to worry about... Continue Reading →
A Mexican government plan to boost the energy sector that could be unveiled in the coming weeks will not likely include any new exploration or production projects open to private or foreign oil firms, the head of an oil sector trade group said Thursday. A possible infrastructure investment plan from President Andres Manuel Lopez Obrador aimed at boosting Mexico's... Continue Reading →
Mexican national oil company Pemex and Hokchi Energy have begun the first stage of unitization negotiations over a possible offshore shared reservoir in the southern Gulf of Mexico, Mexico's energy ministry told Reuters on Wednesday. The ministry said Pemex, formally known as Petroleos Mexicanos, told it in May that an exploratory well it drilled in... Continue Reading →
Offshore drilling contractor Dolphin Drilling has been awarded an $83 million worth contract with Mexican operator Pemex. Dolphin Drilling said on Tuesday that the deal will see its Blackford Dolphin rig utilised in Mexico for the duration of the work. Drilling operations are expected to last around 15 months. Continue reading
At a time when oil production is at historic lows, lenders who want Mexican oil giant Pemex to adapt to climate change are struggling to be heard. Big oil companies such as BP (BP.L), Royal Dutch Shell (RDSa.L) and Repsol (REP.MC) have begun to build strategies to cut the carbon they emit. But state-owned Petroleos... Continue Reading →
Over the past four months we have been flooded by news of just how badly the offshore rig market has been hit during the double whammy of the Corona pandemic and oil price fallout. We witnessed what seemed like a never-ending wave of contract cancellations coupled with increasing numbers of contract options being declined, along... Continue Reading →
Dutch offshore installation and construction company Heerema Marine Contractors has installed Pemex's Yaxche-C jacket and topside in Mexico, under a contract awarded by Cotemar. Heerema used its 'most experienced vessel' semi-submersible crane vessel Balder to carry out the operation in what was its first project for Cotemar. Balder has been in operation for 42 years now. Continue reading
A former head of Mexican state oil firm Petroleos Mexicanos (Pemex) accused of corruption has sought to blame the wrongdoing on his former boss, ex-President Enrique Pena Nieto, and a top aide, said Attorney General Alejandro Gertz on Tuesday. Former Pemex Chief Executive Emilio Lozoya on Tuesday filed a complaint saying Pena Nieto and his... Continue Reading →
Brazil Energy Insight 