Mexico's oil regulator said on Tuesday the country's total proven oil reserves as of Jan. 1 stood at 8.062 billion barrels of oil equivalent (boe), up 2.1% from a year earlier. Oil reserves as of the beginning of 2019 totaled 7.897 billion boe. Proven oil reserves are certified discoveries containing a combination of liquid and... Continue Reading →
Ex-PEMEX CEO testified that lawmakers took bribes, AMLO says
A former head of Mexico’s PEMEX is testifying that lawmakers were bribed to pass a 2014 reform that opened the energy sector to private investment, President Andres Manuel Lopez Obrador said on Friday. Lopez Obrador said that Emilio Lozoya, who was extradited from Spain this month to face corruption charges in Mexico, is shining light... Continue Reading →
Pirates Attack Another Offshore Vessel in Mexico
An offshore supply vessel was reportedly attacked offshore Mexico on Friday, July 24, in an incident that was described as a "violent armed boarding and robbery of personal belongings." The maritime safety intelligence company Dryad said Monday that the offshore supply vessel Natalie was boarded while conducting operations in the vicinity of the ODIN Offshore... Continue Reading →
Shipments Resume from Pemex FPSO After Collision
An oil production and storage vessel operated by Mexican state oil firm Pemex in the Gulf of Mexico has resumed crude shipments after a tanker collision halted exports earlier this month, according to a person with knowledge of the matter and data from Refinitiv Eikon. The FPSO facility (floating production, storage and offloading), which has... Continue Reading →
Maersk Drilling Upgrades Maersk Valiant Drillship
Danish offshore drilling company Maersk Drilling has recently upgraded its 2014-built Maersk Valiant ultra-deepwater drillship. While the Maersk Valiant was recently stacked offshore Port Fourchon the Managed Pressure Drilling (MPD) system was upgraded by integrating the new BTR rotating control device (RCD) by Weatherford. Continue reading
Talos, Pemex Told to Seek Deal on Shared Offshore Oil Discovery
Mexico's state oil company Pemex and a private consortium led by U.S.-based Talos Energy Inc have been instructed to come to an agreement detailing how they will jointly develop a large offshore oil find, the energy ministry said on Wednesday. The formal instruction from the energy ministry, dated July 7 but announced in a statement... Continue Reading →
Cash-strapped Pemex seeks to defer key contractor payments to 2021
Pemex’s nearly $105 billion in debt already makes it the biggest borrower of any oil company in the world. And it’s accruing more. Pemex is asking some of its contractors if they can wait until next year to be paid money that is owed to them now, according to people with knowledge of the situation,... Continue Reading →
Pemex suspends oilfield services contracts, ending thousands of jobs
Mexico’s state oil giant is suspending contracts with service providers and suppliers, triggering thousands of job losses, people with direct knowledge of the situation said. Over the past several weeks, Pemex has suspended contracts with at least eight local and international oil-service providers and suppliers to cut spending, said the people, who asked not to... Continue Reading →
Hokchi opts for early termination of drilling contract with Mexico’s Grupo R
Mexico’s Grupo R has received an early termination of a drilling contract with Hokchi Energy due to the current market situation. Hokchi Energy, a subsidiary of Argentinean firm Pan American Energy, signed an offshore drilling and logistics contract with Grupo R back in late January 2020. Continue reading
Prosafe dives deeper into the red over impairment charges
Prosafe, a provider of offshore accommodation rigs, sank deeper into the red in the first quarter of 2020 due to impairment charges resulting from the oil price collapse and the coronavirus pandemic. According to its report on Tuesday, Prosafe’s operating revenues in 1Q 2020 were $25 million compared to $67.3 million in the same period... Continue Reading →
Brazil Energy Insight 