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Mexico’s state oil company Pemex posted another quarter of major losses on Friday, weighed down by falling output and lower crude prices, as the heavily indebted firm faces the prospect of a fresh downgrade from credit agencies critical of its direction. President Andres Manuel Lopez Obrador has pledged to rescue the ailing Mexican oil giant... Continue Reading →
Norwegian offshore vessel owner Solstad Offshore and Mexican company Subtec S.A have agreed to extend the contract for the CSV Far Sentinel with 2,5 years. Subtec is a Mexican company, with its base of operations in Ciudad del Carmen, Campeche, that is a part of Blue Marine’s business units. The vessel operates in Mexico. The... Continue Reading →
Mexico’s Petroleos Mexicanos aims to balance its budget by 2021 and reverse a decade and half of declining crude production as early as next year. Under the presidency of Andres Manuel Lopez Obrador, Pemex will invest 1.95 trillion pesos ($102 billion) by 2024, it said in an emailed document ahead of the release of its... Continue Reading →
The surprise departure of Mexico’s finance minister has the state oil company’s watchers biting their nails. Carlos Urzua resigned Tuesday, citing conflicts of interest and policy disagreements within Andres Manuel Lopez Obrador’s administration. That sent the peso plunging as much as 2.3%, and stocks sliding. Yields on both sovereign and Petroleos Mexicanos bonds surged, reflecting... Continue Reading →
July 9, 2019 Finance Secretary Carlos Urzúa announced his resignation today in a strongly worded letter that criticized the public policy decision making process within the government and the appointment of officials with no knowledge of public finances. “Discrepancies over economic matters were plentiful,” Urzúa wrote in a letter addressed to President López Obrador that... Continue Reading →
Siemens will provide MODEC with three 34-megawatt (MW) SGT-A35 gas turbine power generation packages that will power MODEC’s floating production, storage, and offloading (FPSO) vessel. The vessel, referred to as the “Eni Mexico Area 1 FPSO,” will be deployed in the Offshore Area 1 approximately 6 mi (10 km) off the coast of Mexico at... Continue Reading →
RIO DE JANIERO and MEXICO CITY (Bloomberg) -- Mexico’s moratorium on auctioning off its oil riches to foreign producers is giving a leg up to nearby rivals Brazil and Guyana. Mexico President Andres Manuel Lopez Obrador has halted new bid rounds, and state-owned Petroleos Mexicanos has disappointed potential partners by eschewing deep-water blocks in favor... Continue Reading →
Mexico’s Grupo R has started drilling the Xikín – 32 marine well, becoming the first company to start the offshore drilling works of the program promoted by the new administration of Pemex Exploration and Production (PEP). The Xikín field is the first of the 16 marine fields that PEP is scheduled to develop to increase... Continue Reading →
Trelleborg’s offshore operation has been awarded a major multi-million-dollar contract by Mexican state-owned petroleum company, Pemex, for Elastopipe. This will be installed on board the Abkatun A complex in the Bay of Campeche in the Gulf of Mexico. Continue reading
Italian oil company Eni has started the early production phase from the Miztón field in Area 1, located in the Campeche Bay offshore Mexico, making Eni the first international company to start offshore production in Mexico after the Energy Reform. This is the first step in the development of Area 1, estimated to hold 2.1... Continue Reading →
Brazil Energy Insight 