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Suddenly there’s a lot going on in the Mexican offshore rig market. So much that it’s confusing. Here’s your guide to what’s happening. It seems like yesterday that Pemex was renegotiating jack-up rig contracts and putting rigs on standby as drilling demand in Mexico plummeted. Oil production dropped from around 2.5 million barrels per day... Continue Reading →
BHP has awarded Oceaneering a contract for what has been described as first-ever deepwater Autonomous Underwater Vehicle (AUV) survey in Mexican waters. Oceaneering, a U.S. provider of subsea services for the international offshore oil and gas industry, said on Monday the survey would be carried out over BHP’s Trion offshore oil development in Mexico. The company... Continue Reading →
Fitch Ratings downgraded Petroleos Mexicanos for a second time in five months, plunging the world’s most indebted oil company into junk status. Pemex’s rating was cut one notch to BB+, after Fitch cut Mexico late Wednesday, at about the same time Moody’s Investors Service changed the outlook on the country to negative -- a move... Continue Reading →
Mexico’s grand plan for Pemex -- an unprecedented $8 billion syndicated loan, tax breaks and refinancing billions in debt -- was supposed to change the outlook for the embattled oil company. The market’s reaction has amounted to little more than a shrug. Continue reading
