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Mexico to Stop Exporting Oil in 2023 in Self-Sufficiency Quest
Mexico to Stop Exporting Oil in 2023 in Self-Sufficiency Quest Octavio Romero, CEO of PEMEX, speaks during an interview. (Alejandro Cegarra/Bloomberg) Mexico plans to end crude oil exports in 2023 as part of a strategy by the nationalist government of Andres Manuel Lopez Obrador to reach self-sufficiency in the domestic fuels market. Petroleos Mexicanos, the […]
Mexico’s Oil Crisis Deepens
Mexico’s Oil Crisis Deepens Mexico’s state oil company Pemex said it produced an average 1.76 million bpd of crude in October, down 7 percent from October last year, Reuters reports, citing data released by the company. This is also one of the lowest monthly production rates since 1990 when records began. The decline was attributed to […]
Defiant Energy Policy of Mexico’s President-Elect Rattles Moody’s and Fitch
Defiant Energy Policy of Mexico’s President-Elect Rattles Moody’s and Fitch But it’s going to be tough; he’ll need more than luck to pull it off. Moody’s has rated the $2 billion of senior unsecured notes due 2029 that Mexico’s state-owned oil company Pemex is in the process of issuing one notch above junk. Pemex is offering […]
Uncertainty Grips Troubled Pemex, World’s Most Indebted Oil Company
Uncertainty Grips Troubled Pemex, World’s Most Indebted Oil Company “Even a small deterioration” in its perceived credit risk could take a big financial toll on Mexico. Mexico’s President-elect, Andrés Manuel Lopez Obrador (AMLO), does not enter office until December 1, but he’s already making big waves, particularly in the oil and gas industry. On the […]
MEXICO’S OIL INDUSTRY CONTINUES TO DISINTEGRATE: PEMEX Suffers $18 Billion Loss
MEXICO’S OIL INDUSTRY CONTINUES TO DISINTEGRATE: PEMEX Suffers $18 Billion Loss The situation in Mexico’s oil industry continues to rapidly disintegrate as falling oil production and rising costs resulted in an $18 billion fourth-quarter loss for the state-run oil company, PEMEX. Part of the reason for the huge financial loss at PEMEX was the fall […]
Touted Energy “Reform” Goes Awry in Mexico
Touted Energy “Reform” Goes Awry in Mexico Dream of cheaper energy in an open market turns into nightmare. Four years ago, Mexico’s government passed a sweeping energy reform aimed at opening up Mexico’s long-protected oil and gas sectors to global competition and expertise for the first time in over 70 years. The reforms would lead […]
Big-Oil Bailout Begins as Debt Spirals Down
Big-Oil Bailout Begins as Debt Spirals Down Mexico’s proud sugar daddy becomes giant financial sinkhole. Pemex, Mexico’s state-owned oil giant, cannot seem to get a break these days. It notched up 13 straight quarters of rising losses. It now owes over $80 billion to international investors and banks. It needs to raise $23 billion this year to stay […]
Prelude to a Bailout
Prelude to a Bailout But is Pemex too big to save for Mexico? Mexico’s biggest company, state-owned oil giant Pemex, notched up 13 consecutive quarters of rising losses and now faces the toughest test of its 78-year existence: staying alive. Pemex just published its annual results for 2015. Even with expectations already at the bottom of the […]
Oil Suddenly Gets Ugly in Mexico
Oil Suddenly Gets Ugly in Mexico Mexico’s energy revolution could prove to be a bitter pill for the vast rump of the Mexican population, who stand to lose out on billions of dollars of annual state funds provided by the newly privatized but financially crippled oil company Pemex. But where there are losers, there are […]
The “Peña Nieto Bottom”
The “Peña Nieto Bottom” When Enrique Peña Nieto’s government pushed a historic energy reform bill through the Mexican congress in 2013, it was hoped that it would serve not only to privatize but also modernize Mexico’s state-owned Pemex and allow it to compete with giants like Exxon. However, the one thing the government seemingly hadn’t […]
Mexico’s Pemex Plagued By Deadly Offshore Explosions and Major Pipeline Spills
Mexico’s Pemex Plagued By Deadly Offshore Explosions and Major Pipeline Spills It’s been a disastrous year for Pemex, the state-owned Mexican oil company at the center of the nation’s landmark energy reforms. In just over a month, Petroleos Mexicanos (Pemex) starred in three tragic incidents, two fatal. First was a deadly explosion aboard a Pemex offshore oil […]
Crude harvest: selling Mexico’s oil – Special series – Al Jazeera English
Crude harvest: selling Mexico’s oil – Special series – Al Jazeera English. Against the backdrop of Mexico’s ever-widening gap between rich and poor, growing violence, and stalled economy, President Enrique Pena Nieto has passed a series of economic reforms. Under these reforms, Mexico’s oil, which was expropriated from foreign interests 75 years ago, is now for sale […]
