Mexican state-owned giant Pemex has chartered two jack-up rigs built and currently owned by Chinese yard CIMC Raffles. They are able to operate at a water depth up to 120m(400ft)…
Mexico’s Crude Oil Problem
Mexico’s economy has a high dependence on hydrocarbons. 89% of the country’s energy production is made from fossil fuels. It’s a large producer of oil, natural gas, and coal, however,…
Carlos Urzúa’s shows his loyalty with the old Guard?
The departure of the former finance minister, Carlos Urzúa, will not only leave a gap in the federal government but also in the Pemex Board of Directors. The finance minister…
Mexico kicks off $7.7 billion refinery construction amid trade tariffs from the U.S
Mexico is kicking off the construction of its $7.7 billion (150 billion peso) oil refinery amid a call by President Andres Manuel Lopez Obrador for the country to become self-sufficient…
Documents reveal Pemex will get 7.3 billion usd in tax breaks
Mexico is seeking as much as 138.7 billion pesos ($7.3 billion) worth of tax breaks for Petroleos Mexicanos in 2020 and 2021, according to online reports. The internal document detailed…
American debt-rating agencies go after Mexico’s Pemex
Mexican President Andres Manuel Lopez Obrador took office in December vowing to revive state-owned energy company Pemex and put the brakes on foreign investment to give the public a bigger…
Mexico’s New Oil Refinery is good for Mexico but bad for American Business?
Mexico President Andres Manuel Lopez Obrador has promised a new oil refinery and also upgrade current refineries that lacked updated parts so they could run at 100% of volume. Mexico…
Pemex adds 1B barrels of oil reserves in biggest onshore find in 25 years
Pemex triples estimate of Veracruz oil field’s reserves.
Pemex’s preliminary development plan includes drilling more than 40 development wells at a cost of more than $1.5 billion, Carlos Trevino, Pemex general director, said at an event Tuesday announcing Ixachi’s progress.
“The expected value of the total production of Ixachi is worth $40 billion,” Trevino said. “Based on these numbers, you can see how profitable this project will be.”