Mexico NEWS

BP Plc’s Chief U.S. Economist Michael Cohen said the oil industry focused too much on cutting greenhouse gases last year, eroding its ability to keep pace with demand.

The American Petroleum Institute, National Association Manufacturers and American Clean Power Association sent a letter to United States Trade Representative Katherine Tai calling for continued action to hold Mexico accountable for its discriminatory energy policies by using every tool available under the U.S.-Mexico-Canada Agreement (USMCA).

The U.S. Gulf of Mexico added six rigs week on week, Baker Hughes’ latest rotary rig count, which was released on February 10, revealed. The latest additions take the total U.S. Gulf of Mexico rig count up to 18, according to Baker Hughes, which highlighted that the total U.S. rig count increased by two week on week. Although the country added six offshore rigs week on week, it dropped four land rigs during the same time period, Baker Hughes outlined.

"The sale of offshore oil and gas leases on more than 80 million acres in the Gulf of Mexico was canceled by a U.S. judge who ordered regulators to take a harder look at the impact on climate change. U.S. District Judge Rudolph Contreras in Washington, D.C., vacated the lease sale in a 67-page decision, issued Thursday.

A Petronas-led joint venture is analysing the results of the Bacalar-1 offshore exploration well in Mexico. The Malaysian national oil and gas giant has a 60% operated interest in Block 12, with Indonesia's Medco Energi and Thailand's PTT Exploration and Production on 20% each. Medco said in its latest exploration update that post-drill analysis was under way as part of the well evaluation process. Bacalar-1, which is understood to have spudded in August 2021, has so far cost US$52.2 million, added Medco. Petronas had a one-well contract with US-based offshore rig owner Pacific Drilling to use the drillship Pacific Khamsin for an exploration programme in Mexico starting in the third quarter last year.

Although oil companies are still assessing the damage at the oil rigs, platforms and refineries that were struck by Hurricane Ida, signs point toward a limited impact on gasoline availability and prices. AAA has warned of price volatility, and several analysts expect temporary price increases of several cents, but experts are not expecting a dramatic or prolonged disruption to the market. "This is not Katrina," says Richard Joswick, head of oil analytics at S&P Global Platts. After Hurricane Katrina made landfall — exactly 16 years earlier — gas prices immediately shot up by 45 cents and remained elevated for two months.

MEXICO CITY: Mexico's lower house of Congress on Wednesday approved changes to existing legislation that could allow the government to revoke private oil companies' permits to import gasoline and other fuels.The initiative, part of President Andres Manuel Lopez Obrador's efforts to strengthen state influence over the energy market at the expense of private capital, passed with 292 votes in favor, 153 votes against and 11 abstentions.

Energy infrastructure company Sempra Energy said on Monday it would sell a 20% stake in its new business platform, Sempra Infrastructure Partners, to investment firm KKR for $3.37 billion in cash.The sale was flagged by Sempra in December and comes as the company sharpens its focus on renewables and energy storage to capitalize on the growing global demand for cleaner fuels.

(Bloomberg) -- A new company soon to be created by Chrysaor Holdings Ltd and Premier Oil Plc will likely retain its stake in the giant Zama oil development in Mexico, reversing an earlier decision by the indebted North Sea driller to exit the project.

Mexico’s Pemex reduced losses during the second quarter even as crude prices fell during the coronavirus pandemic. The 44.3 billion peso net loss during the April-June period was over 16% lower than the nearly 53 billion pesos Pemex lost in the same period last year. During the quarter, Pemex’s financial debt rose nearly $2.4 billion to $107.2 billion, one of the largest of any oil company worldwide.

Mexico refused to extend a cut in oil production to the end of July which was agreed by OPEC members and other key producers. The OPEC and its allies agreed on Saturday to extend through July the historic output cuts for May and June. But during a visit to a petrochemical plant in Veracruz state, Energy Minister Rocio Nahle told reporters that Mexico would not comply.

Mexico-based company Libre Abordo announced that it was bankrupt. Venezuelan President Nicolas Maduro also ended an oil-for-food agreement that had allowed the firm to supply water trucks in exchange for millions of barrels of Venezuelan crude. The Mexican companies proclaimed that they were targets of an international political campaign, driven by the U.S., which had led to a loss of over $90 million and the suspension of Venezuelan crude lifting.

After more than nine hours meeting on Thursday, OPEC and its allies have settled for historic agreement with an exception. The group has decided to take 10 million barrels per day off the market to which Mexico hasn't given the consent. The statement by OPEC read "agreed by all the OPEC and non-OPEC oil-producing countries participating in the Declaration of Cooperation, the agreement is conditional on the consent of Mexico".

Mexican state-run Pemex has commenced signing contracts with oilfield service firms specifically invited for submitting regarding a new batch of priority E&P projects. Octavio Romero, CEO, Pemex, who was speaking on the sidelines of an energy event in Ciudad del Carmen, informed that the closed bidding process allows Pemex to save on costs. Romero foresees all the contracting for this year's projects to be concluded by the middle of 2020.

Mexico government is trying to solve a dispute over fees and payments. Working on this, the government has reached a deal with private gas pipeline operators. Nation's President has slammed the private companies for taking unfair advantage of the of the country. "We avoided a dispute that would have implied going to international tribunals, a dispute that would have taken years to resolve", said Mr President.

Oil prices on Friday were buoyed by the chances of delay in trade tariffs on Mexico by Washington. The prices jumped by more than 1% and were supported by the signs of supply cut extension by OPEC and other producers. Brent increased by 0.8% and was traded at $62.17 a barrel. WTI rose by 1% and was traded at $53.09 per barrel.

Mexican state oil firm Pemex has reported a decline in its oil exports in April. Its oil exports dropped by 11% compared to the statistics of the previous month. The production of the company also went down by 0.9%. The company is also struggling because of the debts of almost $106 billion. President of Pemex has assured the recovery of the company by increasing the production at least by 50%.

US' Talos Energy has successfully completed drill stem test (DST) of the Zama-2 side-track well (Zama-2 ST1) in Block 7, Mexico. Talos has 35% operating interest in Block 7 and the rest are held by Premier Oil (25%) and Sierra Oil and Gas (40%). During the DST operation, a combined flow rate of 7,426 barrels of oil per day was achieved from two separate tests.