Mexican national oil company Pemex blamed the cancellation of a potentially lucrative deepwater Gulf of Mexico project on weak investor appetite due to competition from recent auctions in Brazil and low oil prices. Mexico’s oil regulator canceled a tender to pick an equity partner for Pemex’s Nobilis-Maximino project, as company interest was not as robust as expected.
Mexico’s national oil company Pemex has made its biggest onshore oil discovery in 15 years with a find in the eastern state of Veracruz, President Enrique Peña Nieto announced. Pemex made the discovery by drilling its onshore Ixachi well, near the municipality of Cosamaloapan and the overall field is believed to hold some 350 million barrels of proven, probable and possible reserves.
Brazil's state oil giant Petrobras remains Latin America's top company in revenues, but has lost its position as the profit leader after posting record losses last year due to a growing corruption scandal and administrative inefficiencies, according to a new ranking of the region's 500 largest companies from digital publication Latinvex.
Mexico's oil production dropped following a deadly fire at an offshore platform, while authorities are still searching for three missing workers, state-run energy firm Pemex said.
State-owned oil giant Petroleos Mexicanos, or Pemex, said its board approved budget cuts totaling 62 billion pesos (4.15 billion) and the postponement of some big projects in light of the sharp drop in oil prices.
Mexican President Enrique Peña Nieto signed on Monday a package of landmark energy reform bills, ending the 76-year-old state monopoly on oil drilling and reopening the sector to foreign companies.
Violence in Mexico could thwart hopes of a budding shale boom, as oil and gas companies operating in Texas may think twice about moving south of the border.
Mexico holds an estimated 545 trillion cubic feet of technically recoverable shale gas and 13 billion barrels of shale oil, but progress in developing those resources has been slow.
Mexico's state-owned oil giant Pemex has sold the majority of its stake in Spanish energy firm Repsol for approximately 2.2bn Euros with the intervention of Citigroup and Deutsche Bank. Pemex has been a shareholder in Repsol for more than 25 years.
Argentina's YPF CEO Miguel Galuccio proposed on Thursday in Bolivia a G10 of Latin American state owned oil corporations to strengthen their bargaining power based on their resources and development synergy.
Shareholders of Spain's Repsol approved the oil major's 5 billion dollars settlement with Argentina over the 2012 seizure of YPF at an annual meeting on Friday. The agreement had already been approved by the Argentine Congress and by the board of the Spanish company.