Carlos Alberto Treviño Medina, was promoted to the position of CEO of PEMEX after his predecessor Jose Antonio González Anaya was appointed to the cabinet of President Enrique Peña Nieto as Minister of Finance.
Newly appointed PEMEX CEO, Carlos Alberto Treviño Medina, declared the company’s intention to fight for the gasoline franchise market with the PEMEX brand. PEMEX currently has 11,710 franchises throughout Mexico and is now competing for the first time with IOC’s such as Shell, Chevron, BP and Exxonmobil in this recently opened market.
The construction of four major gas pipelines from the United States to Mexico is significantly delayed, forcing the country to import liquified natural gas. The pipelines are: El Encino-Topolobampo and Tula-Tuxpan gas ducts being constructed by Transcanada, the Villa Reyes-Aguascalientes-Guadalajara gasduct being constructed by Fermaca and the Samalayuca-El Sasabe being constructed by Grupo Carso.
The liberalization of gasoline prices in Central Mexico and the Yucatan Peninsula was brought forward to Thursday Nov. 30. By bringing forward the Yucatan Pensinsula liberalization of prices from the December 30 to Nov. 30, all of Mexico now has flexible gasoline prices.
Russia and OPEC reached an agreement to extend production cuts to the end of 2018 in an effort to reduce crude oil supplies.
China’s crude oil imports are expected to increase in January when new quotas come into effect. The rise is expected to be driven by demand from independent refiners and restocking of inventories by processors.
PDVSA appointed a new Executive Vice President, Maribel Parra, formerly a rear admiral in the Venezuelan armed forces.
A new oil field was discovered in China by China´s largest energy group. China National Petroleum Corporation found 520 million tonnes of crude reserves in China’s Xinjiang province raising the company’s production capacity of the province to 1.4 million tonnes.
The Chinese NOC Sinopec sold its Argentinian assets to Vista Oil and Gas for between US$ 500 and US$ 600 million.
In the wake of OPEC’s of its production cut agreement through 2018 the United States rig count rose by six rigs. The total number of rigs in the United States is now 929 up from 597 this time last year.