The President of the Energy Commission at the Chamber of Deputies halted approval of the PEMEX Law. In addition, the Superior Audit of the Federation determined that PEMEX Exploración y Producción and PEMEX Transformación subsidiaries could go bankrupt if they were autonomous and independent companies. According to the report, there was a decrease in investment in hydrocarbons, as well as in the extraction of crude oil during Peña Nieto’s sexennial.
Globally, strategic projects are expected to raise crude oil production. China’s oil discovery could trigger shale drilling in the country, reducing the need to import the commodity. OPEC’s mission to balance crude oil prices could be threatened by developments in Brazil. Also, Halliburton allies with a digital champion to boost its operations in the Permian basin.
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- Morena stops initiative to fortify PEMEX Director. According to AMLO, his government would not promote a decrease in the Administration Council’s decision-making capabilities
- PEMEX will not be listed on the Mexican Stock Exchange, says Ministry of Finance and Public Credit. Its current financial situation limits the state-owned company’s ability to launch an initial public offering
- The Mexican mix reaches its best performance during 2019. The export of crude oil registered a 31.01 percent increase, mostly driven by a decrease in Venezuela’s production
- PEMEX oil crude production falls under 7 percent in 2018. During Peña Nieto’s sexennial, it decreased close to 28 percent
- PEMEX Exploración y Producción and PEMEX Transformación subsidiaries are under technical bankrupcy. The Superior Audit of the Federation determined that PEMEX Transformación underused its installed capacity due to clandestine practices
- Halliburton announces its first oilfield specialty chemical manufacturing facility in Saudi Arabia. This plant is a strategic, targeted expansion to accelerate the company’s specialty chemicals business
- Chinese oil discovery could trigger a surge in shale drilling. According to Morgan Stanley, the discovery in northwestern China could provide an output boost for the world’s biggest importer
- ExxonMobil partners with Microsoft. The company’s Permian basin operations will be the largest acreage to use cloud technology to support production growth of 50,000boed by 2025
- Noble Energy announces 2018 results and this year’s strategic outlook. The company’s volumes are anticipated in the range of 345-365Mboed, an increase of 5 percent from 2018
- Brazil’s crude production could be OPEC’s next headache. Together with more oil from shale fields from Texas to North Dakota, efforts to balance the global market are threatened
by Brenda Salas