The federal government’s decision to cut its public expenditure for 2015 by 2.65%, or MX$124 billion, would not be a major problem if half that cut did not come out of the budget of the national oil company, PEMEX. This amount represents 10.4% of the MX$594.6 billion total expenditure PEMEX […]Continue Reading →
The long-awaited Mexico Oil & Gas Technology Forum 2015 will bring together high-profile industry leaders this coming January 28th at the Sheraton Maria Isabel in Mexico City. Among a broad list of renowned speakers, the process of defining the diversification of the country’s production portfolio is a trending topic in the global oil and […]Continue Reading →
The situation as it stands in Mexico today is that PEMEX refineries are unable to return to the levels of efficiency and production they saw 10 years ago when they averaged 303,400 million barrels per day of refined hydrocarbons.
During 2014, PEMEX about 35% of the distillation capacity of Mexico went unused, mainly […]Continue Reading →
Beyond Round One’s delays, the end of 2014 evidenced rugged terrain for the Mexican oil and gas industry. Adapting to the projected standards prescribed by the unprecedented Energy Reform is still far from reaching international best practices. PEMEX is slowly fitting into taking the role as the State’s Productive Enterprise and while it has still […]Continue Reading →
The last quarter of the year seems to evidence the exhaustion of a PEMEX model that no longer holds itself, no matter which angle it is looked at. The fact that the price of Mexican crude oil has dropped below the barrier of US$50 per barrel is just another factor of concern for the […]Continue Reading →
The bidding terms for the first blocks of Round One were presented yesterday in a ceremony that marked the starting point for oil exploration by local and international private companies in Mexico, something that was defined as an “unprecedented milestone in the history of the country“ by Pedro Joaquín Coldwell, Minister of Energy.
“Today […]Continue Reading →