Tag Archives: Mexico oil

Mexico Delays Next Oil Auction to Let Huge New Find Sink In – Bloomberg 2 over billion barrel finds announced on same day

Mexico will delay its next offshore oilfield auctions by a month, giving international bidders more time to evaluate recent major crude discoveries that highlight the potential value of the assets.A new billion-barrel find announced last week “confirms that the Mexican side of the Gulf of Mexico is very prolific,” said Juan Carlos Zepeda, Mexico’s chief oil regulator in an interview Friday. “International and national interest is awakening.”July 12 marked perhaps the single most successful day for the Mexico oil industry since the government ended Petroleos Mexicanos’s government-owned production monopoly in 2014. Premier Oil Plc, Sierra Oil & Gas and Talos Energy LLC reported a reservoir with an estimated 1.4 billion to 2 billion barrels of oil in the southern Gulf of Mexico. On the same day, Italian producer Eni Spa said its March find in Mexico’s offshore waters also contains the equivalent of as much as 1 billion barrels, and Mexico successfully auctioned 21 of 24 onshore fields to private companies.

Source: Mexico Delays Next Oil Auction to Let Huge New Find Sink In – Bloomberg

Premier Oil’s major Mexican oil discovery boosts shares

Premier Oil’s shares rocketed as much as 38 percent on Wednesday on news it discovered potentially more than 1 billion barrels of oil off the coast of Mexico, a major victory for Latin America’s No. 2 economy since the historic opening of its energy sector.Premier, which holds a 25 percent interest in the block alongside Talos Energy and Sierra Oil and Gas, said estimates for the Zama-1 well were in excess of 1 billion barrels, which could extend into a neighboring block.The news of the discovery, in the first shallow-water offshore exploration well drilled by the private sector in Mexico since the country’s 2014 energy sector opening, sent Premier’s shares rocketing as much as 38 percent on the London Stock Exchange and helped the peso strengthen 0.70 percent to 17.785 per dollar.In afternoon trading in London, Premier Oil shares were up 34 percent at 61.83 pounds.The find also hands the government of President Enrique Pena Nieto, which ended state-oil firm Pemex’s decades-long monopoly, a key victory as Mexico prepares to embark on fraught trade, security and immigration talks with U.S. President Donald Trump’s administration.Premier Oil’s Chief Executive Tony Durrant said the discovery “adds materially” to Premier’s portfolio of assets.”(The) Zama-1 discovery announcement appears about as material as we could possibly imagine at this early stage,” Jefferies analysts wrote in a note.The project is jointly owned with Talos Energy, which acts as operator and has a 35 percent stake, and Sierra Oil and Gas which holds the remaining 40 percent.

Source: Premier Oil’s major Mexican oil discovery boosts shares

Pemex says discovers 6 new crude deposits in Gulf of Mexico | Reuters

Mexico’s state oil company Pemex said on Tuesday it had discovered six new deposits in the Gulf of Mexico, two of super light crude in deep waters, and four of light crude in shallow waters.Pemex also plans to drill 30 exploratory wells in 2017, it said in a statement.

Source: Pemex says discovers 6 new crude deposits in Gulf of Mexico | Energy & Oil | Reuters

Mexico’s Pena Nieto axes Pemex CEO, orders cost-cuts amid oil slump | Reuters

Feb 8 Mexican President Enrique Pena Nieto on Monday removed Emilio Lozoya, the head of ailing state-oil firm Pemex, replacing him with the country’s social security chief whom he tasked with cutting costs amid a global oil rout. A close ally of Pena Nieto, Lozoya became Pemex CEO in December 2012, overseeing the company during a momentous energy reform that ended Pemex’s decades-long monopoly over the country’s oil and gas sectors. However, his term coincided with a sharp fall in the price of oil, which, along with years of declining production, has led to record losses and drastic cost-cutting measures. “I’ve given instructions to the new director to make the efficiency and profitability of all Pemex’s activities his top priority, with an emphasis on its international competitiveness,” Pena Nieto said at a press conference in Mexico City. “It will be necessary to adjust the cost structure, revise the spending program and strengthen the investment processes, making use of the new joint venture and investment schemes provided by the energy reform.” Pemex’s new boss, Jose Antonio Gonzalez, has been the director of Mexico’s Social Security Institute since 2012. Mikel Arriola, the head of health regulator Cofepris, will replace him, Pena Nieto said.

Source: UPDATE 2-Mexico’s Pena Nieto axes Pemex CEO, orders cost-cuts amid oil slump | Reuters

Iran Says Mexico to Help If OPEC Tries to Manage Oil Market

Mexico is willing to work with OPEC if the group tries to stabilize crude markets amid a global supply glut and slide in prices, Iran’s Oil Minister Bijan Namdar Zanganeh said after talks with Mexico’s labor secretary.

Mexico is the third-largest producer in the Western Hemisphere, according to BP Plc data. The Latin American nation isn’t a member of the Organization of Petroleum Exporting Countries, though it has cooperated with OPEC before by cutting output in efforts to buttress prices. The group supplies about 40 percent of the world’s oil.

“They expressed readiness to cooperate with OPEC should OPEC decide to enter market management,” Zanganeh said Tuesday after talks in the Iranian capital with Alfonso Navarrete Prida, according to state TV. Zanganeh didn’t elaborate on possible steps the producer group might take to manage the market.

Source: Iran Says Mexico to Help If OPEC Tries to Manage Oil Market