On 27 July Pemex submitted its third consecutive quarterly report showing net profits. In the first half of 2017 the company made $6.78bn in profits. This was enormous turnaround from 14 years of losses, including the $8.15bn in losses that Pemex recorded during the first half of 2016. While these new figures are certainly positive,
On 26 June Senator Dolores Padierna, of the leftist Democratic Revolutionary Party (PRD), called for Pemex CEO Jose Antonio Gonzalez Anaya to appear before the Senate and explain why 3,000 of the company’s employees were recently laid off. She once again castigated Mexico’s energy reforms and accused them of being responsible for the layoffs. Dismissing
Despite uncertainty over energy prices and domestic politics, Round 2.1 was quite successful, with contracts awarded for 10 out of 15 shallow-water blocks. Indeed, Secretary of Energy Pedro Joaquin Coldwell said that the first tender yielded “splendid results.” He estimated that the contracts will entail investments of $8.1bn throughout their 35-year duration, creating 82,000 direct
Pena Nieto is facing growing accusations of corruption and political incompetence, not only from the opposition but also from PRI members outside of the administration. As a result, although he has more than one year before leaving Los Pinos, Pena Nieto is already preparing for the endgame. His three main priorities are determining the PRI’s
Elections in the states of Mexico, Coahuila, Nayarit and Veracruz on 4 June have raised many pressing questions in the Mexican political sphere. Voting in each of these states has its own local implications, but at the national level their effects are crucial, leading parties to revise strategies, make internal rearrangements and consider external alliances.
On 4 June the State of Mexico will elect a new governor. With a population of 17mn, including more than 11mn voters, the state is the most coveted prize for Mexico’s political parties, particularly as the launch pad for the 2018 presidential elections. As a result, in the state’s gubernatorial campaigns, candidates often exchange corruption
Allegations of corruption in the federal government, and more specifically at Pemex, have re-emerged in Mexican media since late February, when the Superior Audit of the Federation (ASF) released a study on the management of the federal budget in 2015. The ASF, the government agency in charge of overseeing expenditures at the federal level, revealed
Political tensions re-emerged this week as SCHP prepares to announce an update to fuel prices on 3 February. Whether the federal government decides to stick to its decision to raise fuel prices will signal its strength with respect to opposition parties, with long-term repercussions for the implementation of the overall energy reforms.
On 23 January President Enrique Pena Nieto delivered a press conference on what his office called “Mexico’s Position on Foreign Policy,” a series of principles to guide the country in the short term. Pena Nieto established two foreign policy priorities and five guidelines to negotiate with the US as a result of President Donald Trump’s
Beginning this month, an increase in fuel prices in Mexico will come into effect, with magna and premium gasoline prices rising by 14.2% and 20%, respectively, and diesel prices by 16.5%. A quite unpopular measure domestically, the increase is due to several factors. First, according to the Mexican government, subsidizing fuels by covering the differential