Mexico - 04

Mexico: SENER Extends Pemex’s Minimum Work Terms

In Round 0, held in March 2014, the Mexican government awarded Pemex 103 oil blocks, containing much of country’s proved and probable reserves. At the time, then CEO Emilio Lozoya Austin announced very upbeat forecasts and declared that such areas would guarantee Pemex’s viability. Since then, however, amid the global fall in oil prices and

Mexico - 05

Mexico: Pemex’s High Profits Tarnished by Corruption Allegations

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,

Mexico - 02

Mexico: Pemex Clears Hurdles as Energy Reforms Gain Further Support

Pemex is attempting to shake off past corruption allegations and boost its investment appeal. At the Oil and Gas Innovation Forum 2017 (organized by Siemens, Bloomberg and El Financiero) on 6 July in Mexico City, CEO Jose Antonio Gonzalez Anaya emphasized that Pemex had been a victim of Odebrecht’s. He also reiterated that a new

Mexico - 07

Mexico: Pemex Pressured Over Layoffs: Political Implications

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

Mexico - 04

Mexico: Odebrecht Bribery Scandal in Mexico: Will Impunity Prevail?

On 15 May, Marcelo Odebrecht, the former CEO of Brazilian construction conglomerate Odebrecht, made a statement to the Mexican Attorney General’s Office (PGR) on the company’s corrupt involvement with Pemex between 2010 and 2014. Specifically, Odebrecht is accused of operating a network to bribe Pemex officials in exchange for infrastructure development contracts.

Mexico - 07

Mexico: Private Partnerships Key to Pemex’s Recovery

Pemex has adjusted to Mexico’s new energy regulatory framework and is finally recovering from two years of declining international oil prices. On 2 May Pemex released its Q1 2017 financial report, which showed it had made a profit for the second consecutive quarter. Pemex’s Q1 profit of 88bn pesos ($4.6bn) was a massive turnaround from

Mexico - 06

Mexico: Pemex Infrastructure Compromised: Hydrocarbons Theft Surging

Earlier this week Pemex released an official report containing information on hydrocarbons theft from 2014 to 2016. The number of illegal siphons rose dramatically from 3,635 in 2014 to 6,873 last year. The problem is more acute in the states of Tamaulipas, Veracruz, Jalisco, Guanajuato, Puebla and the State of Mexico. On average, hydrocarbons theft

Mexico - 02

Mexico: Open Season in Jeopardy: CRE’s Repeated Delays

CRE was slated to release the results of the first call of the Open Season, the bidding round to reserve midstream capacity from Pemex Logistics, on 15 March. Instead, the agency recently announced that the bidding round would be delayed for another two weeks. Companies had submitted their bids on 10 March, and transport and

Mexico - 04

Mexico: Corruption Cases Re-emerge at Pemex: Impact on the PRI

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

Mexico - 07

Mexico: Pemex’s Second Private Partnership Announced

On 6 March CNH announced its approval of Pemex’s second partnership, which will be at the Ayin-Batsil field off the coast of Campeche. According to data published by CNH, Ayin-Batsil has some 281mn boe, including proven reserves of 46mn boe, probable reserves of 77mn boe, and possible reserves of 158mn boe. Altogether, the field has