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Landmark Energy Reform News

04 Aug 2014

Pemex to Launch Transport, Drilling Companies in 2015

Pemex, Mexico's state oil company, will launch new companies next year as it restructures following landmark energy reform, Pemex Chief Executive Officer Emilio Lozoya told local radio on Monday. "The business plan that we're considering for the next year will involve an internal restructuring," Lozoya said. Among the new companies will be a transport and logistics business, Lozoya said. That business will be designed to support foreign companies' access to Pemex's existing pipeline infrastructure, he said.

27 Jul 2014

Mexico's Lower House Pass Energy Reform Bills

Committees in Mexico's lower house on Saturday approved laws fleshing out a landmark energy reform that seeks to drive private investment into the long-shuttered sector. The so-called secondary laws, which detail the implementation of the constitutional energy reform passed last year, will head to the floor of the lower house, where lawmakers will debate them beginning on Monday. If they are fully approved in the lower house, some of the secondary laws will head to the Senate for final approval. The laws passed in committees on Saturday create a new tax framework for Pemex, guidelines for contracts and tax benefits for states where extraction occurs, among other things.

25 Apr 2014

Pemex Crude Output Lowest In March

Crude oil production from Mexico's state-run oil company Pemex totaled 2.469 million barrels per day (bpd) in March, the company said on Friday, marking the lowest level of output since the 1990s. The level of crude production in March was the lowest level of monthly output since June 1990, according to energy ministry data, excluding a single month in 1995 when output was down by more than 800,000 due to Hurricane Roxanne. Meanwhile, crude oil export volumes in March were down 11 percent at 1.133 million bpd compared to the previous month, Pemex said, which was the lowest level of shipments since June. Since hitting peak production of 3.38 million bpd in 2004, Mexican crude output has slid by a quarter to settle at 2.52 million bpd last year.