Reuters - The vast Ku Maloob Zaap oil field is the jewel in the crown of Mexico's oil industry, pumping one in every three barrels of crude the country produces. But behind the luster, Pemex quietly expects a gloomier future for the aging field.
Reuters - Pemex will boost capacity at its biggest refinery, Salinas Cruz, by around 9 percent or 30,000 barrels per day (bdp) once a $4 billion expansion is completed in 3-4 years, Miguel Tame, the head of its refining arm said.
Oil & Gas Journal - As the US debates exporting more natural gas from new liquefaction along the East and Gulf coasts, gas exports to Mexico in the past 3 years have doubled. Natural gas production in Mexico has declined 11 percent, says a Barclays report.
Bloomberg - Petroleos Mexicanos, the world’s fourth-largest oil producer, made its third ultra-deepwater discovery on the Mexican side of the Perdido basin in the Gulf of Mexico. Volumes still are being assessed and no estimate was given.
Bloomberg - Comision Federal de Electricidad, Mexico’s state utility, will buy 18 spot cargoes of liquefied natural gas cargoes for delivery over the next 18 months from Trafigura. The utility paid an average price of $15.84 per million btu for the cargoes.
FuelFix - The United States continues to be Mexico’s main trading partner for energy products - more than $65 billion in energy trade in 2012 and 13 percent of overall trade between the two countries. Mexico is the third-largest exporter of crude oil to the U.S.
Gulf Times - Mexico is stepping up imports of liquefied natural gas (LNG) as rising demand, falling domestic output and pipeline bottlenecks for cheap US imports force it to pay at least four times more for added supplies.
Reuters - Despite having some of the world’s biggest shale gas reserves, Mexico imports about a third of its gas needs and, in the absence of major reform, risks further dependence on outside energy supplies, the country’s energy minister said Wednesday.
American Public Media - Analysts say conversation between Presidents Pena Nieto and Obama will likely turn to oil and gas reserves in Mexico. Twenty years after Nafta, Mexico’s oil reserves remain closed to U.S. investment, but that might soon be changing.
Reuters - Mexico's Pemex said it is seeking to take a controlling stake in a Spanish shipyard with a view to building specialized tankers for the state oil monopoly, as well as to help speed up the modernization of Pemex's fleet.