Energy
Gas prices take yet another hike
Sentido Comun - Starting today, Saturday March 6, the price of Magna gasoline and diesel will rise eight centavos, while the price of premium gasoline will increase four. Fuel prices in Mexico, even after the latest increase, are 15 percent lower than the prices of those in the United States.
Japan Bank to lend Pemex $600 million
Sentido Comun - Japan Bank for International Cooperation (JBIC) will provide $600 million to Petroleos Mexicanos to fund the development of oil and gas fields in the Chicontepec Basin. The loan is one of the largest in the pool to try to keep Mexican production at its current level.
CFE turns $91 million profit in 2009
Dow Jones - Mexico's state power utility Comision Federal de Electricidad, or CFE, posted a 2009 net profit of 1.19 billion pesos ($91 million), compared with a loss of 19.51 billion ($1.54 billion) in 2008, the company said in a filing with the Mexican stock market.
Oil, gas exploration results improve in 2009
Reuters - Mexico's state oil monopoly Pemex improved its exploration efforts in 2009, replacing more of its oil and gas production than in previous years, according to preliminary estimates on Wednesday. Pemex [said it discovered enough new proven oil and gas reserves to replace 74.9 percent of its 2009 production, up from a replacement rate of 72 percent in 2008.
Pemex cuts 4th Q losses to $1.3 billion
Dow Jones - Mexico's state-owned oil company, Petroleos Mexicanos, or Pemex, said it had an after-tax loss of 16.6 billion pesos ($1.3 billion) in the fourth quarter, compared with a 117.6 billion peso ($9.25 billion) loss in the year-ago period, due to higher prices for crude exports.
Mexico aims to produce 3.3 million mbd by 2024
Bloomberg - Mexico’s government aims to boost oil production to 3.3 million barrels a day by 2024, the Energy Ministry said. Mexico, which invested $17.6 billion in exploration and production in 2009, will also seek to replenish oil reserves, reverse declining oil production and sustain production of natural gas.
ICA-Flour win Pemex clean fuel contract
Reuters - State oil monopoly Pemex said on Thursday it awarded contracts valued at around $620 million to U.S. engineering company Fluor Corp and Mexico's top builder ICA to construct clean gasoline units at Pemex's Salina Cruz and Minatitlan oil refineries.
El Paso selling pipeline assets to Sempra
Dow Jones - El Paso Corp. has agreed to sell its interest in Mexican pipeline and compression assets to Sempra Energy for $300 million. The sale includes the natural gas producer's half interest in a joint venture with Mexican state oil company Pemex.
Aleo Solar to supply DESMEX with panels
Sentido Comun - U.S. solar panel manufacturer Aleo Solar won a contract from DESMEX Group to install solar panel photovoltaic systems throughout 2010 as part of a strategic alliance to generate 5,000 kilowatts, DESMEX CEO John von Frantzius said in a statement.
Nobel, Pemex discuss rig contract renewal
Bloomberg - Noble Corp., the largest supplier of jack-up rigs in Mexico, is in talks with Petroleos Mexicanos to renew rig contracts that expire this year. The Zug, Switzerland-based supplier is the most-exposed oil-services company working with Pemex because 10 of its rig contracts are due to end.
