Pemex plans to invest $27.7 billion in 2014


Oil & Gas - Mexico's state-owned oil firm Petroleos Mexicanos, or Pemex, is planning to invest $27.7 billion in 2014, the most in its history and the vast majority of which will go toward crude oil exploration and production.

Pemex lowers asset value, losses widen

Reuters - Mexican state-owned oil company Pemex said its losses for the fourth-quarter more than doubled from a year ago after it lowered the value of assets including its Burgos gas field.

Fitch: Energy reform good for Mexico, not for CFE

Reuters - Mexico's energy reform is a long-term positive for the country and Petroleos Mexicano's (Pemex) credit quality, while Comision Federal de Electricidad (CFE) faces margin pressures, according to a new Fitch Ratings report.

Firms await details of Mexico's energy reform

Oil & Gas Journal - International oil and gas companies keenly await more details as Mexico's Congress drafts and debates secondary laws to implement its recently passed energy reforms. Opinions vary on whether Mexico can meet the deadlines it scheduled.

Iran courts Mexico in Davos as energy partner

Fox News Latino - Iranian President Hassan Rouhani has made a concerted effort to reach out to Western powers during his trip to the World Economic Forum this week, highlighting the Islamic Republic’s need for greater energy ties with Latin America.

Russia's Lukoil and Pemex to sign agreement

Reuters - Mexican state-run company Pemex will sign a cooperation memorandum with Russia's No.2 oil producer Lukoil on Friday, the Pemex chief executive told Reuters as the country is opening up its energy sector in a move to boost production.

Pemex and Guatemala to build $1.2 billion pipeline

Reuters - Mexican state oil company Pemex and Guatemala will build a $1.2 billion, 600-kilometer (370-mile) gas pipeline linking the two countries and giving local manufacturers access to cheaper energy, a Guatemalan presidential spokesman said.

UK's Mintra lands worker training contract

Upstream - Aberdeen’s Mintra Training Portal has landed a six-figure, three-year contract from Mexico’s Oro Negro to provide e-learning courses for offshore workers in the Gulf of Mexico.

End to Mexico monopoly seen drowning N. Am. in crude

Bloomberg - The flood of North American crude oil is set to become a deluge as Mexico dismantles a 75-year-old barrier to foreign investment in its oil fields. The estimated doubling in Mexican oil output would be equivalent to adding another Nigeria to world supply, or about 2.5 million barrels a day.

Mexico's pride, its oil, could open to multinationals

NYT - President Enrique Peña Nieto, in what could be the biggest economic change in two decades, is on the verge of rewriting the constitution to open Mexico’s oil, gas and electricity industry to private investment — a provocative move that could shake up the North American energy industry and test the storied grip Mexico’s oil has had on its soul.

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