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.Energy
Kessel declines to say if Pemex changes planned
Reuters - Mexican Energy Minister Georgina Kessel said the shutdown of an inefficient federally run power utility is part of a broader policy to make state companies more efficient but declined to answer whether broad changes are planned for state oil company Pemex. www.reuters.com/article/companyNews/idUSN1319062220091013
Luz y Fuerza takeover might ease taxes
The News - Mexico's closure of an inefficient state power utility is expected to create big public savings and could make room for the government to soften its tax hike plan, Finance Minister Agustin Carstens said on Monday.
www.thenews.com.mx/home/tnhome.asp
Workers fight disbanding of Luz y Fuerza
Los Angeles Times - Angry electrical workers on Monday asked Mexico's Congress to help them reverse the government's decision to disband the state-run utility that supplies electricity to Mexico City and several neighboring states. The union, representing 66,000 current and retired workers, also plans protests later this week.
www.latimes.com/news/nationworld/world/la-fg-mexico-utility13-2009oct13,0,1323573.story
Mexico becomes 3rd largest crude supplier to U.S.
La Jornada - Mexico has become the third largest supplier of crude to the United States by volume in 2009, after Canada and Venezuela, overtaking Saudi Arabia in sales per month. Exports of Petroleos Mexicanos crude to the United States during the first eight months of the year were 258 million barrels, versus 279 million in the same period in 2008.www.jornada.unam.mx/
Texan pleads guilty in stolen Pemex oil case
Houston Chronicle - The president of a San Antonio company, Stephen Pechenik of Valley Fuels, pleaded guilty Friday to charges that he conspired to receive and sell petroleum stolen from Mexican oil giant Pemex. In 2007, Mexican authorities told U.S. officials that members of the Gulf Cartel's armed enforcement wing, Los Zetas, had tapped into Pemex pipelines and sold the petroleum as another way to make money besides illegal drugs.
Calgary firms face uncertainty in Mexico oil drilling
Calgary Herald - The seemingly safe harbour Calgary drilling firms have found in the Chicontepec oilfield in Mexico has been rocked by uncertainty as Mexico’s recently formed National Hydrocarbons Commission said that development of the reserves in east-central Mexico should be halted “until Pemex has a proper development plan.”
www.calgaryherald.com/technology/Confusion+Mexico+rattles+Calgary+based+drillers/2088362/story.html
Slim appears poised to start big oil business
El Semanario - Carlos Slim appears on track to enter more fully into the oil business just when the fuel appears to be losing ground to other energy sources. Several analysts way the Mexican tycoon wants to be a business like Halliburton or Schlumberger.
Peso gains as crude oil jumps
Bloomberg - Mexico’s peso rose for a third day as gains in oil, which funds 38 percent of the government’s spending, increased investor demand for higher-yielding, emerging-market assets. The currency gained 0.2 percent to 13.5115 per U.S. dollar.
Jan.-Aug. crude output decreases
Dow Jones - Mexican state oil monopoly Petroleos Mexicanos, or Pemex, said Friday its crude oil production averaged 2.61 million barrels a day in the first eight months of the year, down from 2.82 million barrels a day in the same period of 2008.
The "milking" of Pemex grows wider with probe
El Economista - The milking of Pemex installations in remote locations includes organized efforts with sophisticated techniques to take oil from pipelines and underground tanks and storage facilities, according to an investigation by El Economista.
