By THE PULSE NEWS MEXICO STAFF Mexico’s total exports amounted to $39.632 billion in August, representing a drop of 4.58 percent compared to the previous month, its biggest drop in 15 months, according to seasonally adjusted data from the National Institute of Statistics and Geography (Inegi). The nation’s imports also decreased in August to $42.829 billion, down 3.36 percent compared
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By KELIN DILLON On the afternoon of Wednesday, Sept. 8, Mexican Secretary of Finance and Public Credit (SHCP) Rogelio Ramírez de la O presented Mexico’s 2022 budget plan to the Chamber of Deputies under the administration of President Andrés Manuel López Obrador (AMLO), featuring no increase in taxes, increased spending in the health sector, and historical levels of public investment.
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By KELIN DILLON The deadly explosion on Mexican oil venture Petróleos Mexicanos’ (Pemex) Ku-Alfa platform in the Campeche Sound, which left five dead and two missing, will now result in a 25 percent loss in production for the state-owned company. A total of 142 wells were closed after the disaster, slowing production by 421,000 barrels of oil a day. “The
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By KELIN DILLON After an explosion occurred on the E-Ku-A2 platform of Mexico’s state-owned oil company’s Petróleos Mexicanos (Pemex) on Sunday, Aug. 22, five workers have been declared dead, six injured and two more remain missing. Located in the Campeche Sound and valued as one of Pemex’s most important production assets, Ku-Alfa is the company’s second platform to experience a
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By KELIN DILLON Mexico’s state-owned oil company Petróleos Mexicanos (Pemex) was reportedly handed the lucrative operation of the Zama megafield in the Gulf of Mexico on Saturday, July 2, the same day a burst Pemex pipeline caused a huge fireball in the ocean, which attracted attention and criticism worldwide. Discovered in 2017 by private company Talos Energy, the Zama megafield
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By KELIN DILLON Environmentalists are lashing out against Mexico’s oil-friendly practices after the appearance of a massive fireball in the Gulf of Mexico on Friday, July 2, which was caused by a leak in one of state-owned oil company Petróleos Mexicanos’ (Pemex) pipelines through the area. The massive fire “demonstrates the serious risks that the fossil fuel model in Mexico
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By KELIN DILLON Two federal judges froze the monopoly granted to Mexico’s state-owned oil company Petróleos Mexicanos (Pemex) by reforms from the current government, led by President Andrés Manuel López Obrador (AMLO), reverting Pemex back to the same levels of competition with the private sector as standard in 2014. AMLO’s National Regeneration Movement (Morena) introduced its final reforms to the Hydrocarbons
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By KELIN DILLON Following Mexico’s state-owned oil company Petróleos Mexicanos (Pemex) acquisition of the Deer Park refinery in Texas, Moody’s Analytics, one of Big Three financial ratings agencies, downgraded the refinery’s evaluation to “junk” status. Moody’s devalued Deer Park from Ba3 to Baa2, meaning it is “in the lower ranking of its generic category,” with the potential to further downgrade
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By KELIN DILLON Mexico’s state-owned oil company Petróleos Mexicanos (Pemex) announced its acquisition of the Deer Park refinery in Texas on Monday, May 24, for the sum of $596 million dollars for 50 percent of the shares from Shell Oil Company to complete the purchase, as Mexico already held the other half of the shares. Part of Pemex’s acquisition from
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By THE PULSE NEWS MEXICO STAFF Over the course of the last six years, U.S. and Canadian companies have invested more than $4.805 billion in Mexico’s energy sector, capital that is now being threatened by the changes to the electricity and hydrocarbon sectors laws promoted by President Andrés Manuel López Obrador (AMLO). Among the major companies that have invested in
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