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2017-10-30 11:10:00

PEMEX PRODUCTION DOWN 18%

PEMEX PRODUCTION DOWN 18%

REUTERS - Mexican national oil company Pemex reported on Friday that September crude production fell 18 percent from the same month last year, marking three consecutive months with oil output coming in below 2 million barrels per day.

September output averaged 1.73 million bpd, down from 1.93 million bpd in August.

Natural gas production also slipped in September for Pemex, officially known as Petroleos Mexicanos. The company averaged 4.302 billion cubic feet per day, down more than 23 percent from September 2016.

Crude exports followed the downward trend in September, sinking nearly 19 percent to reach 1.159 million bpd.

Pemex's crude production has fallen steadily since its peak of 3.4 million bpd in 2004.

Seeking to reverse the stubborn output slump, a sweeping oil opening finalized in 2014 ended the company's decades-long monopoly and allowed private producers to operate their own fields for the first time.

Through the first nine months of this year, average crude production stands at 1.97 million bpd.

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Earlier:

IMF WANTS PEMEX
2016, November, 23, 18:35:00

IMF WANTS PEMEX

A particularly important aspect of this consolidation pertains to reforms in PEMEX, the state-owned oil company. Earlier this month, PEMEX released a five-year business plan that aims at turning the company profitable by 2020, through efficiency improvements and a focus on high-return activities.

 
 MEXICO'S POTENTIAL: $415 BLN
2016, November, 7, 18:40:00

MEXICO'S POTENTIAL: $415 BLN

After a decade of volatile GDP growth and steadily increasing gas and power demand, Mexico continues to progress toward an unbundling of the monopolies Pemex and CFE once held over its gas and power sectors. According to a recent study by Wood Mackenzie, these reforms have created the potential for approximately US$415 billion in investment over the next two decades as the country builds pipelines, develops a renewables market to meet clean energy targets, and sets the stage for M&A.

 

 PEMEX DEBT UP
2016, October, 4, 18:30:00

PEMEX DEBT UP

The two bonds, valued at USD 2 billion each and issued in a financial operation that started early in September, will carry maturities of seven and close to 31 years. They pay yields of 4.62% and 6.75%, respectively, according to Pemex CFO Juan Pablo Newman. Now with greater maturity, Pemex’s repurchased debt, which was due to mature in 2018 and 2019, has reduced the risks of the company’s debt portfolio.

 

 PEMEX NET LOSS $7.7 BLN
2016, July, 29, 18:30:00

PEMEX NET LOSS $7.7 BLN

Mexican state oil company Petróleos Mexicanos on Thursday said it recorded an after-tax loss of $4.4 billion in the second quarter, as lower oil prices and output hit sales and hefty exchange losses boosted its financial costs.

 

 MEXICO'S RESERVES DOWN 21%
2016, April, 5, 18:25:00

MEXICO'S RESERVES DOWN 21%

Mexico's proven oil and gas reserves dropped 21.3 percent in 2015, the oil regulator said on Thursday, as the state-run oil company, Pemex, cut back on investment because of plunging crude prices.

 

 PEMEX WILL SPEND $23 BLN
2015, December, 11, 19:30:00

PEMEX WILL SPEND $23 BLN

The $23 billion in downstream projects would enable a 7 million-tonne/year reduction in the Mexico’s carbon dioxide emissions.

 

 PEMEX CUTS $4 BLN
2015, February, 20, 21:50:00

PEMEX CUTS $4 BLN

Pemex cuts budget by $4 billion

 

 

 

 

 

Tags: PEMEX, MEXICO

Chronicle:

PEMEX PRODUCTION DOWN 18%
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

PEMEX PRODUCTION DOWN 18%
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

PEMEX PRODUCTION DOWN 18%
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

PEMEX PRODUCTION DOWN 18%
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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