Enrique Peña Nieto, Mexico’s president, has pulled a rabbit out of the hat. If all he wanted for Christmas was energy reform, well, Santa looks to have come early.
Just a few days ago, Senators were struggling to get together to thrash out details of the country’s sweeping energy reform and there was talk of having to extend sessions beyond December 15, when legislators break for the holidays. Continue reading »
Has opposition to Mexico’s reform agenda gone away, swept from the capital’s main square by police and from the headlines by tropical storms?
Time will tell – a recent demonstration against energy reform plans attracted thousands and striking teachers are promising more protests.
So it may be surprising to observe – in the first survey devoted to the subject of attitudes to Mexico’s pending energy reforms – that as much as 53 per cent of respondents were pretty – or very – happy with the plans. Continue reading »
The countdown begins for one of the most eagerly-awaited policy decisions that Mexican President Enrique Peña Nieto will make, one which may very well define his six-year presidency and shape Mexico’s economic future: his proposal to reform Mexico’s strongly-protected energy sector.
The Mexican president will unveil this week – some speculate as soon as Wednesday – his plans to open up Mexico’s oil industry to private investment. Continue reading »
One of the most widely watched – and significant – of Mexican President Enrique Peña Nieto’s reforms is that of the energy sector.
It’s on the agenda when Congress resumes after the summer break in September – and is attracting a lot of international attention in the energy sector. But with disappointing results out from state oil company Pemex out, it’s now looking even more important than before. Continue reading »
What is Pemex playing at?
Why would the Mexican oil company’s CEO go to the trouble of flying to Barcelona two weeks ago to explore the possibility of brokering a peace deal between Spain’s Repsol (in which it has a 9.37 per cent stake) and YPF, Repsol’s renationalised former unit, if Pemex was then going to vote against the deal at a board meeting? Continue reading »
Tuesday’s announcement that Mexico has signed an agreement with Japan’s Mitsui Corporation to construct a gas pipeline for $460m was accompanied by the idea that the deal would provide cheaper and more abundant energy for Latin America’s second-largest economy. Continue reading »
There’s a joke about Pemex, Mexico’s gargantuan state-oil monopoly. The new chief executive officer walks in on his first day, summons his top people and gives them the simple task of bringing him a grey pinstripe suit.
So the next day, when he receives a three-piece multi-coloured monstrosity, he asks them what happened that they should have twisted his instructions out of all recognition. “Well, sir,” they say, “we interpreted what you said, and felt that this suit was what you really meant to ask for.” Continue reading »
Ask anyone with a passing knowledge of Mexico’s oil industry and they will likely tell you that Cantarell, the miracle oil field discovered in 1976 by a local fisherman, was the best thing that ever happened. Continue reading »
Built at the height of Mexico’s oil boom more than three decades ago, the Pemex Tower in Mexico City – now badly damaged by Thursday’s explosion – was once described as “reflecting the pharaonic ambitions of Mexican bureaucracy”.
The description was penned by Manuel Buendía, once the nation’s best-known newspaper columnist, who was shot dead in a city centre street in 1984 in a killing that involved the secret police and drug barons. Continue reading »
If you want to know what is wrong with Mexico, you might start by looking at Pemex’s production figures for last year, which were published on Wednesday in a preliminary report and came in at just under 2011 levels, notching up an eighth straight year of declines. Continue reading »
If anyone is still unsure about what the new Mexican administration of Enrique Peña Nieto is planning for the country’s oil and gas sector, they should know that they are not alone.
On Sunday, the 46-year-old Peña Nieto and the heads of all the other leading political parties, signed a Pact for Mexico, which, among many other things, dedicates a whole section to energy reform and outlines what the government hopes to do about it. Problem is, no one quite knows what to make of it. Continue reading »
As Felipe Calderón, the Mexican president, prepares to leave power this weekend, he dropped off yet another house-warming gift to his successor, Enrique Peña Nieto.
While Peña Nieto was packing his suitcase for a visit to Barack Obama in Washington, Calderón on Sunday announced a third major Mexican oil find in as many months, and the third of such importance in a decade, according to the view of many of those in the business. Continue reading »
By Claire Gordon
Shares of Petrobras fell sharply on Monday after the Brazilian state company reported a 12 per cent year-on-year decline in third-quarter net profit to $2.7bn.
The next day Pemex, the Mexican state oil company, reported a $1.9bn quarterly net profit. But progress was huge: a year earlier, Pemex reported a $6.2bn net loss. Continue reading »
“They tell me it’s good stuff,” said Felipe Calderón (pictured), brandishing a small phial of murky liquid on Wednesday during a televised announcement of Mexico’s first-ever discovery of oil in deep waters, the Trion 1 well.
The relief was palpable as the Mexican president grinned, recalling how in the early days of his presidency the government’s propaganda machine spoke of a “sunken treasure” to be found in the depths of the Gulf of Mexico. Now, at last, the treasure has been found. Continue reading »