Category Archives: Energy

Mexico’s oil gas reserves slip in 2016

Reuters -Mexico’s oil and gas reserves fell last year as fewer discoveries of gas deposits offset a rise in additional crude reserves, the sector regulator said. Overall so-called 2P hydrocarbon reserves, or deposits considered proven and probable, fell nearly 6% in 2016 to total 16.77 billion barrels of oil equivalent (boe), compared to 2015 figures, regulator CNH said.

Oil drillers face angry mob in Tecpatan

Bloomberg – When an angry mob torched City Hall in the southern Mexican town of Tecpatan last month, it sent a warning flare across a country already thrown into turmoil by Donald Trump.

The outrage was over oil, specifically the government’s plan to auction off a swath of land around their farming community to private drillers. The fact that today’s target is the government’s energy policy could spell trouble ahead.

Eni CEO says oil find likely bigger than expected

Reuters – Italy’s Eni said it expects that its recent crude oil discovery off the coast of Mexico would hold more than the 800 million barrels of oil it originally estimated. “This is an important find and we’ve found new layers of good light oil that make us think there’s more,” Chief Executive Claudio Descalzi said.

Mexico will hedge oil export prices

Bloomberg – Mexico plans “without a doubt” to protect the country against low crude prices for next year, Deputy Finance Minister Vanessa Rubio said, in a continuation of what’s become the world’s largest commodities hedging program. The amount of Mexico’s export basket to be protected through market operations, versus through its stabilization fund, has yet to be determined,

Eni hits oil in first offshore Mexico well

Financial Times – Italian oil company Eni has discovered “meaningful” reserves of oil off the coast of Mexico after drilling the first well by an international oil company since Mexico opened up its long closed oil sector to private investment under a 2013 reform. “Reserves are still being assessed, but the well indicates a meaningful upside to the original estimates,” Eni said in a statement.

Energy could give U.S., Mexico common boon

LAT – Many analysts agree that in at least one sector — energy — the two countries still share opportunities for financial gain and have less incentive for conflict. Even if some terms of the North American Free Trade Agreement change, they say, energy can remain a boon for both countries’ economies, along with that of Canada.