Nation’s meltdown has no end in sight, with even a U.S. invasion possible.
At his first meeting with foreign oil majors, Mexico's leftist president-elect pushed the companies to prove themselves by quickly pumping oil from recent finds, sources said, but gave no sign of offering up new fields to reverse dwindling output.
Mexican President-elect Andres Manuel Lopez Obrador will seek to end the country's massive fuel imports, nearly all from the U.S., during the first three years of his term while also boosting refining at home.
Oil and gas contracts awarded under the Mexican government's energy reform will be respected by the incoming administration provided no problems emerge in a revision of the process, the man designated to run the finance ministry said on July 4.
Attorney sees more partnerships with Pemex and fewer outright upstream contracts with the incoming administration, as well as a tightening of the permit process for the midstream.
The Maya oil discount has been broadening because of the continued sharp widening of the West Texas Sour differential due to bottlenecks in the Midland Basin.
U.S. oil major Chevron Corp. has evacuated executives from Venezuela after two of its workers were imprisoned over a contract dispute with state-owned oil company PDVSA, according to four sources familiar with the matter.
Colombia’s southern Transandino pipeline was halted after a bomb attack by an illegal armed group spilled crude oil into a river, state-run oil company Ecopetrol said on April 22.
Despite political uncertainty, the opportunity still remains for big gains for the early investors.
President Donald Trump on March 19 signed an executive order barring any U.S.-based financial transactions involving Venezuela’s new petro cryptocurrency, as U.S. officials warned that it was a “scam” by President Nicolas Maduro’s government to further undermine democracy in the OPEC country.