SLB has access to Venezuelan oilfield data via contract, say sources
Three sources said that a contract signed by SLB with Venezuela's PDVSA, the state-run oil company in Venezuela, last week gave the U.S. technology and oil services company access to oilfield data from the nation with the largest crude reserves. According to sources, the?deal?will enable SLB to upgrade and organize PDVSA’s vast but outdated database following years of neglect as well as a recent cyberattack. Venezuela hasn't published oil statistics for more than 10 years. The last annual bulletin from the oil ministry came out in 2015.
Sheinbaum, a Mexican company, is weighing pilot fracking to boost gas production.
According to four sources familiar with the discussion, Mexican President Claudia Sheinbaum has been evaluating possible pilot fracking in the northern states of Coahuila & Tamaulipas that could boost domestic gas production. Mexico produces crude oil and natural gas via fracking. However, the government and the state-owned company Pemex is evaluating the possibility of a larger rollout in order to reduce the country's reliance on U.S. imported gas. Hydraulic fracture is a method in which water, chemicals and sand are injected under high pressure into rock to extract resources.
Mexico's Sheinbaum promises no protection to the ex-Pemex boss after his wife posts an alleged abuse video
On 'Monday, Claudia Sheinbaum, Mexican president, vowed that she wouldn't protect anyone after it appeared in a video that the former head of state energy company Pemex Victor Rodriguez violently abused his wife. The video, posted on YouTube by a woman who identified herself as Maria Felicia Jimenez (Rodriguez's wife), appears to have been captured by a home security system in a family room. It has a date stamp of March 15, 2026. Rodriguez was still the head of Pemex when the video was recorded. He announced his resignation on May 14, in a video that was recorded with Sheinbaum.
Mexico's Sheinbaum promises no protection to the ex-Pemex boss after his wife posts an alleged abuse video
Claudia Sheinbaum, Mexican president, said on Monday she would not 'protect anyone after it was revealed that a video had been released showing the violent abuse of his wife by Victor Rodriguez, former head state energy company, Pemex. The video was posted on YouTube by a woman who identified herself as Maria Felicia Jimenez. She is Rodriguez's spouse. It appears that the video was recorded by a surveillance system at home in a living-room and dates March 15, 2026. At the time, Rodriguez was still the head of Pemex.
Mexico holds growth forecast despite recent slowdown, lifts inflation view
Mexico's Finance Ministry on Thursday maintained its?economic growth?forecast for 2026, despite preliminary data showing that the economy shrank slightly in?the?first quarter. The ministry's first-quarter report on public finance held its?annual GDP forecast at 1.8%-2.8%, even though earlier figures showed that the economy shrank by 0.8% during the quarter. This was a larger drop than anticipated. The ministry raised its inflation forecast for the year to 3,7%, up from the original estimate of 3.0% in the budget for 2026.
Sheinbaum, Mexico's Sheinbaum, backtracks from his opposition to fracking and says that new methods are cleaner
The Mexican president Claudia Sheinbaum acknowledged on Thursday a change in her position?on hydraulic fracture, or fracking. She argued that new technologies made?the extraction technique less environmentally damaging. Sheinbaum said that its use in Mexico would help to?boost the domestic gas production and reduce Mexico's heavy reliance on U.S. imported gas. Her comments are a departure from those of Sheinbaum’s political mentor, Andres Manual Lopez Obrador. He was a staunch critic of this technique. Both leaders have previously spoken out against the fracking that experts…
Sources say that Mexico's Pemex awarded a contract to a Slim Company for the gas and condensate fields.
Three sources familiar with the matter confirmed that the Mexican state company Pemex awarded a contract to a Carlos Slim-controlled firm for a natural gas and crude oil field. This is another step in strengthening Slim's presence in the energy industry. The state-owned company had awarded five contracts in the same format in mid-December. Pemex will retain at least 40% of the partnership under this new model. Pemex planned to award 11 contracts of this type last year, but the interest was muted. Was unable to determine who owned the Slim company and the value of the contract.
Mexico's Pemex will supply $496 million worth of oil to Cuba by 2025
Mexico's Pemex provided crude oil and petroleum products worth $496m to Cuba in 2025, through a contract that was effective since 2023. The shipments of oil to Cuba has increased tension between Mexico and the U.S. after U.S. president Donald Trump warned last week that he would impose a tariff on countries who sell oil to this Caribbean island. "We only have one contract. It's from 2023. That's the most recent. It's just a regular commercial contract like those we have with other nations," Rodriguez said. He was speaking with?Mexican president Claudia Sheinbaum.
Internal reports indicate that Mexico's Olmeca refining plant ceased operations on Monday.
According to two internal reports, Mexico's Olmeca Refinery, located at the Gulf Port of?Dos Bocas, and operated by state oil company?Pemex ceased its operations Monday due to a power outage. Sources claim that Olmeca has resumed operations at its unit on Tuesday. Pemex said it would consult the relevant departments before resuming operations. Pemex said on Monday that it initiated a safe shut down after a change in pressure caused the catalytic convert to smoke. The reports showed ?that Olmeca shut ?down its coking plant, catalytic plant and hydrodesulphurization plants due to the outage.
Pemex debt should be a red flag to potential partners when Mexico looks to increase oil production
Over a month has passed since Pemex's head made an appeal for partners to assist Mexico's state oil company in boosting production. But national and international companies are still not responding. Pemex has a mountain of debts, ranging from Italian producers such as Eni, to U.S. service companies SLB and Baker Hughes, which, combined with rigid contract terms, have dampened interest among potential partners. Four industry insiders said that foreign oil companies are more worried about Pemex not paying them on time. This puts Pemex’s production goal of 1.7m barrels per day at risk.
Mexico injects nearly $14 billion in Pemex following fresh debt offers
Mexico's Finance Ministry announced on Wednesday that it will inject almost $14 billion in the highly indebted Pemex state oil company after raising funds from two recent bond issues on international markets. The Finance Ministry said that the buyback was closed early due to the demand exceeding the offer. The ministry stated that this will "smooth" the maturity profile of Pemex’s debt, since the company has payments due in 2026 or 2027. Pemex has a debt of nearly $100 billion, and another $22 billion is owed by suppliers and contractors. The government has announced that it will be implementing a new policy in August.
Data shows that Pemex crude exports rose in July, while refinery production dropped.
According to the most recent data from the company, Pemex, the Mexican state oil company, reported that crude oil exports rose by 31% in July, compared to last month. However, the company's refining production fell slightly in the same time period. Pemex exports and refinery output are closely monitored as the government attempts to reduce motor oil imports and prioritize domestic processing in order to achieve energy independence. Exports in July reached 600,669 barrels a day (bpd), up 31% compared to June when they hit a multiyear low. However, this was still 23% less than the same period last year.
Sheinbaum, Mexico's Sheinbaum, says that former Pemex CEO was arrested in the US and will be deported
Claudia Sheinbaum, President of the United States, announced on Thursday that Carlos Trevino - former CEO and president of Pemex - had been arrested by US authorities in order to be extradited back to Mexico, where he will face corruption charges. It's been five years since the extradition request was made. He will be deported within the next few days. Sheinbaum announced during her daily press conference that the trial would take place in Mexico. The president said that the arrest was a result of a complaint by Emilio Lozoya. Lozoya is also a former Pemex Director.
Mexico's crude oil exports fell 39% in June to the lowest level since decades
Official data shows that Pemex, the Mexican state oil company, exported 39% less crude in June than in June of last year, reaching its lowest level for decades. This was due to increased fuel production and refinery processing. The company reported that it exported 458,103 barrels of oil per day in June. This compares to 753,539 barrels a day in the same period a year ago. This is the lowest level recorded since 1990. PMI, Pemex’s international trading division, predicted in May that the company will export…
Suppliers threaten shutdown in July due to Pemex payment problems
The Mexican association of major oil service companies has warned it is experiencing an "unprecedented" crisis due to the non-payment by the state-owned Pemex. Pemex is the most indebted oil company in the world. The association, in a letter to President Claudia Sheinbaum that was released on Monday afternoon warned that some of these companies could be forced to cease operations as soon as July. The letter didn't specify how much money was owned by the group members. These include Baker Hughes and Halliburton, Weatherford, SLB Oil & Gas, Grupo Mexico, as well as Weatherford. Pemex is one of Mexico's biggest companies.
Sources say that Hokchi Energy, frustrated by Mexico's Pemex and its refusal to buy oil from them, pushed for a change in who purchases their oil.
Three sources said that Hokchi Energy in Mexico, frustrated with months of late payments from the state-owned company Pemex for its oil, gas and natural gas, sought to amend its contract so that it could do business with PMI Comercio Internacional. Hokchi Energy’s attempt to change the buyer of its production shows the difficulties in doing business with Pemex. One source stated that PMI, which imports and exports refined fuels like gasoline and diesel and exports crude oils, is seen as a much more reliable partner than Pemex.
Mexico's Pemex increased crude exports to Cuba in 2024 according to filings
According to a filing by the company, Pemex, the Mexican state oil company, increased crude shipments to Cuba last year by nearly 20% as Cuba's energy crisis worsened. Gasolinas de Bienestar, a Pemex affiliate, exported 20,100 barrels of crude oil per day and 2,700 bpd in oil products by 2024. This equates to a total of $600 million. Pemex will send the Caribbean island in 2023 16,800 bpd crude oil and 3,300bpd oil products worth $400 million. The shipments that year began in July. Cuba has suffered from frequent and long power outages. It blames this on the Cold War U.S.
Exports of crude oil by Mexico's Pemex rose 33% from January to February
The crude oil exports of the Mexican state energy company Pemex increased 33% from January to February, recovering from the drop in the previous month but still being down 25% when compared with February 2024. Pemex published data late Tuesday showing that crude exports reached 709,793 barrels a day (bpd) in February. About 60%, or 428 357 bpd of these exports went to the United States. The majority of this was the Maya heavy crude blend. Crude exports fell by 44% in January compared to the same period last year, reaching their lowest level for decades.
Exports of crude oil by Mexico's Pemex fell 44% in January
Official numbers reveal that crude oil exports from the Mexican state energy company Pemex fell 44% in January, compared to last year, to 532 404 barrels per daily (bpd), their lowest level in decades. The company admits it has been struggling with crude's quality. The level for January is the lowest monthly since records began in their present form in 1990. Exports were just above 811,000 bpd last year and just over 1 million bpd the year before. Sales to the Americas According to figures released on Tuesday, sales to the Americas were 326,944 bpd, or 36% lower than the previous year.
Mexico's crude and condensate production in December drops by 12% compared to the previous year
The Mexican state-owned oil company Pemex announced on Tuesday that its liquid hydrocarbons production in December fell 12% compared to a year ago, its lowest level of the year. It also missed its government target for the third consecutive month. In December, crude and condensate output averaged 1,62 million barrels per days (bpd), down from its previous record high of 1.65 million bpd. The government has set a target of 1.8m bpd. Crude oil production fell 13% to 1.35 million barrels per day in December, the lowest in over 40 years. Pemex has been unable to find major reserves and is in debt to over $20 billion of its suppliers.