Pemex announced new measures to counter the collapse in oil prices, including a significant cut to the budget of subsidiary Pemex Exploracion y Produccion (PEP).
According to the oil price information service (OPIS), the Energy Regulatory Commission (CRE) is considering suspending the approval of service stations other than Pemex.
The spread of the Covid-19 at Pemex facilities has been growing, forcing the company to make drastic decisions.
Fuel theft is one of Pemex’s main problems, representing a huge financial cost for the company.
Pemex is asking some staff to take pay cuts of 25% until December this year, as a way to let the NOC’s finances ‘breathe’, amid the health emergency.
The National Hydrocarbons Commission (CNH) confirmed that Shell (LON: RDSB) and Repsol (MSE: REP) will develop exploration works in deep waters of the Gulf of Mexico.
Pemex declared force majeure on fuel supplies from its trading arm, PMI, amid a sharp drop in demand for crude and gasoline.
These are some effects of the ‘new crisis’ in Pemex.
The National Hydrocarbons Commission (CNH) approved the drilling of new exploration wells.
Pemex should cut 100mbd from its production soon, meaning that the firm will soon decide on the fields where it will stop activities.
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