The NOC reported natural gas production metrics for September showing a recovery compared to same period last year, but insufficient to solve the current crisis. A region in Tabasco is preparing to boost investments in the natural gas sector.
Pemex has reported poor operational metrics in the refining sector, especially in fuel production. The NOC’s revenues had reported a good performance, thanks to the increase in prices, but the trend is changing.
The Superior Audit of the Federation (ASF) has made complaints about possible irregularities in the cash management of Pemex subsidiaries abroad. Rocio Nahle Garcia, AMLO’s Secretary of Energy (Sener), spoke on this topic.
The Pemex refining crisis is affecting several sectors in Mexico and the company has not yet announced a strategy to solve it in the short term. The jet fuel market is increasing is dependence on imports due to Pemex ‘s lack of capacity to serve local demand.
Pemex reported oil export figures for the third quarter of 2018 and these decreased compared to previous quarter. Shipments increased considerably to the United States, counteracting decreases to other regions. The Far East continues as the second destination for Mexican crude.
Better oil prices do not bring entirely better news for Pemex, as they negatively impacted what the NOC pays for imports to supply the national demand.
The National Hydrocarbons Commission (CNH) made an estimate of the investment levels that Pemex needs to make to overcome its crisis. The estimated figures are challenging for the coming years.
Pemex published extraction figures for September, achieving a slight increase in this month. However, the NOC set a new production target for 2018.
Pemex announced its financial and operational results for the third quarter of the year, highlighting positive performance in key metrics such as EBITDA, net income, operating income and total sales, among others.
The NOC will import 1.4mmbl of light Bakken crude next month, the firm said in a statement.
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