President Andrés Manuel Lopez Obrador (AMLO) said that the neoliberal policies implemented by previous administrations negatively affected the industry, but called on Mexicans not to worry about it because he came to ‘save Pemex.’
Pemex reported its production for February 2019, and it started to recover some of the lost ground in previous years. In addition, Chevron (NYSE: CVX) talked about the fuel market future with the new government and its plans in the country.
Pemex’s crisis has pushed its management to cut unnecessary expenses in the company, as well as to let go 16,000 of its workers. Here are the details.
Pemex published extraction figures for February 2019, and the firm started to recover some lost ground in this important metric, compared to previous month. Octavio Romero Oropeza, CEO of Pemex, showed his optimism about the company’s performance in coming months.
A recent investigation revealed yet another bad financial move for Pemex.
Pemex reported exploration and development wells drilled figures during February this year. This metric has recovered some lost ground, but it continues to show poor performance compared to previous years.
Andres Manuel Lopez Obrador (AMLO) plans to recover the metrics of the energy sector quickly, and the Secretary of Energy (Sener) announced a plan for the refining sector with challenging goals. This strategy could create a dilemma between exporting oil and refining.
The governor of Michoacán, Silvano Aureoles, considers it necessary to rethink the government’s proposed “bring Pemex back to life” strategy.
President Andres Manuel Lopez Obrador (AMLO) visited Pemex’s facilities in Hidalgo, where he made a series of promises to workers from the Mexican Republic Oil Workers Union (STPRM). These and other stories in our periodic summary of labor-related issues.
Pemex has reported several problems in its refineries, increasing its dependence on fuel imports to supply the Mexican market. There is no possible solution for the short term, despite the current government’s plans to change this situation.
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