In July the impact of AMLO’s reshaping of Mexican regulators and disdain for established legal precedents was in full display with Pemex receiving the Zama discovery, cancelled fuel import permits and now a state run LNG distributor.
Pemex’s financial results for the 2Q21 were bolstered by global demand for crude and improved oil prices; Production in June grew slightly although Pemex lost ground while private production increased; BHP Billiton remains tight lipped about its Trion project with Pemex but says will not abandon this year.
A state agency published a report warning that investor confidence is low in Mexico due to AMLO’s policies; A fuel shortage seems certain in some parts of Mexico: Only AMLO benefits from awarding the Zama field operations to Pemex.
Contributions to the Mexican Oil Fund have shown steady growth through June 2021, Mexico’s new Finance Secretary has to figure out what to do about Pemex; The NOC publishes anti-corruption guidelines
Stripping 82 fuel importers of their licenses will push fuel prices up across the country; Pemex might have received the Zama field but it does not have experience in similar operations; the chemical industry warns new import rules affect its function.
The CNH published details on exploratory wells in the second quarter of 2021; AMLO scored a win for his electrical reform; A drilling platform in the Campeche Sound was boarded by pirates.
Mexican services firm Proteca set a new record for completing a Pemex offshore well; ICC-M: Changes restricting hydrocarbons imports amount to an expropriation of private infrastructure; Pemex gasoline sales in May 2021 continue to recover compared to 2020
A bipartisan group of US Senators called on Biden to protect US energy investments in Mexico; New Fortress Energy launches a new LNG terminal; Gas Bienestar already exists and has operated for two years,
82 companies have been stripped of fuel import licenses without any explanation by authorities; Pemex’s production will be limited by OPEC mandated quotas; BP delivers the first shipment of CNG to the Energía Costa Azul (ECA) terminal.
In six months to a year hydrocarbons disputes could make it to tribunales associated with the USMCA; Pemex owes more than MXN 51B to suppliers; Gas Bienestar to create pressure on public finances and will not solve high prices