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Pemex

Oil & Gas

Pemex extends contract for nitrogen with Linde

Pemex said it has extended a contract with Linde for supply of its nitrogen to its oil reservoirs in the Gulf of Mexico until 2027. The company said Linde now supplies around 1,500 million cubic feet of nitrogen per day from its plant on the Atasta Peninsula in the State of Campeche.

Oil & Gas

Pemex to announce job cuts with oil production at 25-year low

Petroleos Mexicanos hopes to start 2016 with a plan to become leaner and more efficient. The state-owned oil producer is set to announce job cuts for next year as part of the plan to restructure the company and to synchronize itself to industry standards, interim Chief Financial Officer Rodolfo Campos said in a phone interview Wednesday.

Oil & Gas

Pemex makes two shallow-water discoveries off Gulf of Mexico

Pemex has announced two new shallow-water discoveries in the Gulf of Mexico that could add up to 40,000 barrels a day to the company’s output. The announcement was made by the state-owned company’s chief executive Emilio Lozoya at a visit to a refinery earlier this week.

Health, Safety & Environment

Fatal platform fire caused by leak in gas fuel line

The cause of a platform fire in Mexico earlier this year which killed four workers and left 16 injured was a leak in a rarely used gas fuel line which had corroded, according to a new report. The findings by Mexico’s Agencia de Seguridad, Energia y Ambiente (ASEA) on what happened on board the Pemex Abkatun Permanente platform will not lead to any fines against the company. The gas fuel line had shown what was described as an “unusual” kind of accelerated corrosion due the presence of micro-organisms and sulphuric acid within the gas.

Americas

Pemex evacuates platform after gas leak

Pemex was forced to evacuate its Sihil A platform in the Gulf of Mexico after a gas leak was detected. Mexico’s state-owned company confirmed 85 workers had been evacuated. The leak was believed to have started at 9pm local time. Pemex confirmed there was no fire or injuries as a result of gas leak.

Oil & Gas

Fugro and Diavaz win $13million Pemex contract extension

Fugro has been awarded an extension on the ongoing offshore geophysical and geotechnical campaign being led by Pemex in a deal worth $13million. The company is working in conjunction with Diavaz on the project which will support exploration drilling activities in the Bay of Campeche and deepwater locations in the Perdido area.

Americas

Pemex investors face crude reality with threat of credit downgrade

More than a year after Mexico rewrote laws to give oil giant Petroleos Mexicanos the financial independence needed to compete with global peers like ExxonMobil, things aren’t looking good for the state-owned driller. With crude near a six-year low, output dropping and Moody’s Investors Service warning that it’s considering a cut to Pemex’s credit rating, investors are demanding a widening premium to own the company’s bonds instead of government notes. The extra yield they demand to hold the dollar debt from Pemex is at a six-month high of 1.1 percentage points.