Mexico proven oil reserves dip to 16.470 bln bce
State oil monopoly Pemex said Thursday that Mexico’s proven oil and gas reserves dipped to 16.470 billion barrels of crude oil equivalent (bce) at the end of 2005, down from 17.6 billion bce a year earlier.
Earlier this week Pemex, one of the main suppliers of oil to the United States, reported a slip in total oil and gas reserves to 46.418 billion bce at the end of 2005, down from 46.914 at the end of 2004.
Within that figure, probable reserves stood at 15.784 billion bce versus 15.8 billion a year earlier and possible reserves rose to 14.159 billion bce from 13.4 billion a year earlier, Pemex Chief Executive Luis Ramirez told a news conference.
More: today.reuters.com
Petrobras Says It Discovers Gas Reserves in Gulf of Mexico Well
Petroleo Brasileiro SA, Brazil's state-controlled oil company, found gas reserves in a well in Gulf of Mexico, the company said in a statement sent by e-mail last night.
The company said it found gas in the first well operated by its Petrobras America unit. The company said gas reserves are of ``high quality.'' The Rio de Janeiro-based company owns 80 percent of the reserve, the statement said.
More: bloomberg.com
Iberdrola targets further 1 bln usd investment in Mexico until 2010
Iberdrola SA said it plans to invest a further 1 bln usd in Mexico until 2010, following investments of 2.8 bln over the past six years, bringing the total to 3.8 bln usd over 1999-2010.
In a statement, Iberdrola quoted chairman Inigo de Oriol as saying that the company will continue bidding for contracts from the Mexican state-owned electricity utility CFE over the next few years.
De Oriol was speaking with President Vicente Fox at the opening of two new combined cycle power plants in Mexico.
More: forbes.com
Mexico Strikes Oil Under Sea
Mexican President Vicente Fox said Monday that his country had made a new deep-water oil discovery in the Gulf of Mexico that could exceed reserves at the giant offshore field Cantarell, Mexico's largest oil source.
The find, to be formally announced today, is under 3,117 feet of water as well as 13,120 feet of earth, Fox said in an interview.
We have been investing $5 billion a year in exploration, and that work, that investment, is now bearing fruit," Fox said.
Production at Cantarell is expected to decline 6% this year to 1.9 million barrels a day and decline
Mexico Bonds May Extend Rally as Oil Prices Gain, Rating Rises
Mexico's U.S. dollar-denominated bonds may extend a 3 1/2-month rally as the country benefits from record oil prices and improving credit quality.
``We're more optimistic on Mexico relative to the market as a whole,'' said Christian Stracke, an emerging-market debt strategist at New York-based CreditSights Inc. ``The emerging- markets sector as a whole is overbought and we've seen it starting to pull back a bit. As the market pulls back, safer credits like Mexico tend to outperform.''
Record oil prices helped Mexico, the world's fifth-largest oil producer, boost international reserves
Mexico posts 3.3 bln pesos public surplus in Oct
Mexico posted a public-sector surplus of 3.3 billion pesos ($310 million) in October thanks to higher tax and oil income, the government said on Wednesday.
The October surplus brought the accumulated January-October surplus to 104.9 billion pesos, it said.
Mexico, among the world's top 10 crude oil exporters, has seen its public finances boosted this year by the gains in oil prices.
Budget income for the month rose 10.9 percent year-on-year in real terms.
The government has a fiscal deficit target of 0.2 percent of gross domestic product for 2005.
President Vicente Fox presented a 2006 budget
Mexico govt sees cost of rebuilding economy after Hurricane Stan at 1.85 bln usd
President Vicente Fox estimated the cost of rebuilding the economies of the Mexican states hit by Tropical Storm Stan at 20 bln pesos (1.85 bln usd).
Stan slammed ashore as a hurricane in Mexico's state of Veracruz on Tuesday.
Seven states in Mexico's south -- the poorest region of the country -- were affected by the storm. At least 24 Mexicans were confirmed dead.
An estimated 2 mln people were affected by the storm, with 300,000 evacuated to emergency shelters and other temporary housing.
Source: forbes.com
Reuters Summit-Mexico's Pemex sees output flat to 2007
Mexican state oil monopoly Pemex sees crude oil production staying roughly flat this year and next, Chief Financial Officer Juan Jose Suarez said Friday.
Suarez said he saw Pemex's 2007 crude oil output averaging 3.45 million barrels per day, up only a whisker from estimated average production of 3.42 million bpd this year.
"It should be around 3.45 million," he told the Reuters Latin America Investment Summit in Mexico City.
Pemex, one of the top three suppliers of crude oil to the United States, saw its oil production dip to 3.33 million bpd in 2005, partly
Mexico bank chief backsoil windfalls fund initiative
Mexico's central bank governor has thrown his weight behind an initiative to use windfall oil revenues to buttress economic stability.
Guillermo Ortiz told the Financial Times this week that plans promoted by President Vicente Fox to set up a stabilisation fund along the lines of an existing - and highly successful - Chilean model would significantly reduce uncertainty ahead of Mexico's presidential election next July.
"It would be an important piece of legislation to have in place particularly with an election and would go a long way to reducing the uncertainty and risks associated with a
CAF order book stands at 2.8 bln eur after Mexico light rail contract - report
Construcciones Auxiliar FFCC SA's order book stands at around 2.8 bln eur after the company won a 510 mln contract to construct and operate a light rail network in Mexico City, El Pais reported, citing unnamed CAF sources.
Yesterday, CAF said Indra Sistemas SA, Obrascon Huarte Lain SA, Alcatel, Elecnor SA, ADIF and Ineco will all participate in the project.
According to El Pais, about 100 mln eur of the total investment will be subsidised by the Mexican government.
The copying, republication or redistribution of AFX
Mexico Buys $2.88 Billion of Central Bank Reserves (Update3)
Mexico's government bought $2.88 billion of central bank international reserves that it will use to help meet payments on all foreign debt coming due in 2006 and 2007.
The funds, which the government acquired by selling pesos to the Banco de Mexico, combined with $1.89 billion the government has available from earlier foreign bond sales will cover the $4.77 billion of foreign debt maturing in the next two years, the Finance Ministry said in a statement. Finance Minister Francisco Gil Diaz said that the dollar purchase will allow Mexico's government to stay
