UPDATE 2-Mexico’s Pemex resumes full production after Emily
Mexico resumed its full production of crude oil on Friday by bringing its wells in the Gulf of Mexico back on tap after they were closed by a powerful hurricane, state oil monopoly Pemex said.
Pemex slashed output and halted exports as Hurricane Emily pounded the Yucatan Peninsula and then moved into the Gulf of Mexico earlier this week.
The storm shut down 2.95 million barrels of day of crude oil as well as 1.87 million bpd of exports, the bulk of them to the United States.
Pemex typically produces about 3.4 million bpd of crude, about 80 percent of it in the Campeche Sound in the southern Gulf of Mexico.
Hurricane Emily also shut down output of 1.6 billion cubic feet per day of natural gas, but Pemex said that was also back up on Friday.
Pemex said its inspectors found no storm damage to its platforms and facilities for storm damage on Friday, although 36 drilling teams and 10 collecting stations remained out of action in the northern Gulf.
More: today.reuters.com
Mexico's state-run oil company resumes production
Mexico's state-run oil firm PEMEX has resumed its production in the country's top petroleum-producing area of Sonda de Campeche after being shut down from Sunday to Tuesday when hurricane Emily passed through the Gulf of Mexico.
The company said in a statement on Friday that the hurricane, which has killed one person, destroyed thousands of buildings and drove 90,000 people from their homes, did not cause significant damage to its sea and land infrastructure.
Activities on the oil rigs of Faja de Oro, Lankahuasa and Arenque "have
Mexico halts all oil exports,most output, till Wed
Mexico's closure of most offshore oil production and ports mean the suspension of 2.95 million barrels per day (bpd) in output until midweek and the grounding of all exports, state oil monopoly Pemex said on Monday.
Pemex -- which normally produces 3.4 million bpd of crude -- said it would start restoring production on Wednesday and should be fully operational again on Friday, after shutting down most oil wells in the Campeche Sound, in the southern Gulf of Mexico, due to Hurricane Emily.
Pemex said port closures in the Gulf of Mexico meant it was
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
Hurricane Emily roars across Mexico's Yucatan Peninsula, stranding tourists
Hurricane Emily stranded thousands of tourists along Mexico's luxurious Mayan Riviera and left hundreds of local residents homeless Monday, forcing many to remain in crowded, leaky shelters.
As residents of Yucatan Peninsula resorts including Playa del Carmen and Tulum began wading through knee-deep flood waters to assess damage under a light drizzle, the storm barreled out into the Gulf of Mexico.
There were no immediate reports of death or serious injuries on the peninsula.
Emily was expected to regain strength before slamming into Mexico's northeast coastline. Residents of small coastal fishing villages, in
Crude oil rises as Emily hits Mexico Markets expect sharp decline in U.S. oil supplies
Crude-oil futures gained Wednesday as Hurricane Emily crashed into Mexico and disrupted production in the area. Traders also positioned themselves ahead of the latest weekly U.S. supplies data.
August-dated crude oil rose 44 cents to $57.90 a barrel in the electronic trading on the New York Mercantile Exchange.
Hurricane Emily came ashore on the northeastern coast of Mexico, about 80 miles south of the U.S.-Mexico border, on Wednesday, returning to category three-level strength after earlier weakening to a category one storm.
The hurricane is expected to work
Crude prices retreat as Hurricane Emily weakens
Crude oil futures declined on Monday amid easing concerns about disruption of production in Mexico due to Hurricane Emily.
The second hurricane of the season has so far missed some oil production facilities in the Gulf of Mexico but had threatened to disrupt output in Venezuela and Mexico itself.
But Emily weakened as it passed Mexico’s Yucatan Peninsula, to sighs of relief from traders. They had expected worse disruptions just when the global crude market has virtually no spare capacity.
By late morning in New York, West Texas Intermediate for August delivery was trading $1.09 lower
Official: Mexico spending on oil exploration rising, but problems in infrastructure remain
Mexico's state-run oil monopoly will spend more than $13 billion, on oil exploration, extraction and production this year -- but its outdated infrastructure system remains a serious liability, a presidential spokesman said Friday.
Ruben Aguilar said state-run oil company Petroleos Mexicanos' 2005 budget for recovering and readying new oil for the market represents more than double the amount spent on those activities five years ago.
In 2004, Pemex's daily production was nearly 3.4 million barrels of crude oil, the highest in Mexican history, Aguilar said. Carlos Morales, head
Official: Mexico Spending on Exploration Up
Mexico's state-run oil monopoly will spend more than 137 billion pesos (US$13 billion, euro10.5 billion) on oil exploration, extraction and production this year - but its outdated infrastructure system remains a serious liability, a presidential spokesman said Friday.
Ruben Aguilar said state-run oil company Petroleos Mexicanos' 2005 budget for recovering and readying new oil for the market represents more than double the amount spent on those activities five years ago.
In 2004, Pemex's daily production was nearly 3.4 million barrels of crude oil, the highest in Mexican history, Aguilar said. Carlos Morales, head of exploration
Mexico Oil Bill May Be Revised
Mexican President Vicente Fox has sent a tax-reform proposal for state oil monopoly Petroleos Mexicanos, or Pemex, back to Congress for revisions.
Fox shares the objectives of the reform, which was designed to help Pemex direct more funds to invest in exploration, production and other operational activities, a news release from the Interior Department said.
Source: news.moneycentral.msn.com
Oil Falls as Hurricane Concern Eases, Mexico May Resume Output
Crude oil declined for a fourth day in five as concern eased that Hurricane Emily will disrupt U.S. supplies and on expectations that Mexico will resume output from its biggest fields tomorrow.
Emily weakened to Category 1 and is headed for an area on Mexico's northeast coast where there are no oil platforms. Petroleos Mexicanos, Mexico's state-owned oil monopoly, said yesterday it expects production in the Campeche Sound will resume tomorrow after a three-day shutdown of 2.95 million barrels a day, or 86 percent of the country's output.
``I believe
