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Mexico to auction 1 oil field per year starting in 2015

Mexico City, Mar 27 (EFE).- Mexico's government plans to auction off one oil field per year beginning in 2015 once the process of assigning areas requested by state-owned Petroleos Mexicanos has concluded, a senior official said. "There will likely be resources for at least 10 rounds, but we're thinking that after this year's Zero Round we would hold a new round in 2015 and do one per year after that," Deputy Energy Secretary Lourdes Melgar Palacios told the media.

Mexico's Pemex submits list of desired oil fields

Mexico City, Mar 22 (EFE).- Mexican state-owned oil giant Petroleos Mexicanos said it informed the Energy Secretariat of the oil fields it would like to keep in the wake of an historic energy overhaul, including areas it has been exploring and others already under production. The company said in a statement that it submitted the list by Friday's deadline in compliance with the terms of last year's overhaul, which ended its monopoly on crude development.

Head of Mexican oil giant Pemex's E&P unit steps down

Mexico City, Feb 7 (EFE).- Mexican state oil company Petroleos Mexicanos said Friday that Carlos Morales Gil has stepped down as head of its exploration and production unit. His replacement will be Gustavo Hernandez Garcia, who had been serving as deputy director of planning and evaluation for the Pemex Exploracion y Produccion subsidiary, the company said in a statement. It gave no reason for his resignation. Morales Gil began his career at Pemex 30 years ago and had headed the E&P unit for the past nine years.

Mexico's Pemex, Russia's Lukoil sign cooperation agreement

Mexico City, Jan 24 (EFE).- Mexican state-owned oil company Petroleos Mexicanos and Russia's Lukoil signed an agreement Friday to work jointly on exploration and production activities. Pemex CEO Emilio Lozoya and Lukoil's chief executive, Vagit Alekperov, signed the agreement in Davos, Switzerland, the Mexico City-based company said in a statement. The deal, which establishes that the companies will share experiences and knowledge pertaining to oil exploration and production, will enable Pemex to "bolster its operating and technological capacity," the statement added.

Mexico's Pemex, Russia's Lukoil sign cooperation agreement

Mexico City, Jan 24 (EFE).- Mexican state-owned oil company Petroleos Mexicanos and Russia's Lukoil signed an agreement Friday to work jointly on exploration and production activities. Pemex CEO Emilio Lozoya and Lukoil's chief executive, Vagit Alekperov, signed the agreement in Davos, Switzerland, the Mexico City-based company said in a statement. The deal, which establishes that the companies will share experiences and knowledge pertaining to oil exploration and production, will enable Pemex to "bolster its operating and technological capacity," the statement added.

Mexico's Pemex buys dormant fertilizer plant

Mexico City, Jan 17 (EFE).- Mexican state-owned oil company Petroleos Mexicanos announced the acquisition of fertilizer maker Agro Nitrogenados, owned by a subsidiary of steelmaker Altos Hornos de Mexico, and said it plans to restart the company's dormant plant in 2015. The project involves "investment of up to $475 million, including the purchase of existing assets, as well as the renovation and restart of the (company's) plant" in the Gulf coast state of Veracruz, Pemex said.

Mexico: Overhaul will lead to additional $10 bn in annual energy sector FDI

Mexico City, Jan 9 (EFE).- Mexico will attract an additional $10 billion in annual foreign direct investment in its energy sector thanks to the overhaul passed by Congress in December, Energy Secretary Pedro Joaquin Coldwell said. That anticipated FDI is for the energy sector as a whole, including hydrocarbons and the electricity system, Coldwell said Wednesday at the Energy Secretariat's headquarters. The CIA World Factbook estimated that Mexico's FDI stock - including all economic sectors - amounted to just over $400 billion at the end of 2012.

Mexico's oil revenues drop, but tax collection up

Mexico City, Dec 31 (EFE).- Mexico's oil revenues dropped 1.8 percent in the January-November period, compared to the same period in 2012, but non-petroleum tax revenues rose 3.9 percent, the government said. Public sector budget revenues fell 1.2 percent in real terms during the first 11 months of 2013, compared to the January-November period last year, the Finance Secretariat said. Oil revenues fell as a result of a drop in the average price of Mexico's crude exports, lower oil and gas production, and a stronger peso, the secretariat said in a report.

Mexican president signs law opening oil industry

Mexico's President Enrique Pena Nieto signed a controversial law Friday opening the country's oil industry to foreign investment for the first time since it was nationalized in 1938. Pena Nieto approved the bill after it passed Congress and a majority of Mexican states voted to ratify it. He called the measure "one of the most transcendent bills in the past half-century," arguing that it has the potential to radically and quickly improve Mexico's economic fortunes.

Peña Nieto signs Mexico energy-overhaul bill

Mexico City, Dec 20 (EFE).- President Enrique Peña Nieto signed an energy-overhaul bill here Friday that amends Mexico's constitution to allow private companies to develop crude reserves for the first time since 1938. The signing ceremony took place at the National Palace and was attended by legislators and high-ranking officials. The overhaul still must be published in the official gazette and will take effect a day later, although secondary legislation related to the constitutional changes remains pending.
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