• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days They pay YOU to TAKE Natural Gas
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 3 days What fool thought this was a good idea...
  • 12 hours A question...
  • 5 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 12 days The United States produced more crude oil than any nation, at any time.

Breaking News:

Venezuela Bans Bitcoin Mining

Editorial Dept

Editorial Dept

More Info

Mexico’s Oil Reformation Is Underway

Refinery

Mexico’s new president Andres Manuel Lopez Obrador, casually abbreviated as AMLO, has now been in office for a month. Despite running a powerful campaign, styling himself as the only candidate who, among other things, could rebuild Mexico’s oil sector so that it stops generating losses, bounces back production-wise and repositions itself as an exciting outlet for investors. AMLO even promised to follow the footsteps of Lázaro Cardenas (who nationalized Mexico’s oil industry in 1938), although he carefully selected his wording on that point so as not to scare off oil majors with a stake in the game. A month into his presidency, it seems Lopez Obrador bring a new spirit to the complex Mexican political and economic system, but is unlikely to become the revolutionary figure that many of his supporters believe him to be.

The oil reform of President Lopez Obrador is multi-pronged and covers almost all aspects of Mexico’s petroleum industry. It aims to refurbish the downstream segment by more than doubling refinery utilization rates, increasing fuel self-sufficiency and building a new state-of-the-art refinery, whilst ramping up upstream activities with an upgraded CAPEX budget and new projects coming onstream within three years. This reform comes following 14 consecutive years of falling production and a refinery throughput decline of some 40 percent in just 10 years.

(Click to enlarge)

Source: BP Statistical Review of World Energy 2018.

Despite the…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News