Loading...

We found 72,185 results for Results
Click & drag to scroll
  • Mexico's reserves down in Q1

    Mexico's central bank reported its gross international reserves fell US$878mn in Q2 to US$179bn. The reduction was the result of a current account deficit of US$7.85bn, a surplus financial account of US$6.25bn, a positive flow in itemized errors and omissions of US$216mn and a US$511mn increase in the value of reserves. In Q2, "the Mexican economy continued to confront an adverse international environment, characterized by an additional reduction in the outlook for global growth and events of diverse nature that provoked episodes of financial volatility," according to a central bank report. The bank went on to say the problem also stems from lethargic US manufacturing production and weak global demand, which led to lower exports. While oil exports did make a modest advance in the quarter, they remain notably low, pushing up the deficit. Furthermore, in GDP terms, the current account deficit in Q2 was lower year-on-year. The monetary policy board brought up both problems in its August 11 announcement that it was holding the benchmark rate at 4.25%. The current account deficit breaks down to a deficis of US$3.11bn in goods and US$1.76bn in services. Merchandise exports fell 4.4% annually in Q2 to US$93.7bn, and imports dropped 3.2% to US$96.8bn. Remittances helped boost the surplus in transfers in the period, growing 9.4% to US$6.95bn. Interest payments on external debt have been steadily increasing. In H1, the public sector made US$6.88bn in and the private sector US$6.40bn. They paid US$6.73bn and US$6.18bn, respectively, in 1H10. Ratings agency reports have reflected concerns about the state of the economy. Moody's issued a negative outlook on Mexico's banking system due to asset risks, and S&P changed its outlook on sovereign debt to negative, noting concerns over debt and interest burdens.

  • IN BRIEF: Mexico's telecom sector outperforms in Q2

    Mexico's telecom and broadcasting sectors outperformed the broader economy in the second quarter. Citing stat agency Inegi, regulator IFT says the mass media sector, made up almost entirely by telecom and broadcasting, grew 8.4% year-on-year, more than any other sector, while GDP increased 2.5%. The telecommunications and broadcasting subsectors contributed 485bn pesos (US$26bn), equivalent to 3.4% of GDP. Inegi previously noted that telecom prices dropped 13% y-o-y in July.

  • Mexico holds public consultation on 400-450MHz

    Mexico's telecom regulator IFT launched a public consultation on the potential of auctioning 10MHz of the 440-450MHz band. The consultation will be available from August 24 to September 21. The spectrum is aimed at private radio communication service providers. The auction is slated to begin in February, 2017. Besides the 440-450MHz band, the IFT is planning to auction spectrum in the 700MHz, 2,5GHz, and 600MHz bands. The 450MHz band tends to suffer from interference in urban areas but it can be used for 4G LTE services in rural areas. In Brazil, the band was coupled with the 2.5GHz band in an auction in 2012. However, the 450MHz band is yet to be used. Further details are available here.

  • Tula Refinery Residuals Improvement

    The main goal of the project at the Miguel Hidalgo refinery in Tula, Hidalgo state, is to improve the processing of residuals to increase the quality of gasoline and diesel. Pemex expects the upgrade to increase the production of high-value distillates such as gasoline, diesel and jet fuel at the refinery between 63% and 80% through the reprocessing of products like heavy fuel oil. Pemex allocated US$1.2bn for this project. However, due to an 11.5% budget cut announced at the beginning of 2015, the company has announced that the project will be postponed.

  • Monthly oil production

    This file contains monthly data on oil production in Argentina, Bolivia, Brazil, Colombia, Ecuador, Mexico, Peru, Trinidad and Tobago and Venezuela. The data set - expressed in thousands of barrels per day (tbd) and broken down into types of oil (condensate, crude, light, etc) - spans from April 2010 to July 2016 and contains monthly and yearly production variations.

  • Mexico's oil rounds: the story so far

    Mexico has launched Round Two of its oil and gas auctions ushered in by the energy reform, with the fourth and final phase of Round One wrapping up in December. Here is a recap of the process so far. ROUND ONE Round One got off to a rather shaky start in July 2015 with the first shallow water auction, but which received a less than lukewarm response from bidders, with only two of the 14 blocks up for grabs successfully awarded, and no proposals received for eight of the blocks. Hydrocarbons commission CNH and energy ministry Sener subsequently published new contract terms for the second shallow water auction held on September 30, after analysts had pointed to the need to rejig the rules. And it was. Three of the five contracts on offer were awarded in the second shallow water auction. The successful bidders were ENI International, Pan American Energy LLC in conjunction with local company E&P Hydrocarburos y Servicios, and Houston-based Fieldwood Energy in partnership with local firm Petrobal. The third auction, for onshore fields, was held in December and dominated by local juniors, obeying the CNH's aim to promote the participation of Mexican companies and bolster a domestic, private oil industry. The auction awarded all 25 available fields (17 oil, eight gas) across three geographic areas, including the northern Burgos basin. Winners included a Mexican consortium comprising Geo Estratos and MX Oil Exploración y Producción, which won four blocks; Canadian firm Renaissance Oil, which was awarded three blocks, and Mexico's Strata Campos Maduros, which was also awarded three. Local firms Compañía Petrolera Perseus and Diavaz Offshore won two blocks apiece. Consorcio Manufacturero Mexicano and Sarreal were two other local firms that were successful, as were local consortium Grupo R Exploración y Producción-Constructora y Arrendadora México and the group consisting of Canamex Dutch, Perfolat de México and American Oil Tools, which won one block each. Sener signed the remaining contracts six onshore contracts on Thursday. The final auction of Round One, for deepwater, is scheduled for December 5. So far, 26 firms have prequalified to participate, the majority of them global majors such as BHP Billiton, BP, Chevron, ExxonMobil, Hess, Shell, Statoil and Total, as well as Mexico's Pemex.

  • Mexico's oil rounds: the story so far

    Mexico has launched Round Two of its oil and gas auctions ushered in by the energy reform, with the fourth and final phase of Round One wrapping up in December. Here is a recap of the process so far. ROUND ONE Round One got off to a rather shaky start in July 2015 with the first shallow water auction, but which received a less than lukewarm response from bidders, with only two of the 14 blocks up for grabs successfully awarded, and no proposals received for eight of the blocks. Hydrocarbons commission CNH and energy ministry Sener subsequently published new contract terms for the second shallow water auction held on September 30, after analysts had pointed to the need to rejig the rules. And it was. Three of the five contracts on offer were awarded in the second shallow water auction. The successful bidders were ENI International, Pan American Energy LLC in conjunction with local company E&P Hidrocarburos y Servicios, and Houston-based Fieldwood Energy in partnership with local firm Petrobal. The third auction, for onshore fields, was held in December and dominated by local juniors, obeying the CNH's aim to promote the participation of Mexican companies and bolster a domestic, private oil industry. The auction awarded all 25 available fields (17 oil, eight gas) across three geographic areas, including the northern Burgos basin. Winners included a Mexican consortium comprising Geo Estratos and MX Oil Exploración y Producción, which won four blocks; Canadian firm Renaissance Oil, which was awarded three blocks, and Mexico's Strata Campos Maduros, which was also awarded three. Local firms Compañía Petrolera Perseus and Diavaz Offshore won two blocks apiece. Consorcio Manufacturero Mexicano and Sarreal were two other local firms that were successful, as were local consortium Grupo R Exploración y Producción-Constructora y Arrendadora México and the group consisting of Canamex Dutch, Perfolat de México and American Oil Tools, which won one block each. Sener signed the remaining contracts six onshore contracts on Thursday. The final auction of Round One, for deepwater, is scheduled for December 5. So far, 26 firms have prequalified to participate, the majority of them global majors such as BHP Billiton, BP, Chevron, ExxonMobil, Hess, Shell, Statoil and Total, as well as Mexico's Pemex.

  • Piklis Gas Discovery

    Piklis was discovered in 2011 by Mexican national oil company Pemex's E&P unit PEP. The company has already delineated the field and is expected to combine outputs from the country's gas giant Lakach. Similarly, the NOC is hoping to tender this asset through 2015 as part of its farm-outs. With 771Bf3, Pemex has stated that it will be developed together with neighboring Kunah and its floating production system (FPS). Piklis' development plan consists of a direct tie-back to Kunah's FPS and flowlines to deliver outputs to it. From the FPS, combined production will be transported via two subsea pipelines to Lakach in order to be sent to the Lakach's onshore gas conditioning station (Estación de Acondicionamiento de Gas Lakach).

  • Mexico's top gold miners see output slip

    Mexico's top 10 gold miners saw production dip in Q2, mainly due to lower output at Goldcorp's Peñasquito mine. The companies produced 760,995oz of the yellow metal, compared to 927,352oz in the same period last year. The fall came despite Torex Gold's entry into the top five gold miners in the first full quarter of production at the El Limón-Guajes mine. Mexico's 10 largest miners produced 818,383oz gold in Q1. [GRAFICO:FIGURA:ID_3974] $(function(){var grafico = '{"colors":["#001b96","#f78e1e","#181818","#8ec4fb","#fabb78","#2577cb","#d9d9d9","#1281b4","#7d7d7d","#3349ab","#0f648b","#343434"],"chart":{"renderTo":"chart_plotted","type":"column"},"xAxis":{"categories":["Industrias Peñoles","Goldcorp","Minera Frisco","Agnico Eagle","Torex","Alamos","Primero","Argonaut","Pan American Silver","Timmins"]},"yAxis":{"title":{"text":"In troy ounces"}},"series":[{"data":[191357,365000,104322,92056,0,56241,36500,35357,23650,22869],"name":"2Q15","_colorIndex":0},{"data":[226561,102000,98376,89294,83256,49820,28978,28477,28370,25863],"name":"2Q16","_colorIndex":1}],"title":{"text":"Gold production by Mexicos top 10 miners"},"subtitle":{"text":"2Q15 - 2Q16"},"credits":{"text":"Source: BNamericas.com based in company reports","href":"http://www.bnamericas.com/en/data-stats","style":{"fontSize":"11px"}},"exporting":{"enabled":true}}'; var json_grafico = JSON.parse(grafico); json_grafico.chart.renderTo="graficodiv3974"; var graficarlo = new Highcharts.Chart(json_grafico);}); TOP 10 1. Industrias Peñoles 226,561oz The Mexican miner cemented its position as the country's top gold producer, with output up from 191,357oz in 2Q15. The vast bulk of production was from precious metals subsidiary Fresnillo, at 218,000oz, up 19.6% due to improvements at the Herradura and Noche Buena mines. The company upped 2016 gold production guidance to 850-870,000oz from 775-790,000oz previously. 2. Goldcorp 102,000oz In contrast, Canada's Goldcorp saw a sharp drop in its Mexican output, down more than two thirds from 365,000oz. This was due to a slump at Peñasquito to 36,000oz from 298,000oz, resulting from lower grades, a 10-day plant shutdown for maintenance and a longer-than-expected period to ramp back up to full production. Output is expected to improve in H2. 3. Minera Frisco 98,376oz The Mexican miner, controlled by billionaire Carlos Slim, saw gold production dip from 104,322oz, due to reduced output at the El Coronel, El Porvenir and Asientos mines. 4. Agnico Eagle 89,294oz Canada-based Agnico saw production slip from 92,056oz due to lower output at its Pinos Altos and Creston Mascota mines, partly offset by an improvement at La India. 5. Torex Gold 83,256oz Torex achieved a top five spot following the first quarter of commercial production at its El Limón-Guajes mine. The company is likely to rise up the rankings as production ramps up to full capacity of 14,000t/d throughput, compared to an average of 10,168t/d in Q2. 6. Alamos Gold 49,820oz Output declined from 56,241oz as a result of lower production at the El Chanate operation. Production at the Mulatos mine, where output is expected to rise next year as new ore bodies come on stream, was flat at 33,000oz. 7. Primero Mining 28,978oz The Canada-based miner saw output fall from 36,500oz at its San Dimas operation in Mexico, impacted by lower throughput and grades. Primero announced an overhaul of safety protocols at the mine in Q1. 8. Argonaut Gold 28,477oz Argonaut saw production slip from 35,357oz partly due to lower grades at its El Castillo and La Colorada operations. The company is progressing its San Agustín and San Antonio projects in Mexico. 9. Pan American Silver 28,370oz Gold production across the company's three Mexican mines increased from 23,650oz. The company is currently expanding its La Colorada and Dolores operations in the country. 10. Timmins Gold 25,863oz Taking the 10th spot, Timmins upped output from 22,869oz at its San Francisco mine. Following gold price improvements, the company axed proposals to place the operation on care and maintenance.

  • Mexico signs 6 onshore contracts

    Mexico's energy ministry Sener and hydrocarbons commission CNH have signed the last six onshore contracts awarded at the third auction of Round One bidding. A total of 25 onshore oil and gas fields were awarded in the auction held last December, mostly to Mexican junior oil companies. Overall, the so-called round 1.3 will add 75,000boe/d to the country's production, and will require investments of US$1.2bn, the ministry said in a release on Thursday. The companies awarded contracts include a local consortium comprising firms Geo Estratos and MX Oil Exploración y Producción, which was awarded four blocks; Canadian firm Renaissance Oil, which was awarded three blocks, and local firm Strata Campos Maduros, also with three. Mexican firms Compañía Petrolera Perseus and Diavaz Offshore, part of Grupo Diavaz, were each awarded two blocks. A consortium formed by Canamex Dutch, Perfolat de México and American Oil Tools was awarded one block. Tonalli Energy, a JV owned by Canadian firm International Frontier Resources (IFR), was awarded the Tecolutla block. "After months of preparation, this is an important milestone for IFR and Tonalli in formalizing our partnership with the Mexican government," IFR head Steve Hanson said in a statement to BNamericas. "The Tecolutla block provides a strategic operating presence in the Tampico-Misantla basin and a solid foothold into Mexico's energy reform," he added. The last six contracts to be signed are for fields in the states of Nuevo León, Tamaulipas and Veracruz, which are expected to yield up to 7,300boe/d in the near term through investments of US$133mn, the release said. The fourth and final auction of Round One, for deepwater fields, is scheduled for December 5.

  • Mexico signs 6 onshore contracts

    Mexico's energy ministry Sener and hydrocarbons commission CNH have signed the last six onshore contracts awarded at the third auction of Round One bidding. A total of 25 onshore oil and gas fields were awarded in the auction held last December, mostly to Mexican junior oil companies. Overall, the so-called round 1.3 will add 75,000boe/d to the country's production, and will require investments of US$1.2bn, the ministry said in a release on Thursday. The companies awarded contracts include a local consortium comprising firms Geo Estratos and MX Oil Exploración y Producción, which was awarded four blocks; Canadian firm Renaissance Oil, which was awarded three blocks, and local firm Strata Campos Maduros, also with three. Mexican firms Compañía Petrolera Perseus and Diavaz Offshore, part of Grupo Diavaz, were each awarded two blocks. A consortium formed by Canamex Dutch, Perfolat de México and American Oil Tools was awarded one block. Tonalli Energy, a JV owned by Canadian firm International Frontier Resources (IFR), was awarded the Tecolutla block. "After months of preparation, this is an important milestone for IFR and Tonalli in formalizing our partnership with the Mexican government," IFR head Steve Hanson said in a statement to BNamericas. "The Tecolutla block provides a strategic operating presence in the Tampico-Misantla basin and a solid foothold into Mexico's energy reform," he added. The last six contracts to be signed are for fields in the states of Nuevo León, Tamaulipas and Veracruz, which are expected to yield up to 7,300boe/d in the near term through investments of US$133mn, the release said. The fourth and final auction of Round One, for deepwater fields, is scheduled for December 5.

  • La Marquesa- Lerma highway

    The project involves the construction and operation of a four-lane highway, with two lanes in each direction, that will relieve part of the Mexico-Toluca highway. Works will also include building an elevated viaduct over the highway. Promotora y Administradora de Carreteras, S. A. de C. V. (Pracsa), a subsidary of Promotora y Operadora de Infraestructura, S.A.B. de C.V. (Pinfra), will carry out the project.

  • WB co-finances Mexico's energy efficiency drive

    With financing help from the World Bank, Mexico will invest US$156mn in energy efficiency and sustainability projects that include waterworks and infrastructure. The program is the second phase of the energy efficiency project launched with the WB in 2014 measuring power use in order to develop sustainability plans. The first phase studied one city in each of the country's 32 states, with the findings used to make public buildings, street lighting, and water and sewage pumping more energy efficient. The second phase was launched by energy ministry Sener, state utility CFE, finance ministry SHCP, development bank Nafin and the WB, and aims to promote energy efficiency in the country's municipalities and mitigate the causes of climate change and greenhouse gas emissions. Energy minister Pedro Joaquín Coldwell (pictured, fourth from left) said a pilot program will evaluate the launching of energy-saving projects in the cities of Cuernavaca, Huamantla, León and Veracruz. It is expected to reduce the cities' energy spending by around 80mn pesos (US$4.35mn) per year. Reducing cities' electricity bills will strengthen their public finances, he said. In June he had described Mexico as a model of energy efficiency in Latin America as he detailed the country's plans to increase efficiency in the residential and business sectors. The energy ministry also announced earlier this month that it would provide preferential financing to low-income residences looking to install rooftop solar panels. Meanwhile, CFE is surveying street lights for energy efficiency projects, the utility's chief executive Jaime Hernández said.

  • ICA losses widen on forex impact

    Debt-laden Mexican construction company ICA announced its unaudited results for the second quarter of the year, a month after postponing their release. The firm posted a 3.00bn-peso (US$164mn) net loss compared with a 357mn-peso net loss in 2Q15, citing unfavorable forex effects and a drop in revenue resulting from the slowdown in US unit Facchina's projects. Net revenue for the quarter decreased to 5.28bn pesos from 9.05bn pesos a year ago. The decrease was mainly the result of the termination of projects abroad, the company said in the release. Likewise, net revenue from its construction segment also decreased, to 2.01bn pesos from 5.94bn pesos. Adjusted Ebitda for the quarter was 957mn pesos, down from 1.67bn pesos. While sales dropped 42% year-on-year, the company's consolidated debt fell to 64.6bn pesosas of June 30, down 4.53% from December 2015. "The decrease was principally the result of loan payments to Santander, Deutsche Bank, Barclays, and Value that were secured by the pledge of OMA B shares, payment of a working capital line to BBVA Bancomer, and scheduled amortizations of debt of operating projects," ICA said. ICA's labor force shrank 54% from January 2015 to July 2016 and costs and expenses fell 50%. ICA reported that in May 2016, the company, along with its other partners in the construction of line No. 12 of Mexico City's metro system, filed a commercial lawsuit against the local government (GDF) to "recover the totality of the debt owed the consortium by the GDF for the construction of Line 12 of the Mexico City Metro, including additional and extraordinary works, maintenance, and rehabilitation." In regard to the early termination of the TEC II Lázaro Cárdenas Container Terminal, ICA said the company and its client are involved in an arbitration process.​ Building a New Road Map for Sustainable Growth.Click here to see the event's agenda. ​