Gulf Coast cities suffer with oil slump. Hoteliers, restaurateurs, truckers, builders, and airlines operating in Campeche, Tabasco, and Veracruz face an economic crisis following the cancellation of several contracts between Pemex and engineering firms responsible for coastal projects (Spanish). Jobs for employees and businessmen in the coastal oil region will also collapse.

Pemex vs Mancera over Tula's pollution. Mexico City mayor Miguel Ángel Mancera called emissions from the Pemex Tula refinery “highly polluting” and said the gases make tightened restrictions on circulation of automobiles inadequate for controlling the capital’s pollution emergency. Pemex denies the accusation and declares its second largest refinery meets environmental standards (Spanish).

Pemex plans to abandon platforms. As part of its budget cutting, Pemex will eliminate 66% of its contracts for platforms, principally drilling rigs (Spanish). Pemex Exploration and Production (PEP) started the year with 30 contracts, and will cancel most of them by September, leaving only 10 platforms active.

Not much to celebrate at the Oil Expropriation Anniversary. Today, 78 years after seizing the oil fields, Pemex is saddled with a heavy debt burden, massive losses, a continuing decline in oil and gas production, and an increasing dependency on foreign imports. The company today depends on capitalization from the state (Spanish).

 

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