Page 6 - LatAmOil Week 50 2022
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LatAmOil                                          MEXICO                                            LatAmOil



       Pemex seeking renewed state




       coverage for debt amortisations






                         MEXICO’S national oil company (NOC) Pemex   crude exports – to cover amortisation payments.
                         is seeking renewed state support for payment of   Pemex’s total debt load stood at around
                         its debt amortisations, the head of the firm said   $109.1bn as of the end of 2021. This made it the
                         on December 14.                      most indebted oil company in the world.
                           According to Pemex’s CEO Octavio Romero   Fitch Ratings commented in a note in Sep-
                         Oropeza, the state-owned company has already   tember that the Mexican government had not
                         started discussions with the government on the   taken full advantage of the bullish trends driv-
                         potential renewal of a financial support plan that   ing global oil markets this year to bring Pemex’s
                         was put in place last year. The NOC is interested   debt burden down. “Elevated oil prices in 2022
                         in securing support for the payments it is due to   were a lost opportunity to materially improve”
                         make in early 2023, he said.         the company’s standalone credit profile (SCP),
                           “We’re in talks with the Finance Ministry,”   Fitch analysts Saverio Minervini and Carlos
                         Reuters quoted him as saying.        Morales wrote. ™
                           No information was available as of press time
                         on the exact extent of the financial support that
                         Pemex was requesting from the government.
                           Mexico City had pledged in 2021 to cover
                         Pemex’s payments on debt amortisations – that
                         is, to make payments on the state-controlled
                         company’s maturing securities – until the end
                         of President Andres Manuel Lopez Obrador’s
                         term in 2024. To this end, the government allo-
                         cated budget funds to the NOC for 2022 and
                         disbursed its first tranche in January.
                           However, Pemex stopped receiving funding
                         under this special programme after the first
                         quarter of 2022. This appears to have been a
                         result of the rise in global crude oil prices follow-
                         ing the Russian invasion of Ukraine, which led
                         many officials in Mexico City to conclude that
                         the NOC was capable of using its own funds –
                         and in particular, the extra money earned from   Pemex’s CEO says his company is in talks with the Finance Ministry (Photo: Pemex)




                                                        GUYANA
       Guyana begins accepting bids



       in first deepwater licensing round






                         GUYANA’S  President Irfaan Ali formally   the winners of the bidding contests in May 2023,
                         marked the opening of the country’s first deep-  he stated.
                         water offshore bidding round on December 9.  Guyanese authorities hope the bidding
                           Georgetown is now accepting bids from local   round will attract a wide range of potential
                         firms, national oil companies (NOCs) and inter-  investors, the president added.
                         national oil companies (IOCs) on 14 offshore   “We are hoping that there will be maximum
                         blocks that may hold as much as 25bn barrels of   participation and that Guyana would be part of
                         oil equivalent (boe), Ali declared.  a partnership that creates greater benefit and
                           The government will continue to accept   greater wins for our country and our people,”
                         offers until April 14, 2023, and aims to announce   he said.



       P6                                       www. NEWSBASE .com                      Week 50   14•December•2022
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