WorldOil Mexico pouring money into Pemex, at the environment’s expense After a landslide victory in 2018, Mexico's president has cut the knees off a booming renewables market, plowed money into Pemex, and pursued two major infrastructure projects that environmentalists consider ecological disasters. Petrofac completes sale of its Mexican operational interests Petrofac Limited announced that the Group has completed the sale of its remaining 51% interest in its upstream IES operations in Mexico, including Santuario, Magallanes and Arenque, to Perenco Energies International Limited. Lower Mexican output in 2021 will raise Canadian heavy oil prices Oil sands producers will benefit from less output of competing crude from Latin America as Pemex expects to cut exports while Venezuelan supplies remain off limits due to U.S. sanctions. Pemex leverages market opportunities in $1.5 billion debt sale Petroleos Mexicanos returned to capital markets Thursday for its first debt sale since January as the embattled oil producer seeks to tap improved demand from investors. Oil price swings suggest Mexico’s 2021 oil hedge is underway Every year, the Latin American nation locks in the price of its oil exports by buying put options from Wall Street banks. The deal typically roils the market, creating violent swings in the price of oil options. Pemex projects production declines, AMLO’s new refinery to slash oil export volumes AMLO swept into power in December 2018 promising to rescue Pemex by dialing back his predecessor’s 2013-2014 energy reforms, which had ended the company’s nearly eight decades-long monopoly. He has also pledged to ramp up domestic fuel production to reduce dependence on gasoline imports, which account for about 65% of what Pemex sells in Mexico. Pemex expected to lower 2021 crude production targets in new budget plan The Mexican government is finalizing the budget proposal for next year, to be handed to congress by Tuesday, trying to square plunging oil income, growing social spending demands and Lopez Obrador’s push for austerity. Pleading not guilty to corruption charges, former Pemex chief pledges to prove innocence In his first public comments since being extradited from Spain, Emilio Lozoya told a federal judge via video link from a Mexico City hospital that he had been intimidated and used by unnamed people to commit alleged crimes related to a fertilizer plant deal, according to a summary of the proceedings that was provided by court press officials. Ex-PEMEX CEO testified that lawmakers took bribes, AMLO says A former head of Mexico’s PEMEX is testifying that lawmakers were bribed to pass a 2014 reform that opened the energy sector to private investment, President Andres Manuel Lopez Obrador said on Friday. AMLO alleges “a lot” of corruption drove Mexico’s prior oil reforms Mexican legislators allegedly took bribes to vote in favor of a landmark energy reform during the previous administration, and an ex-head of the country’s oil giant will shed light on the matter, President Andres Manuel Lopez Obrador said on Wednesday.