PEMEX Reports Spill: The Week in Oil and Gas

PEMEX has confirmed and contained two oil leaks on a key pipeline connecting the Akal-C offshore platform to the Dos Bocas Maritime Terminal. The NOC also reports profit for 1Q25 and cuts in oil exports.

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PEMEX Reports Leaks Near Dos Bocas

PEMEX reported that it addressed two oil leaks on a pipeline connecting the Akal-C offshore platform to the Dos Bocas Maritime Terminal in Paraiso, Tabasco, by installing two metal clamps to contain the spill. President Claudia Sheinbaum addressed the spill in her morning conference assuring that it was contained and reported the leak to be equivalent to 300b.

PEMEX Reports 1Q25 Financial Results, Supplier Debt

PEMEX reported a gross profit of MX$109 billion and an operating profit of MX$64 billion in 1Q25, reflecting improved profitability and tighter financial discipline.

China Lifts 125% Tariff on US Ethane Imports

China has removed a 125% tariff on US ethane imports, easing trade restrictions that had affected a key segment of the US-China energy relationship, according to a report from Reuters on Tuesday. The tariff removal is seen as part of broader trade negotiations, but no formal agreement has yet been announced.

PEMEX Cuts Oil Exports to Historic Lows

In 2025, PEMEX expects to export just 527Mb/d, a 34.6% drop, marking the lowest level in recorded history. The cut aims to prioritize supply for the National Refining System amid declining production.