The World Is Not Ready for Fossil Fuel Termination: UAE

While UAE argues that the world is not ready to transition away from fossil fuels, BNP Paribas announces it will no longer provide direct financing to new oil and gas projects. 

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HR Ratings Upgrades PEMEX’s Risk Grade 

HR Ratings has upgraded PEMEX's credit rating to AAA with a stable investment perspective, reflecting the expected government support for the NOC. 

Fire Explosion Reported at PEMEX Refinery in Salina Cruz

A fire broke out at the Antonio Dovalí Jaime refinery in Salina Cruz, Oaxaca, raising concerns about PEMEX's safety standards. The fire originated in the U-100 heater at the Hydrodesulfurization II plant, which produces gasoline and jet fuel.

Shell, Chevron Abandon Projects After Failed Exploration

The two oil companies have relinquished their assets due to the lack of commercially viable hydrocarbon reserves. The areas, Max-1XP and Alux-1EXP, were found to have limited hydrocarbon potential and insufficient reservoir presence, making oil and gas production economically unviable. 

PEMEX Reports on Financial Performance, Key Challenges  

PEMEX announced the submission of its 2022 Annual Report to the National Banking and Securities Commission and the Mexican Stock Exchange. According to the financial data, PEMEX reported positive financial performance in FY22. The company achieved net profit of MX$99.998 billion. In 1Q23, PEMEX continued its positive momentum reporting a net profit of MX$57 billion. 

Financing Priorities Put Pressure on Oil and Gas Projects 

BNP Paribas has announced that it will no longer provide direct financing for new oil and gas projects, strengthening its commitment to sustainable finance. This makes BNP Paribas the second-largest global bank, following HSBC, to take such a step.

COP28 Advisory Board: UAE Rejects Fossil Fuel Switch-Off

The UAE argues that countries should prioritize phasing out fuel emissions rather than completely stopping the production of oil, gas, and coal. Mariam Almheiri, UAE Minister for Climate Change and Environment, stated that the world is not yet ready to transition away from fossil fuels.