Pemex withdrawing request for oil field contract change

January 12, 2017

Mexico's cash-strapped state oil company Pemex requested authorities allow it to lower the tax regime on its top oil field Ku Maloob Zaap (KMZ), but the company said the request was now in the process of being withdrawn.

Pemex had asked the government to place KMZ under an exploration and extraction contract to lower its taxes, sources told Reuters. They also said the request was likely to be denied.

Ku Maloob Zaap, located in the shallow waters of the southern Gulf of Mexico, is the company's top-producing field accounting for 40 percent of Pemex's total . . .

This independent news site is supported by subscribers.



Trending News on PVDN

  • US House Halts $60M Aid to Mexico Over Fentanyl Trafficking ConcernsUS House Halts $60M Aid to Mexico Over Fentanyl Trafficking Concerns PUERTO VALLARTA - Yesterday, the United States House of Representatives approved an amendment to halt just over $60 million in aid projects destined for Mexico. This action is seen as a response to the perceived "lack of will" by President Andrés Manuel López Obrador’s government in combating fentanyl trafficking, a sentiment echoed by the Republican…
  • Decapitated Body Found in Puerto Vallarta Sparks InvestigationDecapitated Body Found in Puerto Vallarta Sparks Investigation PUERTO VALLARTA - In a shocking development, a decapitated body was discovered on Wednesday afternoon in the southern region of Puerto Vallarta. As of now, the identity of the individual and the cause of death remain undetermined. The local authorities were alerted to the gruesome discovery through a 911 report, prompting an immediate response from…
  • Twin Earthquakes Shake Jalisco Coast; Puerto Vallarta Remains UnperturbedTwin Earthquakes Shake Jalisco Coast; Puerto Vallarta Remains Unperturbed PUERTO VALLARTA (PVDN) - In the early morning of October 2, twin earthquakes rattled the Central Coast of Jalisco, eliciting a prompt response from local authorities. Puerto Vallarta remained untouched by the tremors, to the relief of its residents and many visitors, although some social media users in Puerto Vallarta reported mild shaking. The first…
  • Substantial Sum Stolen in ATM Heist in Puerto Vallarta's Zona RomanticaSubstantial Sum Stolen in ATM Heist in Puerto Vallarta’s Zona Romantica PUERTO VALLARTA (PVDN) – A substantial sum was stolen from an ATM in the famous Zona Romantica area of Puerto Vallarta in a heist that came to light earlier this Sunday. Local Municipal Police and Investigative Police personnel are unraveling this alarming incident's details. The theft was discovered on Sunday morning when elements of the…
  • Exhausted Sea Lion Rescued off Puerto Vallarta Coast after Remarkable 2,000 Kilometer SwimExhausted Sea Lion Rescued off Puerto Vallarta Coast after Remarkable 2,000 Kilometer Swim PUERTO VALLARTA - On Wednesday afternoon, the Marine Mammal Research Group (Grimma) rescued a malnourished and fatigued sea lion off the coast of Puerto Vallarta, Jalisco. The team secured authorization from the Federal Protection Attorney’s Office for the Environment before embarking on the rescue operation. This particular sea lion belongs to the species Arctocephalus townsendi,…
  • Mismaloya Residents Protest Against Forced Evictions of 80 Residents of Puerto VallartaMismaloya Residents Protest Against Forced Evictions of 80 Residents of Puerto Vallarta The coastal town of Mismaloya, in Puerto Vallarta, witnessed a peaceful demonstration on Wednesday, where residents sought justice from the President of Mexico, Andrés Manuel López Obrador, amidst a severe land dispute threatening their homes. Around 80 concerned residents assembled by the side of Federal Highway 200, earnestly awaiting updates from their representatives at the…
  • Puerto Vallarta Gains Prominent Nominations at the LGBTIQ Travel Awards Mexico 2023Puerto Vallarta Gains Prominent Nominations at the LGBTIQ Travel Awards Mexico 2023 PUERTO VALLARTA - Puerto Vallarta, renowned for its efforts and dedication towards fostering a hospitable environment for the LGBTIQ community, once again emerges as a frontrunner in inclusive tourism at a national level. The city has been nominated in five categories at the illustrious LGBTIQ Travel Awards Mexico 2023, celebrating its enduring commitment to pink…
  • Approximately 866,300 Children in Mexico Are Used in Child LaborApproximately 866,300 Children in Mexico Are Used in Child Labor PUERTO VALLARTA - Mexico continues to grapple with the grim reality of child labor, with girls, boys, and adolescents being subjected to its most severe forms, such as sexual exploitation and involvement in drug production and trafficking. Despite the efforts to curb this menace, a recent report by the United States government suggests that only…