每日新闻更新 — 墨西哥石油公司发现新的油田 - The Daily Update - Pemex Oil Discoveries

当选总统安德烈斯·曼努埃尔·洛佩斯·奥布拉多尔(又名 AMLO)直到12月份才上任,这对墨西哥的能源改革计划是否会发生变化形成了不确定因素。然而,看上去 AMLO 确实正在采取务实的态度,尤其是在政府的目标是大幅度增加石油产量的背景下:它的目标是到2024年将墨西哥的石油产量提高到248万桶/天。

为了遏制墨西哥石油公司(Pemex,由墨西哥政府100%拥有和主导的生产商)的产量下降,开采曲线对于实现这一目标非常重要。8月份的时候,Pemex 的产量下降至182万桶/天。AMLO 一直在谈论投资大约40亿美元用于石油生产和钻探,以试图解决行业短缺的问题。令人鼓舞的是,Pemex 最近宣布发现了两个新油田,Manik 和 Mulach。这两个油田共有7个油藏,可能拥有可能储量(3P )的1.8亿桶油当量。这些油田的总产量可能高达45,000桶/天。这些油田是正在评估的六个油田的一部分,可以增加21万桶/天的原油和3.5亿立方英尺/天的天然气产量。

从积极的方面来看,由于油价上涨导致2019年的融资需求减少,Pemex 最近宣布减少了2018年的财政赤字。此外,即将上任的财务部副部长阿图罗·埃雷拉(Arturo Herrera)表示,Pemex 不再为了石油部门的计划投资去背负额外的债务。

Pemex 是一个准主权债券发放,分别被穆迪/标准普尔评为Baa3/BBB+,反映了它对墨西哥经济的重要性以及来自政府支持的追踪记录。由于政府的支持,其评级高于其独立的信用状况和财务指标所能支撑的水平。Pemex 在我们的(投资)宇宙中继续显示出吸引力。从目前的水平来看,在我们的模型上,像 Pemex 2035年的利息为6.625%的债券看起来很有吸引力,因为在大量的风险交易之中它的价格为6.85%的收益率,(相对于美国国债)便宜了大约4.6个信用等级。

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