#Mexico's #Pemex destroyed resources worth $342 million from two top fields

[1/2] Gas is flared at the state energy company Petroleos Mexicanos (Pemex) Perdiz Plant, which is unable to process the vast volumes of gas sent from the Ixachi field, outside of Tierra Blanca, Mexico May 4, 2022. REUTERS/Quetzalli Nicte-Ha/File Photo

Exclusive: Mexico's Pemex destroyed resources worth $342 million from two top fields

January 18, 202310:31 PM GMT+1

MEXICO CITY, Jan 18 (Reuters) - Mexican state oil company Pemex illegally burnt off hydrocarbon resources worth more than $342 million in the three years up to August 2022 at two of its most important new fields, internal documents from the country's oil regulator showed.

The three documents, produced by the regulator and dated August 2022, detail how Pemex (PEMX.UL) destroyed resources worth $275 million from the Ixachi field in three years and $67 million from the Quesqui field in two years.

Welfare Gains from Market Insurance: The Case of #Mexican #Oil Price #Hedge @IMF

Over the past two decades, Mexico has hedged oil price risk through the purchase of put options.... We show that hedging increases welfare by reducing income volatility and reducing risk spreads on sovereign debt. We find welfare gains equivalent to a permanent increase in consumption of 0.44 percent with 90 percent of these gains stemming from lower risk spreads.

http://www.imf.org/~/media/Files/Publications/WP/2018/wp1835.ashx