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TMCNet:  Top Pemex official quits [Oil & Gas News]

[February 17, 2014]

Top Pemex official quits [Oil & Gas News]

(Oil & Gas News Via Acquire Media NewsEdge) In a major leadership shakeup for Mexican oil giant Pemex, just as the ailing state-run energy sector is being pried open, exploration and production chief Carlos Morales has resigned, CEO Emilio Lozoya said in a tweet.


Morales, head of Pemex's exploration and production arm since 2004, has stepped down for "personal reasons" and will be replaced on an interim basis by the division's planning head, Gustavo Hernandez, a Pemex spokesman said.

The change comes after President Enrique Pena Nieto last year pushed through a major overhaul of the state energy sector to open it up to foreign investment, but the leadership change was not expected to mark a shift in the company's policies.

Mexico is the world's 10th biggest crude oil producer with 2.5 million barrels per day, but the country has seen output slide by a quarter and exports drop by a third since 2004.

Secondary laws that govern implementation of the energy reform are expected by April. The reform is part of a wider overhaul of the economy, spanning taxes to telecoms, that Pena Nieto hopes will boost competition and long-lagging growth.

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