墨西哥将继续保持全球最大的主权石油对冲

中国石化新闻网讯 据世界石油网站2月19日墨西哥城报道 墨西哥财政部长Arturo Herrera表示，墨西哥计划明年锁定该国原油产量的价格，继续保持全球最大的主权石油对冲。

Herrera星期一在接受采访时说：“石油对冲将继续保持下去，但墨西哥需要保持贸易私有的细节，以防止市场抢先交易。”

墨西哥财政部被认为是华尔街最隐秘的部门之一。从历史上看，财政部从一小部分投资银行和石油公司手中购买看跌期权（赋予其以预定未来价格出售原油的权利的合约）。

Herrera说：“我们必须非常谨慎地以一贯的谨慎和纪律的态度行事，这样就没有人知道墨西哥政府在运作，他们无法确定我们所涵盖的时期。因为如果不这样，我们第二年就有麻烦。”

Herrera还表示，墨西哥愿意调整税收水平，使新的勘探和生产综合服务合同更具吸引力的公司。他说，希望这些被称为CSIEE的合同能让墨西哥国家石油公司在其边际业务领域合并私人公司。

根据墨西哥国家石油公司的商业计划，CSIEEs预计将在四年内贡献58亿美元，分析师表示，这不足以扭转15年来石油产量下降和债务下降的局面，而债务目前是所有大型石油公司中最高的。

Herrera说：“如果他们没有吸引力，他们将不得不检讨，并提到合同。我们需要做的是改变对需要的领域的税收待遇，这将改变这些领域的盈利能力。”

王磊 摘译自 世界石油

原文如下：

Mexico to continue world’s largest oil hedge for 2021

Mexico plans to lock in prices for the country’s crude output for next year, continuing the world’s largest sovereign oil hedge, Finance Minister Arturo Herrera said.

Herrera said in an interview on Monday that “of course” the oil hedge will continue, but that Mexico needs to keep details of the trade private in order to prevent the market from front-running the transaction.

The Finance Ministry, or Hacienda, hedge is considered one of Wall Street’s most secretive. Historically, the ministry buys put options -- contracts that give it the right to sell crude at a predetermined future price -- from a small group of investment banks and oil firms.

“We need to be very careful about operating throughout time in a very discreet and disciplined manner so that no one knows the Mexico government is operating and they can’t identify the periods we are covering,” Herrera said. “Because if not, we’ll have problems the following year.”

Herrera also said that Mexico is willing to adjust tax levels to make new exploration and production integrated service contracts more attractive for companies. The hope is that the contracts, known as CSIEE, will allow Pemex to incorporate private companies in fields where it has marginal operations, he said.

CSIEEs are expected to contribute $5.8 billion over four years, according to Pemex’s business plan, which analysts say is not enough to move the needle on 15 years of oil production declines and debt that is now the highest of any major oil company.

“If they’re not attractive, they’ll have to be reviewed,” Herrera said, referring to the contracts. “What we need to do is make changes to the tax treatment for the fields that need them. And this will change the profitability of these fields.”