Mexico: Oil Production to Recover by 2015
Poor Energy Minister Georgina Kessel. While she was in Rome for the Group of
Eight meeting for energy ministers in late May, she had nothing negative
to say about her country’s current oil outlook. During an interview she granted
on the way into the summit, Mexico’s energy minister said: “We expect that
by next year or the following, production will begin to recover to the kind
of levels that we had previously. ... By 2015, we hope we will reach the
3 million barrels per day that we had in 2006.” ...
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Argentina Turns to Renewable Energy
It was not the first time Argentina’s state-run ENARSA had made such an announcement,
but the press in Argentina did not seem to mind. After several long, cold
winters with energy shortages, it was perhaps to be expected for ENARSA to
unveil a schedule for accepting bids for renewable energy endeavors that
the company hopes will create 1 gigawatt of energy for Argentina’s consumption.
Bidding will open in late August, and contracts will be granted for 15 years;
ENARSA hopes private companies will invest more than $2 billion for the initiative.
Argentina’s government recently mandated that while renewable energy currently
produces a meager 1 percent of the nation’s power, by 2016 ENARSA must produce
8 percent of its energy from renewable sources. ...
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Venezuela Nationalizes More Assets
During the first week of May, as Venezuela’s PDVSA announced it was nationalizing
the assets of more service providers for demanding payment for services rendered,
industry insiders and the international press waited to see which companies
would decide to enter arbitration to recoup payment and which would decide
to “negotiate” with PDVSA. ...
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Venezuela Not Yet Facing “Negative Growth”
President Hugo Chávez and his government have abandoned their hopes of seeing
Venezuela’s economy grow by 6 percent during 2009, but they are not yet prepared
to admit defeat entirely. Why? Economists are quick to point out that while
Venezuela’s economy – so strongly tied to oil revenue – is stalling, the
country is not yet in a recession. Without two quarters of continued “economic
contraction” or “negative growth,” Venezuela has avoided what the United
States has been unable to. ...
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Petrobras Turns to China
The global financial crisis has made both private companies and state-run companies
cash-hungry, but few countries on the cusp of greater energy independence
and even dominance want to retract their plans to develop potential oil reserves.
Brazil, which is still touting the oil discovery of the century, is no exception.
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