Mexico's President Meets with Top Oil Cos, Talks Energy Reform


Mexico's President Felipe Calderon
(Click to Enlarge)

MEXICO CITY (Dow Jones Newswires), Jan. 30, 2009

Mexican President Felipe Calderon met with top executives from some of the world's largest oil companies at the World Economic Forum in Davos, his office said on Thursday.

"During the meeting, the Mexican leader said this year the Mexican energy sector will start making important changes following the approval by Congress of the reform," said his office in a statement.

Last October Mexico's Congress approved an energy reform that allows state oil monopoly Petroleos Mexicanos to offer service contracts where payments are linked to the success of the project.

Calderon met with the CEO's of BP PLC, ExxonMobil, Petrobras, ENI, Total, Statoil and Chevron.

Calderon has admitted that the reform has shortcomings, such as not letting Pemex sign production-sharing agreements with outside firms.

Just the same, Pemex officials have said the company has maintained the close contact with Statoil and Petrobras on potential oil projects under the company's new legal framework.

Mexican oil production fell 9% last year and has plummeted by 26% since 2004, putting the country at risk of a fiscal crisis if the trend continues. Pemex has boosted spending in recent years on oil field development, but the company does not expect output to return to 2007 levels of 3 million barrels a day until 2015.  

Copyright (c) 2008 Dow Jones & Company, Inc.

Related Companies
 Company: BP plcmore info


 - Unite Expresses Concern Over Possible Forties Pipeline System Sale (Mar 17)
 - BP Appoints New Heads Of Production, Drilling As Output Set To Jump (Mar 16)
 - Wood Group Wins Mad Dog 2 Contracts (Mar 14)
 Company: Exxon Mobil Corporationmore info


 - Gulf Of Mexico Lease Sale Nets $315M in Bids, Feds Suggest Trump Bounce (Mar 22)
 - Oil Giants Upending Shale Turf Where Wildcat Drillers Once Ruled (Mar 21)
 - ExxonMobil Agrees to Buy 25% Stake in Mozambique's Area 4 Block (Mar 9)
 Company: Petrobrasmore info


 - Petrobras Raises Asset Sale Goal To $21B For 2017-2018 Period (Mar 22)
 - Petrobras Resorts To Top Court To Free Divestment Plan (Mar 17)
 - CFO: Brazil's Petrobras Confident Accounting Practices Correct (Mar 8)
 Company: Statoilmore info


 - Statoil Exec: Effective Leaders Should Empower People and Machines (Mar 24)
 - Statoil Makes North Sea Oil, Gas Discovery (Mar 24)
 - Gulf Of Mexico Lease Sale Nets $315M in Bids, Feds Suggest Trump Bounce (Mar 22)
 Company: Total S.A.more info
 - Total Starts Up Moho Nord Deep Offshore Project (Mar 15)
 - Chevron Commences Oil, Gas Production from Angola Project (Mar 9)
 - Oil Majors Still Years From Repairing Balance Sheets After Price War (Mar 8)
 Company: Chevron Corporationmore info
 - Gulf Of Mexico Lease Sale Nets $315M in Bids, Feds Suggest Trump Bounce (Mar 22)
 - China's Sinopec Buys First Major African Refinery In Chevron Deal (Mar 22)
 - Oil Giants Upending Shale Turf Where Wildcat Drillers Once Ruled (Mar 21)
 Company: ENImore info


 - Nigerian Court Overturns Seizure Of Oilfield From Shell And Eni (Mar 17)
 - Zohr to Start Gas Production This Year (Mar 15)
 - ExxonMobil Agrees to Buy 25% Stake in Mozambique's Area 4 Block (Mar 9)
 Company: Pemexmore info


 - Mexico's Pemex Sharply Reduces Losses as Oil Prices Rise (Feb 27)
 - Mexico's Pemex Jan Crude Output Drops 10.6 pct from A Year Ago (Feb 24)
 - What's Next for Mexico's Energy Sector? (Jan 12)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Landman - Midstream Surface Land
Expertise: Landman
Location: The Woodlands, TX
 
Land Specialist - Delaware Basin
Expertise: Landman
Location: Midland, TX
 
Health & Safety Compliance Specialist III
Expertise: Environmental, Safety & Training|HSE Manager / Advisor|Regulatory Compliance
Location: Ignacio, CO
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours