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



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 plc more info
Operates 27 Offshore Rigs
 - BP Chairman Svanberg to Retire; Search Starts for Successor (Oct 19)
 - BP Midstream Partners Seeks To Raise Up To $893MM In IPO (Oct 16)
 - BP, Azerbaijan's SOCAR To Sign Caspian Sea Exploration Deal In 2017 (Oct 12)
Company: Exxon Mobil Corporation more info
Operates 13 Offshore Rigs
 - ExxonMobil Says Julia, Hadrian South Operations Back To Normal After Nate (Oct 10)
 - Iraq's Talks with Exxon on Southern Oilfields in Final Stages-Minister (Oct 09)
 - U.S. Gulf Oil Producers Start Evacuating Staff Ahead of Tropical Storm Nate (Oct 05)
Company: Petrobras more info
Operates 35 Offshore Rigs
Manages 12 Offshore Rigs
 - Brazil Regulator Allows Petrobras To Source Libra Rig Hull From Abroad (Oct 04)
 - Exxon's Big Bet on Brazil Oil Could Signal Major Pre-salt Role (Sep 29)
 - Exxon Mobil Bets on Brazil, Buys 10 Oil Blocks in Auction (Sep 28)
Company: Statoil more info
Operates 1 Offshore Rigs
 - Statoil Takes First Bite Of Solar Market With Brazilian Joint Venture (Oct 04)
 - Statoil Charters Last of Largest Oil Tankers to Hold Crude for Asia Buyers (Sep 28)
 - Statoil And Partners Plan Output Capacity Expansion At Troll Gas Field (Sep 26)
Company: Total S.A. more info
 - Total CEO: US Shale Oil Industry To See Wave Of Investment (Oct 18)
 - Total's CEO Says Will Try To Move Ahead With Iran Gas Project (Oct 17)
 - Total Expands Presence in Mexico (Oct 12)
Company: Chevron Corporation more info
 - Chevron Approves New Tech Investment To Raise Output At North Sea Field (Oct 20)
 - Canada's Keyera Signs Pact With Chevron To Transport, Store NGL (Oct 10)
 - Chevron Starts LNG Output at Australia's Wheatstone (Oct 09)
Company: ENI more info
Operates 12 Offshore Rigs
 - Eni Looks To Strengthen Ties With Rosneft, Maybe In LNG (Oct 19)
 - Eni Bets Big on Zohr Explorer Finding New Treasure (Oct 06)
 - Eni Inks Cooperation Deal With China's CNPC (Sep 13)
Company: Pemex more info
Operates 45 Offshore Rigs
 - Eni Bets Big on Zohr Explorer Finding New Treasure (Oct 06)
 - Private Oil Made a Big Find in Mexico. Now State Oil Wants a Cut (Oct 04)
 - Mexico's Pemex Sees Salina Cruz Refinery Restart 3rd Week of Oct (Sep 28)