Latin America Headlines

Mexico: Pemex Achieves Reserve Replacement Ratio of 100%, Says Calderon

Mexican President Felipe Calderon (pictured) has announced that Petroleos Mexicanos (Pemex) achieved a reserve replacement ratio of 100% last month. In a message, the President cited the result as one of his administration’s key successes over the past six years, adding that the company’s replacement ration had run at just 22% in the early 2000s. 


Brazil: Charges Filed Against Chevron and Transocean Execs After Oil Leak

17 oil company executives are facing criminal charges as a result of the Chevron/Transocean oil leak off the Rio de Janeiro coast in November. At least 110,000 gallons (416,000 liters) of oil seeped through fissures on the ocean floor near a Chevron appraisal well with spokesperson admitting they underestimated the pressure in the underwater reservoir. The well, drilled by Transocean, has since been sealed, but a small amount of recent seepage has raised concerns that the damage is not yet over.


Aruba: Valero to Suspend Refining

Valero has announced that it is suspending refining operations at its 235,000 bpd facility in Aruba. In a statement, the company noted that the site has been operating at reduced rates because of inadequate margins, resulting in financial losses, and added that the outlook for continued unfavourable refining economics drove its decision.

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