Latin America Headlines

Mexico: Presidential Candidate Plans Five Refineries

Andrés Manuel López Obrador, the left-leaning candidate in Mexico's forthcoming presidential election, has advocated the construction of five refineries under his new energy policies. The sites include a $11bn-plus Tula refinery in Hidalgo state (a project currently being tendered by Pemex) along with another refinery in progress in Guanajuato state. The two facilities are expected to be operational by 2016 and 2015 respectively. 


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.

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