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Mar 3, 2010

Mexico oil, gas exploration results improve in 2009

MEXICO CITY, March 3 (Reuters) – Mexico’s state oil monopoly Pemex improved
its exploration efforts in 2009, replacing more of its oil and gas production
than in previous years, according to preliminary estimates on Wednesday.

Pemex [PEMX.UL] said it discovered enough new proven oil and gas reserves
to replace 74.9 percent of its 2009 production, up from a replacement rate of
72 percent in 2008.

Mar 1, 2010

Losses wipe out equity of Mexico’s Pemex

MEXICO CITY, March 1 (Reuters) – The equity in Mexico’s
state oil monopoly Pemex was wiped out in the final quarter of
2009 as losses on refined product sales, lower crude output and
high taxes offset higher crude prices.

Pemex [PEMX.UL] said on Monday it lost 16.6 billion pesos
($1.3 billion) in the fourth quarter of 2009, pushing the full
year loss up to 46.1 billion pesos.

Feb 18, 2010

Mexico oil port plan may help Maya quality, output

MEXICO CITY, Feb 18 (Reuters) – Mexico’s state oil company
Pemex is mulling a $377 million upgrade of crude oil treatment
facilities to fix quality problems in its main export blend,
people familiar with the plan said on Thursday.

The project, which has not yet been released for tender,
envisions the construction of new equipment at the Dos Bocas
oil terminal that would cut the water and salt content in Maya
crude oil, said one of the people who had seen a Pemex
[PEMX.UL] presentation on the project.

Feb 8, 2010

Arias protege favorite as Costa Rica polls close

SAN JOSE, Costa Rica (Reuters) – Costa Ricans voted on Sunday in an election that could see Laura Chinchilla, a protege of Nobel peace laureate President Oscar Arias, become the nation’s first female leader.

Chinchilla, who would follow Arias’ policies in the stable Central American nation, expanding free-trade accords and courting foreign investment, led polls before the vote. But a spurt by upstart conservative Otto Guevara could cut her lead short of the 40 percent she needs to avoid a runoff.

Jan 28, 2010

Conoco aims for global oil trading role with revamp

HOUSTON, Jan 28 (Reuters) – U.S. oil major ConocoPhillips
Co <COP.N> wants to grab a bigger chunk of global oil trading,
including markets where it has not normally been active, three
people familiar with the firm’s plans said this week.

The move marks a departure from ConocoPhillips conservative
approach to trading. The company, in its 2008 annual report
filed with U.S. securities regulators, described its trading
business as “limited” and said it was “immaterial” to the
company’s earnings or cash flow according to regulatory

Jan 28, 2010

Conoco oil trading reshuffle aims at global role

HOUSTON, Jan 28 (Reuters) – U.S. oil major ConocoPhillips
Co <COP.N> wants to grab a bigger chunk of global oil trading,
including markets where it has not normally been active, three
people familiar with the firm’s plans said this week.

The planned expansion of its worldwide trading activities
was a major part of the motivation of the recently disclosed
reshuffling of its trading arm, which saw the bulk of the
company’s risk-taking trading centralized in London.

Jan 27, 2010

Shell’s Perdido oil field may start by Feb. -U.S.

HOUSTON, Jan 27 (Reuters) – Royal Dutch Shell Plc’s
<RDSa.L> Perdido oil and gas project in the Gulf of Mexico will
start up soon, perhaps as early as the end of January, the U.S.
Minerals Management Service said on Wednesday.

The government agency, which oversees oil and gas
production in U.S. federal waters, did not say how much it
expected the project to produce initially. The Perdido platform
is capable of producing 100,000 barrels per day of oil and 200
million cubic feet per day of natural gas.

Jan 22, 2010

Mexico crude output slide slows in 2009

MEXICO CITY, Jan 22 (Reuters) – Mexican oil production fell
for the fifth year in a row last year but the pace of the slide
slowed and output rose in December from November, according to
data released by state oil monopoly Pemex on Friday.

Mexico pumped 2.601 million barrels of oil per day in 2009,
the lowest annual rate of production since 1990, as yields at
the giant Cantarell field continued to decline and output at
Pemex’s flagship Chicontepec project failed to increase.

Dec 15, 2009

Mexico’s Calderon seeks broad electoral reform

MEXICO CITY (Reuters) – Mexican President Felipe Calderon proposed a package of electoral reforms on Tuesday that would allow most politicians to seek fresh terms and institute a second round of voting in presidential elections.

The proposal, which overturns a decades-old constitutional prohibition on politicians seeking re-election, is designed to tackle Mexicans’ disillusionment with their political system, Calderon said.

Nov 26, 2009

World can reach climate pact by end 2010: Mexico

MEXICO CITY (Reuters) – Global climate change talks in Copenhagen next month should yield a concrete base that will allow for a definitive treaty to be agreed within a year, Mexico’s top climate change diplomat said on Wednesday.

Acknowledging that world leaders will not be able to draw up a new global treaty to replace the Kyoto Protocol at a December 7-18 summit in the Danish capital, Luis Alfonso de Alba said he was optimistic the meeting would yield a major results including an accord to cap rising temperatures and set billions of dollars to help poor countries.