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Economy & Business - August 2011 (ISSN 1741-7430)
OIL: Mexico allows private sector back into oil production
On 18 August Mexico’s state oil monopoly, Petróleos Mexicanos (Pemex), allowed a British oil services company, Petrofac Facilities Management, to take over two onshore oil fields and a Mexican company, Administradora de Proyectos en Campo to take over another This is the first time since 1938, when the Mexican oil industry was nationalised, that a foreign company has been allowed an incentivised contract to develop mature oilfields. The 25 year contract commits Petrofac to investing US$500m in developing two blocs. Petrofac will take a commission of US$5.01 for each barrel of oil it extracts from the fields.
- Counter-cyclical policies
- MEXICO: Slowing down
- BRAZIL: Different times, different policies
- ARGENTINA: Cristina looks set for re-election
- CHILE: Inflation to fall but growth to hold up
- PARAGUAY: More than OK
- URUGUAY: Still booming
- BOLIVIA: Ins and outs in the cement market
- COLOMBIA: Going steady
- ECUADOR: A bullish budget
- PERU: A good start
- VENEZUELA: Shedding some light on the Fonden
- COSTA RICA: Lowering rates
- CUBA: Government claims tourism picking up
- DOMINICAN REPUBLIC: Election temperature rises
- EL SALVADOR: Stumbling
- GUATEMALA: Tax collection up, but budget slashed
- HONDURAS: Problems ahead
- NICARAGUA: Coffee exports up
- PANAMA: Decent first half
- OIL: Mexico allows private sector back into oil production
- MINING: Mining companies agree new royalty system
- AGRIBUSINESS: Mozambique courts Brazilians
- VEHICLES: The contrast between Brazil and Mexico
- DEBT: Argentina imposes order on credit rating agencies