Financial Times - Mexico is likely to earn $8 billion from financial contracts it purchased last year to insure against weaker energy demand and lower oil prices this year. Finance Minister Agustín Carstens hedged all Mexico’s oil exports for 2009 at a cost of $1.5 billion.
Reforma - The International Energy Agency (IEA) warns that the investment Mexico is making in its new Bicentennial refinery is excessive. "It is questionable to choose to invest between $9 and $12 billion when there is excess refining capacity in the United States that can be purchased at a lower cost."
Bloomberg - Mexico is “evaluating” its $11.1 billion onshore Chicontepec oil project after production failed to meet targets, Energy Minister Georgina Kessel said. Mexico is counting on Chicontepec to help offset output declines at fields such as Cantarell.
Sentido Comun - Demar installers and builders won the bid for a Petroleos Mexicanos contract for $101.2 million for the construction and installation of infrastructure for the supply of electricity by undersea cable to the offshore Ku-Maloob Zaap reservoir in Campeche Sound.
Bloomberg - BP’s “giant” oil discovery beneath the Gulf of Mexico shows the lengths producers are having to go to replace dwindling reserves because many of the world’s largest fields remain off-limits.
Sentido Comun - British Petroleum, the second largest European oil company, announced the discovery of a large oil field in the Tiber region in U.S. waters of the Gulf of Mexico. The finding could contain 3 billion barrels of oil.
Bloomberg - President Felipe Calderon might name the president of Telefonica’s Mexican unit to replace the current chief executive officer at state-owned Petroleos Mexicanos. Francisco Gil, a former finance minister, would replace Jesus Reyes Heroles.
El Economista - Mexico's export crude finished the day on Tuesday at $64.30 per barrel, $4.28 dollars lower compared to its close on Monday, reported Petroleos Mexicanos (Pemex).
Reuters - A paper drafted by the United States and Mexico urges Group of 20 nations meeting this month to support giving developing countries more money for cutting carbon emissions to fight climate change.
Reuters - Pemex said on Monday it had awarded a $461 million contract for a cogeneration plant to Spain's Abengoa and Abener, the first such project for the Mexican monopoly. The new plant in southern Mexico will generate 300 megawatts of electricity and 800 tons per hour of steam.