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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: ChanceIs who wrote (98322)	3/28/2008 7:21:11 AM
From: elmatador	of 206266

it is known and notorious that Pemex's output is falling, so why don't we set up a third company between Pemex and Petrobras for new fields, why don't we make big investment in biodiesel in Mexico?" Lula said. He said Mexico treated Pemex, the oil sector monopoly, "as an untouchable goddess," while the company could not invest in technological development as the government was using too much of the company's funds. Lula said creating a third company should prevent talk in Mexico of attempts to privatize Pemex. Pemex is under pressure to speed up exploration of deepwater oil deposits where preliminary seismic tests indicate there could be some 30 billion barrels of oil. But the company says progress will be slow unless the law is changed to allow it to form partnerships with experienced foreign oil majors. Mexican lawmakers are debating a reform of the energy sector. The ruling conservatives want to lower barriers to private joint ventures in the state-run oil sector, but left-wingers strongly oppose the idea. Petrobras is a leading deepwater oil exploration and production company. reuters.com

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