Oil Industry Headlines: Week of December 21
In a statement released by Nigeria’s most influential militia, the Emancipation of the Niger Delta (MEND), operations used to sabatoge regional oil company operations will be briefly suspended. In a statement released to reporters, MEND said that  “Effective 12 midnight, December 25,2007, the Movement for the Emancipation of Niger Delta will observe a 24 hour ceasefire in the spirit of Christmas. Cessation of hostilities and kidnapping of expatriates can be guaranteed during this time frame.”
The Mexican Union of Electricians (SME) threatened this week to go on strike if PEMEX opens its doors to privatization. Revenues generated by PEMEX in past years have been largely dedicated to the federal budget, leaving little left for reinvestment in oil exploration and production. The resulting production declines have caused considerable debates about what is best for the future of PEMEX. Many support an infusion of investment from the private sector, but there is strong opposition. Mexico currently has a consitutional ban on privatization that would give foreign countries control of Mexico’s most significant asset.
Published Friday, December 21st, 2007 at 7:03 pm and filed under Industry News.