This week, the Mexican Energy Secretariat is accepting bids in its first electricity market auction since the restructuring of the Mexican electricity sector in 2013. Winners will be awarded 15-year contracts for generation projects and 20-year clean energy licenses (CELs). They will be announced at the end of March 2016 (Spanish).
TransCanada now has a contract to add 283 kilometers (155 miles) to Mexico’s energy infrastructure with the Tuxpan – Tula pipeline (Spanish). Through Transportadora de Gas Natural de la Huasteca, TransCanada will be able to build the pipeline originating in Tuxpan (English) that will serve the central western part of Mexico.
The labor strike at Petrobras gained a layer of complexity today as a local union branch appeared to contradict (English) the more conciliatory move made by national union leadership in relation to Petrobras leadership. FUP leadership that oversees the Campos Basin (Portuguese) instructed members to leave the vessels where they work. This strike has been the worst for Petrobras in the past two decades, and the true measure of lost output is disputed.
Petrobras’ third quarter earnings report (English) was recently released and reflects the negative state of the business and political economic environment (English) in which it operates.
On Sunday, the 22nd of November, Argentine voters will choose (English) their next president. While most in the business community anticipate improvements in the political economic environment after the exit of current president, Cristina Fernández de Kirchner, the depth and scope (English) of its instability over the past decade make it difficult to make predictions. Several funds have decreased their stakes (English) in YPF, the state owned oil company, ahead of the elections.
Argentina’s Supreme Court (Spanish) ordered the release of details (Spanish) about a partnership (English) between Chevron and YPF for exploration of the Vaca Muerta shale project. Critics of the project indicate secret clauses in the agreement were a point of concern. YPF has indicated it will comply (Spanish) with the ruling.
Image of the Week
Can you name the famous peak featured this week?
This snow-capped beauty is the tallest mountain in Argentina (and a few other places, too). It reaches a majestic 6,961 meters (22,837 feet).