Tag Archives: oil

Oil firms in Nigeria cut output

Industrial action and attacks from militants have forced the two biggest oil companies in Nigeria to cut their production.

Exxon Mobil and Royal Dutch Shell are both reducing output, which is helping to keep oil prices near record highs. Militant groups in the Niger Delta have blown up a section of a Shell pipeline, in the fourth such attack in the last seven days. And workers at an Exxon Mobil plant began a strike over pay and conditions.

Just imagine that this very moment there are thousands of thousands of people in Nigeria who die helpless and starving!

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Filed under politics, terrorism

Mexico’s oil plans

Mexican President Felipe Calderon has called on the country’s Congress to approve an energy reform bill to overhaul state oil giant Pemex.

Mr. Calderon said the plan would give Pemex more freedom to manage its budget and contract out work, so boosting both oil production and exploration. Mexico’s known oil reserves are running out and production has been falling.

Mr. Calderon stressed the bill would not privatize Pemex, a national symbol that has been in state hands since 1938. “To strengthen Pemex is to strengthen Mexico,” President Calderon said. “We must act now, because time and oil is running out.” Oil revenues constitute some 40% of federal income, but production has been falling.

So for a country that has oil and thinking to expand plans why there are so many poor? Perhaps before they start making oil plans they should do something with corruption plans!

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Filed under economy