Energy Archive

On Oct. 11, Iranian Oil Minister Massoud Mir Kazemi announced a reassessment of the country’s oil reserves, increasing them by 9 percent to 150.31 billion barrels, from the previous official figure of 138 billion barrels. The announcement closely followed a similar move by Iraq, which had a week earlier raised its proven reserves by one-quarter — to 143 billion barrels — allowing Iraq to temporarily overtake Iran as the world’s third-largest oil-reserve holder. The back-to-back announcements do not signal the discovery of new oil in the Middle East, however. As Iranian and Iraqi subsoil resources have been extensively surveyed over […]

Although Dilma Rousseff failed to secure an absolute majority in the first round of Brazil’s presidential election, she seems certain to beat her rival Jose Serra in the run-off voting on Oct. 31 to become Brazil’s first female president. As current President Luiz Inacio Lula da Silva’s hand-picked successor, Rousseff represents policy continuity, and her likely victory shows the degree to which Brazilians are happy with the track their country is on. Yet one disturbing issue has been largely overlooked by both domestic and international commentators during the election campaign: Since 2004, Brazil has refused to grant inspectors from the […]

On Oct. 20, Iraq will embark on the next phase of development of its hydrocarbon sector by auctioning rights to three natural gas fields to private investors. For Baghdad, the success of this bid round, the third in the last two years, will go some way toward determining its ability to address Iraqi citizens’ concerns over power shortages. For outsiders, including many in European capitals and Washington, the comprehensive development of the Iraqi gas sector offers hope that in the medium term, Iraqi gas could begin to compete directly with Russian gas in the European market. The fields on offer […]

The ebullient celebration in Brazil over Petrobras’ historic $70 billion share-issue last month was bitterly received in Mexico City, where the state-owned oil company Pemex is mired in debt, inefficiency and ongoing political wrangling. With little having changed since Mexican President Felipe Calderón sought to reform the country’s energy sector two years ago, the contrast between Petrobras’ successes and Pemex’s failures has reignited discussion of Pemex’s future and renewed the public’s interest in the beleaguered Mexican oil giant. Once Latin America’s largest company, Pemex has persistently lost profits and market share to other state-led oil companies, including PetroChina, Russia’s Lukoil, […]

In his 1996 classic, “The Clash of Civilizations,” Samuel Huntington characterized Mexico as a “torn country” — a condition produced by the Westernizing instincts of its elites pulling against the weight of its cultural heritage. Today, however, Mexico is not torn by internal discord, its drug violence notwithstanding. Rather, it is trapped — caught between dynamic global trends washing over Latin America on one hand, and the dogged political realities of North America on the other. In heralding the end of trade barriers between Mexico, the United States and Canada, the North American Free Trade Agreement (NAFTA) cast modern Mexico’s […]

Reports last week suggested that China is considering investing in a large, 1,000-megawatt reactor in Pakistan, in addition to the two small reactors recently agreed upon by the two countries. If validated, the reports indicate that Chinese policymakers have given the go-ahead to a nuclear development plan prioritizing early export of indigenous large reactors, while simultaneously underlining Beijing’s willingness and ability to pursue a policy of nuclear exceptionalism in the subcontinent. The backstory on the reported deal dates back to 2004, when the smaller State Nuclear Power Technology Corporation (SNPTC) won a momentous decision from Chinese planners to proceed with […]