Calderon Fires Head Of PEMEX - Urges New CEO To "Accelerate" Production - Upstream Online

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Mexican President Felipe Calderon has replaced Jesus Reyes Heroles as boss of state-owned oil monopoly Pemex as the country battles to boost output and its reserves cache. Calderon replaced Reyes Heroles with Juan Jose Suarez, a former banker and beer executive, according to a Reuters report.

Calderon urged Suarez to “accelerate the exploration and exploitation of new gas and crude reserves”. "His duty will be to do everything in his power for Mexico to retake the position it deserves," he said.

Suarez was previously vice president of finance at brewer Grupo Modelo and a senior executive at Citigroup's Mexican bank. Pemex is widely seen as a bloated bureaucracy and experts say it lacks funding and expertise needed to tap new reserves and turn around its falling production, Reuters reported.

But Mexico's constitution limits foreign investment in the energy industry and Mexicans are passionately against giving up any control of the industry.

EDIT

http://www.upstreamonline.com/live/article187533.ece

[GliderGuider]

1. "Pour encourager les autres"?

Voltaire was a pretty smart fella.

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2. I want to use my credit card to "retake the position I deserve" relative to my neighbors . . .

Rotsa Ruck with that particular goal . . .