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Energy & Commodities

After a three hour meeting on Tuesday, a committee of five ministers in Michelle Bachelet’s cabinet has rejected the HidroAysén project–a hydroelectric plan to build five dams in two rivers in Patagonia that would have generated 2,750-megawatts of energy and increased power generation in Chile by 10 percent.

A weak tax regime and a lack of transparency could cost Colombians more money than mining and hydrocarbon projects generate.

Mexican President Enrique Peña Nieto proposed new rules yesterday aimed at increasing oil production and boosting the economy.

The lower house of Argentina’s congress agreed to pay Spanish oil company Repsol $5 billion in bonds in compensation for its expropriation of the company’s 51 percent share of Argentine oil company Yacimientos Petrolíferos Fiscales (Treasury Petroleum Fields—YPF).

This week's likely top stories: a deadly fire ravages Valparaíso, Chile; French Foreign Minister Laurent Fabius visits Cuba; Glencore sells Las Bambas mine to Chinese consortium; Venezuela investigates abuses during protests; a shipwreck spills fuel off the coast of Colombia.

With production rates continuing at their current level Colombia will run out of oil within 6.9 years unless new, major oil fields are found.

Monday marked the conclusion of “Round Zero,” a yardstick in a process initiated as part of the Mexican energy reforms.

The NALS summit has the potential to deepen hemispheric energy integration, if the three presidents can jointly take advantage of the windfall in regional energy.

Likely top stories this week: Self-defense forces take over in Apatzingan, Michoacán; currency controls threaten Venezuelan newspapers; stadium construction workers may go on strike in Manaus; Obama's pending decision on the Keystone Pipeline; nine people are killed in Petén, Guatemala.

If there is one issue that has pitted the Canadian government against a U.S. administration in recent years, it has been the Keystone Pipeline XL project. 

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