360° Coverage : $900 bn needed to develop deep-water reserves: Mexican firm

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$900 bn needed to develop deep-water reserves: Mexican firm
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$900 bn needed to develop deep-water reserves: Mexican firm

Jul 31 2013, 2:44am CDT | by IANS

Mexico City, July 31 (IANS/EFE) Mexican state oil monopoly Petroleos Mexicanos said some $900 billion must be invested to develop its deep-water oil reserves in the Gulf of Mexico, estimated at 27 billion barrels.

Mexico City, July 31 (IANS/EFE) Mexican state oil monopoly Petroleos Mexicanos said some $900 billion must be invested to develop its deep-water oil reserves in the Gulf of Mexico, estimated at 27...

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1 year ago

$900 bn needed to develop deep-water reserves: Mexican firm

Jul 31 2013, 2:44am CDT | by IANS

Mexico City, July 31 (IANS/EFE) Mexican state oil monopoly Petroleos Mexicanos said some $900 billion must be invested to develop its deep-water oil reserves in the Gulf of Mexico, estimated at 27 billion barrels.

Mexico City, July 31 (IANS/EFE) Mexican state oil monopoly Petroleos Mexicanos said some $900 billion must be invested to develop its deep-water oil reserves in the Gulf of Mexico, estimated at 27 billion barrels.

The head of Pemex's exploration and production unit, Carlos Morales, gave that figure in an interview published Monday by the Milenio daily, noting that the company only invests "$15 billion annually" in deep-water wells.

At that rate and without enlisting partners to share the investment cost and contribute specialized personnel and the necessary technology, the process of developing the Gulf of Mexico fields "will take 60 years", the chief of Pemex Exploracion y Produccion said.

The executive acknowledged that "discovering crude (in deep water) and going after it has posed a challenge, firstly in training people, hiring the necessary equipment and later carrying out the well drilling, as well as managing the development project".

However, he said Mexico needed to define Pemex's development model as soon as possible because that will enable the company to determine its investment outlay and exploration strategies, the paper said.

The government plans to present an energy-overhaul plan in August or September aimed at defining Pemex's future and bolstering that sector.

President Enrique Peña Nieto's administration has said only that the overhaul will be far-reaching, emerge out of political consensus and seek to modernize the state-owned company with private-sector participation.

In addition to partnerships with other companies, Morales said it was important that Pemex manage its budget autonomously and have a corporate governance model that makes it more agile in its decision-making, the paper reported.

Pemex, the world's fifth-leading oil producer, has a monopoly on the production of hydrocarbons and refined products in Mexico.

Though production has recently stabilized and the country said last year it had achieved a reserve-replacement ratio of 100 percent, Mexico's output has suffered from the natural decline of the once-super giant Cantarell shallow offshore field and a lack of sufficient investment.

In addition to exploring deep-water areas in the Gulf of Mexico, Pemex also is looking to boost energy production by assessing its non-conventional reserves.

--IANS/EFE

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Source: IANS

 
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4 days ago

Mexico's Pemex aims to start importing light crude this year

Aug 28 2014 6:03am CDT | Source: Reuters India

MEXICO CITY (Reuters) - Mexican state-owned oil company Pemex wants to launch light crude oil imports later this year, potentially reaching up to 70,000 barrels per day (bpd) and aimed at boosting refinery output, the head of its commercial ...
Source: Reuters India   Full article at: Reuters India
 

 
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1 week ago

Wild Hong Kong Concept Tower Would Have Its Own Fish Farms And Rice Paddies

Aug 20 2014 2:15pm CDT | Source: Business Insider

In a bold attempt to create a building that contains practically everything humans could need to survive, architects at Studio Cachoua Torres Camilletti designed a multi-multi-purpose skyscraper for Hong Kong. Called "Rice Terraces," the design is an effort to meld agricultural space and big cities. It features two uniquely shaped towers connected by braces, trusses and bridges. The larger tower on the right would be for commercial use, with spa ...
Source: Business Insider   Full article at: Business Insider
 

 
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9

1 week ago

Berry goes to Mexico for ribbon cutting

Aug 20 2014 7:40am CDT | Source: New Mexico Business Weekly

Mayor Richard J. Berry and University of New Mexico President Robert G. Frank were in Mexico City Tuesday for a ribbon cutting ceremony for the New Mexico Trade and Higher Education Center. “New Mexico is serious about expanding commercial, educational and cultural ties with Mexico,” Berry said in a statement released by his office. “This collaborative investment in Mexico City makes our intentions very clear.” Berry and Frank were joined by U.S. Ambassador to Mexico Anthony Wayne, Mexican… ...
Source: New Mexico Business Weekly   Full article at: New Mexico Business Weekly
 

 
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8

1 week ago

Mexico environment official says mining company lied about chemical spill into rivers

Aug 19 2014 4:48pm CDT | Source: Canadian Business Online

MEXICO CITY – Mexico’s top environmental official says a mining company lied about a spill of millions of gallons of acids and heavy metals. Environment Secretary Juan Jose Guerra Abud says the mine falsely claimed the spill was caused by unusually heavy rain. Officials say a construction defect at a holding pond allowed mining waste to flow into two rivers and a dam downstream. Guerra Abud says the Buenavista copp ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
7

1 week ago

Buck has more bang in New Mexico, study finds

Aug 19 2014 10:06am CDT | Source: New Mexico Business Weekly

In New Mexico, $100 goes farther than in many other states, according to a new study by the Washington D.C.-based Tax Foundation. The real value of $100 in New Mexico is $105.49, meaning that’s what $100 would buy in the state as opposed to states where prices for goods and services are higher, according to the study. The lowest-priced state is Mississippi, where $100 will buy $115.74 worth of goods and services; Hawaii is the highest-priced ...
Source: New Mexico Business Weekly   Full article at: New Mexico Business Weekly
 

 
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5

2 weeks ago

Mexico environmental prosecutors file complaint against copper mine that spilled acids

Aug 18 2014 8:23pm CDT | Source: Canadian Business Online

MEXICO CITY – Environmental authorities filed a criminal complaint Monday against a copper mine that spilled 10 million gallons (40,000 cubic meters) of acids into two rivers that supply water to tens of thousands of people in northern Mexico. The Attorney General for Environmental Protection said in a statement that it filed the complaint against the Buena Vista del Cobre mining company, which runs the Grupo Mexico ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
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4

2 weeks ago

Mexico plans to put $4.9 billion in electricity projects, natural gas pipelines up for bid

Aug 18 2014 3:56pm CDT | Source: Canadian Business Online

MEXICO CITY – Mexico says it expects to put out for bid $4.9 billion in electrical generation and natural gas pipeline projects as part of the opening of the nation’s state-run energy sector. The Federal Electricity Commission wants to build several power plants, but didn’t set a date for the opening of bidding. Commission director Enrique Ochoa said Monday the bidding will be open to private and foreign firms. The government wants to build more natural gas-f ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
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2 weeks ago

EYVoice: Mexico And Brazil: Bright Spots For RGM Progress

Aug 14 2014 2:40pm CDT | Source: Forbes Real Time

Of the five rapid growth markets (RGMs) situated in the Americas — Argentina, Brazil, Chile, Colombia and Mexico — I’d like to focus on how Brazil and Mexico in particular are asserting green busi ...
Source: Forbes Real Time   Full article at: Forbes Real Time
 

 
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2

2 weeks ago

Why Millennials Should Try Their Luck In Mexico

Aug 14 2014 1:29pm CDT | Source: SeekingAlpha

By Larry Fink: A couple of weeks ago, I visited Mexico City—one of my favorite cities in the world. It’s a remarkable place, not least because of the food, the museums, and the culture, but also because of the incredible economic changes taking place in Mexico right now—both in the capital and all around the country. Every time I visit, I think the same thing: if I were starting my career, especially if I lived ...
Source: SeekingAlpha   Full article at: SeekingAlpha
 

 
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1

2 weeks ago

Mexico: state oil firm to get 83 pct of proven, probable reserves

Aug 13 2014 1:43pm CDT | Source: Canadian Business Online

MEXICO CITY – Mexico’s state-owned oil company will retain rights to exploit 83 per cent of the country’s proven and probable reserves, but could form alliances with private firms in some of those fields. Petroleos Mexicanos will only get dibs on 21 per cent of the country’s possible reserves, less than it asked for. In subsequent rounds of bidding, private firms will vie for rights to explore the 79 per cent of remaining fields where reserves are suspected. Mexico enacted new rules this week ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 

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