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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IANS

Source: IANS

 
Update
10

6 weeks ago

Mexican mayor, wife detained in case of 43 missing

Nov 4 2014 2:00pm CST | Source: Wicked Local - Eastham

The hunt for a fugitive ex-mayor and his wife accused of running their Mexican town as a narco-fiefdom and ordering an attack that killed six people and left 43 college students missing ended Tuesday in a rough-and-tumble neighborhood of M ...
Source: Wicked Local - Eastham   Full article at: Wicked Local - Eastham
 

 
Update
9

6 weeks ago

Mexican mayor, wife detained in case of 43 missing

Nov 4 2014 2:00pm CST | Source: Wicked Local - Falmouth

The hunt for a fugitive ex-mayor and his wife accused of running their Mexican town as a narco-fiefdom and ordering an attack that killed six people and left 43 college students missing ended Tuesday in a rough-and-tumble neighborhood of Mexico City ...
Source: Wicked Local - Falmouth   Full article at: Wicked Local - Falmouth
 

 
Update
8

6 weeks ago

Mexican mayor, wife detained in case of 43 missing

Nov 4 2014 2:00pm CST | Source: Wicked Local - Brewster

The hunt for a fugitive ex-mayor and his wife accused of running their Mexican town as a narco-fiefdom and ordering an attack that killed six people and left 43 college students missing ended Tuesday in a rough-and-tumble neighborhood of Mexico City where they were h ...
Source: Wicked Local - Brewster   Full article at: Wicked Local - Brewster
 

 
Update
7

6 weeks ago

Mexico catches mayor blamed for students' disappearance

Nov 4 2014 7:09am CST | Source: Business Insider

Mexico City (AFP) - Mexican police detained Tuesday a fugitive ex-mayor and his wife accused of ordering a police attack that left six people dead and 43 college students missing.Jose Luis Abarca, the former mayor of the city of Iguala, and Maria de los Angeles Pineda "were detained by federal police in Mexico City," the spokesman said."There was no violence in the operation," the spokesman said, adding that the couple was taken ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
6

6 weeks ago

Mexico's 43 Missing Students: Iguala Mayor Jose Luis Abarca 'Arrested in Mexico City'

Nov 4 2014 5:35am CST | Source: IBTimes UK

BREAKING - 'Mastermind' behind students' disappearance arrested in Mexico City, accordin ...
Source: IBTimes UK   Full article at: IBTimes UK
 

 
Update
5

6 weeks ago

Mexico general fighting drug cartels shot dead

Nov 3 2014 10:55pm CST | Source: Business Insider

Mexico City (AFP) - Mexican authorities have  confirmed that a general tasked with taming violence in Mexico's drug cartel-plagued northern border with the United States was shot dead with his wife.The Tamaulipas state security task force said in a statement that gunmen killed General Ricardo Cesar Nino Villareal and his wife as the couple drove in the neighboring state of Nuevo Leon on Saturday. Join the conve ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
4

6 weeks ago

Chinese firm submits only bid on Mexican project for inter-city rail line, wins contract

Nov 3 2014 3:44pm CST | Source: Canadian Business Online

MEXICO CITY – A consortium headed by China Railway Construction Corp. Ltd. has won the contract to build a high-speed inter-city rail line in central Mexico after submitting the only bid on the project. Another Chinese firm, CSR Corporation Limited, and the Mexican companies GIA, GHP, Prodemex and Teya are included in the consortium. Mexico’s Communications and Transport Department announced the awarding of the contract Monday. The rail line will connect Mexico City with the north-central indu ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
3

6 weeks ago

Southwest Airlines now flying from SAT to MEX

Nov 3 2014 8:27am CST | Source: San Antonio Business Journal

Southwest Airlines celebrated its first direct flight from San Antonio to Mexico City this past weekend. The route, which was previously operated by AirTran Airways, will depart once daily from San Antonio International Airport (SAT) at 11:45 a.m. and maintain one arrival at 6:15 p.m. daily from Mexico City similar to AirTran's schedule. Southwest Airlines inherited the new international route with the completi ...
Source: San Antonio Business Journal   Full article at: San Antonio Business Journal
 

 
Update
2

7 weeks ago

Mexico Supreme Court: Referendum on energy reform unconstitutional; vote was sought by left

Oct 30 2014 3:25pm CDT | Source: Canadian Business Online

MEXICO CITY – Mexico’s Supreme Court has rejected a bid to hold a national referendum on a major energy overhaul that opened the sector to widespread private investment for the first time in decades. The court ruled Thursday that referendum petitions filed by two leftist parties are unconstitutional because matters of state revenue cannot be subjected to popular vote. Energy reform’s passage in August has been President Enrique Pena Nieto’s biggest political victory since taki ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
1

7 weeks ago

Mexico archaeologists reach end of Teotihuacan tunnel sealed 2,000 years ago, find offering and three chambers beyond

Oct 30 2014 11:40am CDT | Source: National Post

MEXICO CITY – A yearslong exploration of a tunnel sealed almost 2,000 years ago at the ancient city of Teotihuacan yielded thousands of relics and the discovery of three chambers that could hold more important finds, Mexican archaeologists said Wednesday. Project leader Sergio Gomez said researchers recently reached the end of the 103-meter tunnel after meticulously working their way down its length, collecting relics from seeds to pottery to ...
Source: National Post   Full article at: National Post
 

 
 

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