• 6 minutes Corporations Are Buying More Renewables Than Ever
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 23 minutes Starvation, horror in Venezuela
  • 21 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 1 day Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 19 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 20 hours Saudi Fund Wants to Take Tesla Private?
  • 1 day Mike Shellman's musings on "Cartoon of the Week"
  • 2 days Venezuela set to raise gasoline prices to international levels.
  • 2 days The Discount Airline Model Is Coming for Europe’s Railways
  • 1 day Pakistan: "Heart" Of Terrorism and Global Threat
  • 1 day Are Trump's steel tariffs working? Seems they are!
  • 2 days Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 2 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 13 hours Why hydrogen economics does not work
  • 12 hours China goes against US natural gas
Alt Text

Oil Demand Growth Starts To Weaken In Asia

Oil demand from Asia’s key…

Alt Text

Is This Europe’s Newest Oil & Gas Producer?

Portugal has a troubled oil…

Alt Text

What Happens Next To China’s Crude Imports?

Crude oil flows to Chinese…

Editorial Dept

Editorial Dept

More Info

Trending Discussions

A Change In Fortunes For Mexico’s Offshore Sector

Mexico has long been in the world’s top 10 in terms of oil production. For years, that was buttressed from the massive flows from one huge gusher: the Cantarell field. At one point Cantarell was one of the largest oil fields in the world, by some estimates second only to Saudi Arabia’s Ghawar.

Production originally started at Cantarell in 1979. But after several decades of producing well over 1 million barrels per day, Cantarell began to decline. Mexico’s state-owned oil firm Pemex undertook nitrogen injections to keep up pressure, and that worked for a while. The company managed to boost production in the early 2000s, with output hitting a peak in 2004 at 2.1 million barrels per day.

But since then, production from Cantarell – which has been the core of Mexico’s oil production – has gone into swift decline.


A Turnaround is Here

However, the Mexican government has gone to great lengths to repair its flagging oil sector and stop the hemorrhaging. The monumental energy reform package pushed through by President Enrique Peña Nieto, while controversial, could attract the international investment needed to turn things around.

And just as the first major auctions are set to kick off, a dramatic announcement was made that couldn’t have come at a better time.

Pemex announced on June 10 that it had succeeded in discovering a major new oil field in the shallow waters off Mexico’s…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News