• 4 minute Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 8 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 15 minutes Oil and Trade War
  • 2 hours Could oil demand collapse rapidly? Yup, sure could.
  • 13 hours Are EVs Safer Than Combustion Engine Vehicles?
  • 9 hours What If Canada Had Wind and Not Oilsands?
  • 4 hours U.S. Withdraws From U.N. Human Rights Council
  • 2 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 3 hours Gazprom Exports to EU Hit Record
  • 2 hours EVs Could Help Coal Demand
  • 15 hours Sell out now or hold on?
  • 16 hours Nopec Sherman act legislation
  • 11 hours WE Solutions plans to print cars
  • 15 hours Migrants: Italy Wants EU Border Agency In Africa, Not At Sea
  • 10 hours Oil and Trade War
  • 4 hours Lloyd's of London excludes coal
  • 11 hours Australia mulls LNG import
  • 11 hours Russia, Saudi Push For Big Hike In Oil Output Despite Iran Opposition
  • 11 hours Oil prices going down
Alt Text

OPEC Confident Global Oil Demand Will Stay Strong

The OPEC technical panel has…

Alt Text

Goldman: OPEC Must Raise Production

Investment bank Goldman Sachs remains…

Alt Text

Europe Is Awash With Oil Stored On Ships

Bullish sentiment in markets makes…

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