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Oil Tycoon Hamm Slams EIA’s Overoptimistic Shale Forecasts

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Shale billionaire and chief executive…

Massive Oil Find in Mexico's Deep Waters

Massive Oil Find in Mexico's Deep Waters

Mexico’s state-owned Pemex oil has announced a major oil discovery in the deep waters of the Gulf of Mexico that Mexican President Felipe Calderon is touting as promising one-third of the country’s entire crude oil production.

The deposit is located 180 kilometers east of Mexico’s northern state of Tamaulipas, and only about 40 kilometers from its maritime border with the US.

While Pemex insists that Trion will produce some 10,000 barrels of oil per day, and that the entire Perdido Ford Belt under Mexico’s control contains as much as 10 billion barrels of crude, there is the tendency to exaggerate for political reasons and these figures cannot be independently confirmed.

Calderon’s six-year presidential term ends in December, and the discovery is quite a gift to the incoming president Enrique Pena Nieto and the PRI party.

By. Joao Peixe of Oilprice.com



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  • Mobius007 on September 01 2012 said:
    "While Pemex insists that Trion will produce some 10,000 barrels of oil per day, and that the entire Perdido Ford Belt under Mexico’s control contains as much as 10 billion barrels of crude, there is the tendency to exaggerate for political reasons and these figures cannot be independently confirmed."

    Current global consumption: approximately 91 mb/day

    10 billion barrels is approximately 4 months of global supply, assuming that the 10 billion barrel estimate is in any way accurate.
  • Tom on August 31 2012 said:
    I remember about 20 yrs ago, Mx announced a gold discovery so big it would pay off their debt. They hired hundreds of geologists and contracted about 50 drills to develop the deposit. It turned out to be a bust, not even enough gold for a little mine.

    Saludos,
  • Ian on August 31 2012 said:
    Discoveryalarm - no you can't invest in Pemex - state owned monopoly. Very inefficiently run -if you could invest in it i wouldn't touch it with a barge pole.
  • Discoveryalarm.com on August 31 2012 said:
    Listen to Tom, good comment. But we these news releases are hopeless what ever way you interpret it. Trion is how big? Production potential of the discovery well or the whole area? Reserves? Perm/Poro? Its just news which doesn't help anyone interested in the area.

    Besides can you invest in Pemex?
  • tom baxter on August 31 2012 said:
    A nice little finding to be sure, 10,000 barrels a day. To put this in perspective though consider the Mexican Cantarell field which had it's production peak at 2.1 million barrels per day in 2003 and has been rapidly declining ever since.
    This new 10,000 bpd day field will theirfore produce at a rate of less than one half of one percent, or about 200 times less the amount Cantarell produced at. If they had found it 20 years ago they would have ignored it completely but today it equates to 1/3 of all Mexican production reserves. Amazing.
  • Alfred Cadstillo on August 30 2012 said:
    Mexico limits presidents to one term. The rival PRI
    has already won the presidency for the next 6 years.

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