• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 27 mins Tidal Power Closer to Commercialisation
  • 3 hours Why U.S. Growers Are Betting The Farm On Soybeans Amid China Trade War
  • 3 hours US-backed coup in Venezuela not so smooth
  • 2 hours Read: OPEC THREATENED TO KILL US SHALE
  • 1 day BATTLE ROYALE: Law of "Supply and Demand". vs. OPEC/Saudi Oil Cartel
  • 10 hours Fisker Announces 'Mass Market' Electric SUV
  • 3 hours Solar to Become World's Largest Power Source by 2050
  • 2 days Sounds Familiar: Netanyahu Tells Arab Citizens They’re Not Real Israelis
  • 2 days THE DEATH OF FOSSIL FUEL MARKETS
  • 1 day Biomass, Ethanol No Longer Green
  • 2 days Can OPEC CUT PRODUCTION FOREVER?
  • 2 days Boeing Faces Safety Questions After Second 737 Crash In Five Months

Mexico’s Pemex to Drill for Oil in Deep Waters of Gulf of Mexico

Mexico’s state owned Petroleos Mexicanos, also known as Pemex, intends to explore deep waters exploration in the Gulf of Mexico
 
In February 2012 Petroleos Mexicanos will begin drilling three exploratory wells on its maritime borders with the United States, in the Perdido Fold Belt in the deepwater Gulf of Mexico offshore sites.
 
Petroleos Mexicanos Pemex Exploracion y Produccion director Carlos Morales Gil said that any crude oil found on the Mexican side of the 12 square mile site "will be negotiated with under treaty terms on transboundary reservoirs with the U.S. to regulate the exploitation of the resources,” Mexico City’s el Universal newspaper reported.
 
Petroleos Mexicanos estimates that the Bicentennial and Pegasus West sites could contain up to a potential 3 billion barrels of oil, equivalent to 21 percent of Petroleos Mexicanos’ current proven oil reserves.
 
Morales Gil said that beyond the drilling of the exploratory wells, the work on the delimitation of the deposits will require an initial investment of $1 billion dollars and should the existence of reserves be confirmed, to exploit the site over the next five years will require up to $10 billion.

By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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