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Page added on November 25, 2012

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Pemex announces light crude oil discovery in southern Mexico

Geology

Mexico’s state oil monopoly Pemex said on Sunday it had made a new discovery of light crude oil in an onshore well in Southern Mexico.

The oil was found at a depth of 6 kilometers in the “Navegante 1” well in the state of Tabasco. Pemex estimates the reserve contains up to 500 million barrels.

Reuters



13 Comments on "Pemex announces light crude oil discovery in southern Mexico"

  1. Others on Sun, 25th Nov 2012 8:20 pm 

    6 km = 6,000 meters below.
    What’s the EROEI.

  2. Rick on Sun, 25th Nov 2012 10:29 pm 

    6 kilometers = 3.72822715 miles

    Sounds like more pie in the sky to me.

  3. actioncjackson on Sun, 25th Nov 2012 11:00 pm 

    That would last 5.6 days of world consumption.

  4. Kenjamkov on Mon, 26th Nov 2012 12:41 am 

    oil over $80 means all old discoveries are now new

  5. KingM on Mon, 26th Nov 2012 2:39 am 

    “That would last 5.6 days of world consumption.”

    Or 50 billion dollars. Put that way it doesn’t seem so trivial.

  6. BillT on Mon, 26th Nov 2012 2:56 am 

    Desperate for any positive news. Soon they will be announcing a ‘find’ of 3 barrels of light Texas crude stored in some farmer’s barn. As mentioned above, EROEI? 5:1? Less? And 50 billion dollars is not much when Benny is printing $85 billion PER MONTH to pay the bills.

  7. lump on Mon, 26th Nov 2012 4:11 am 

    Unless I’m mistaken isn’t that 588 days of world consumption ..and it will sell even at $100 dollars a barrel ..the addition is strong ..and people are greedy

  8. BillT on Mon, 26th Nov 2012 11:12 am 

    500 million barrels = 50 days imports for the US.

  9. MrEnergyCzar on Mon, 26th Nov 2012 6:35 pm 

    What’s the latest on Canterell?

    2005 2mb/day

    2010 .5 mb/day

    2012?

  10. econ101 on Mon, 26th Nov 2012 10:33 pm 

    Its another 500,000 million, and sure to be much much more, in the worlds burgeoning oil reserves.

  11. Mike on Mon, 26th Nov 2012 11:10 pm 

    Actually the liquids yield in any reservoir deeper than 19,000 feet is minimal; I suspect this reported discovery is actually gas and “oil equivalents” was somehow lost in the translation. Mexico imports most of its gas from the US, this is a good thing for them.

    There is no much, much more. In Mexico or anywhere else. Cantrell, as the man says, was one of the biggest super giant fields ever; its now reduced to a water making mama.

    We have been hammering away at the unconventional shale oil plays in the US for 8 years now, to the tune of nearly 8000 wells, and all we have to show for it is a million extra barrels per day of oil production. We have lost about that much to decline from the North Slope the past 8 years. To a country that consumes 8 billion barrels of oil each year, shale oil is a dribble in a big empty can.

    We are in a pickle, America. Happy motoring!!

  12. Bor on Tue, 27th Nov 2012 12:07 am 

    About 26 day of the US consumption.

  13. actioncjackson on Tue, 27th Nov 2012 1:28 am 

    500,000,000/90,000,000 = 5.56 ~ 5.6

    5.6 days of global consumption at 90 mbpd.

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