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Pemex makes Mexico’s biggest onshore oil find in 15 years

Geology

Mexico’s national oil company Pemex has made its biggest onshore oil discovery in 15 years with a find in the eastern state of Veracruz, President Enrique Pena Nieto said on Friday.

Tanker trucks of state-owned company Petroleos Mexicanos (PEMEX) are seen in Ciudad Juarez, Mexico October 4, 2017. REUTERS/Jose Luis Gonzalez

Pena Nieto said Pemex made the discovery by drilling its onshore Ixachi well, near the municipality of Cosamaloapan, and that the overall field is believed to hold some 350 million barrels of proven, probable and possible reserves.

Pena Nieto, who pushed through Congress a sweeping energy reform in 2013 that ended Pemex’ decades-long monopoly, made the announcement at the company’s Tula refinery.

He was flanked by his energy minister, Pemex’ chief executive and a range of other government and union officials. While crude export revenue once contributed as much as 40 percent of government revenue, that figure has dropped to under 20 percent as oil prices have slumped in recent years.

The announcement confirmed a Reuters story from earlier on Friday. The onshore field’s original volume in place is estimated at 1.5 billion barrels of oil equivalent.

The light oil field should begin producing by the end of 2018 or the beginning of 2019, Pemex CEO Jose Antonio Gonzalez Anaya said in a phone interview.

The area near the discovery is located where infrastructure already exists which should allow for quicker development, Pemex said in a statement following the announcement, adding that the find could double in size.

Gonzalez Anaya said the company has not decided whether it will develop the discovery by itself or with an equity partner, and he added that it is too soon to provide a production forecast or a spending plan for the field.

“We’re just now announcing the field’s discovery, and we still need to delimit it as well as establish a development plan,” said Gonzalez Anaya.

The discovery is similar in size to the field associated with the Zama well announced in July by Britain’s Premier Oil, along with partners, U.S.-based Talos Energy and Mexico’s Sierra Oil and Gas, the company said.

The energy reform championed by Pena Nieto was designed to reverse a decade-long crude production slump by attracting billions of dollars in investment via new foreign and private producers.

Mexico hit peak oil output in 2014 with about 3.4 million barrels per day (bpd).

Pemex, still responsible for nearly all of Mexico’s current crude production, expects to end 2018 with average output of 1.9 million bpd.

reuters



27 Comments on "Pemex makes Mexico’s biggest onshore oil find in 15 years"

  1. Wittmannn on Sun, 5th Nov 2017 8:48 am 

    Something is rotten in the state of Denmark.

    Is KMZ coming off a plateau?
    PEMEX suffered quarter of million bpd collapsed in last two months and no MSM
    covered the event…

    http://www.pemex.com/ri/Publicaciones/Indicadores%20Petroleros/eprohidro_esp.pdf

  2. Cloggie on Sun, 5th Nov 2017 9:47 am 

    Something is rotten in the state of Denmark.

    https://www.offshorewind.biz/wp-content/uploads/2017/11/european-grid-marks-highest-percentage-of-wind-ever.jpg

    No it isn’t.

  3. rockman on Sun, 5th Nov 2017 10:34 am 

    W – The field complex is apparently following PEMEX’s own forecast:

    “In recent years, production from Ku Maloob Zaap was at 850,000 bbl/day in 2014, and PEMEX expects to maintain this production until 2017. Following this, the inevitable decline is expected to take over due to natural gas depletion from the reservoir.

    {Pressure depletion drive is very easy to predict future production declines compared to other drive dynamics: essentially plots as a straight line}

    “In order to maintain production in the Ku Maloob Zaap field, PEMEX has adopted an operational philosophy based on the application of reservoir management best practices, establishing and using specific measurements and criteria to manage production limits as well as maintaining reservoir pressure through nitrogen injection. Maintaining production also requires drilling new wells, which has been hindered by the recent environment in the industry.”

    IOW KMZ suffers from the same declining reservoir drive Cantarell Field suffers from. That field had a huge nitrogen injection facility installed years ago: that plant produces more nitrogen then all the other plants in the world COMBINED. Thus a huge capex upgrade iscrequired which is made all the more difficult by low oil prices and the fact that PEMEX has pays more for imported refinery products then it receives from oil sales.

  4. rockman on Sun, 5th Nov 2017 10:50 am 

    Also a couple of statements make be a tad suspicious about the confidence in the field size:

    “Gonzalez Anaya said the company has not decided whether it will develop the discovery by itself or with an equity partner…”

    If the discover proved the field was 1/10 the size of the numbers being tossed out PEMEX wouldn’t need an “equity partner”: every banker would be standing in line to loan them the capex. Also from PEMEX:

    “We’re just now announcing the field’s discovery, and we still need to delimit it as well as establish a development plan,” said Gonzalez Anaya.”

    If they haven’t denominated it yet with confirmation drilling then how confident is the reserve estimate? No US pubco could make such statements without the govt’s SEC fining the sh*t out of them. LOL.

  5. Go Speed Racer on Mon, 6th Nov 2017 10:47 pm 

    Should be enough for a couple of
    18-wheeler fill-ups, and enough to
    fill up the burrito fryers at a half
    a dozen Taco Bell’s.

  6. GregT on Mon, 6th Nov 2017 10:52 pm 

    Once the confidence game is lost for the USD, the rest of NA will join Mexico.

  7. Apneaman on Mon, 6th Nov 2017 11:14 pm 

    Hurry, hurry. Suck that black cancer juice up before it’s too late. Since it’s in Mexico, I know just the man to call when in a hurry.

    https://www.youtube.com/watch?v=RvhRMwqzymI

  8. makati1 on Mon, 6th Nov 2017 11:34 pm 

    Good observation, Greg. I suspect that will be the result.

  9. Davy on Tue, 7th Nov 2017 2:46 am 

    “Once the confidence game is lost for the USD, the rest of the “world” will join Mexico.”

    There fixed that.

  10. Cloggie on Tue, 7th Nov 2017 3:03 am 

    Good observation, Greg. I suspect that will be the result.

    Some silver-haired anchor man on a US MSM claimed recently: dollar reserve currency status exit means 35-40% loss US GDP.

    https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_capita

    Currently 57k/capita

    Minus 35-40% would result in 34k-37k.

    35k would mean: Czech Republic, Israel, Spain, that league.

    Olé!
    Caramba!

    Mexico is 19k. It is not going to be that bad. Or perhaps it will, since US income distribution is extremely unequal.

  11. Davy on Tue, 7th Nov 2017 3:13 am 

    “Some silver-haired anchor man on a US MSM claimed recently: dollar reserve currency status exit means 35-40% loss US GDP.”
    It will be just as bad or worse for the rest of the world. You forget the disruption to trade levels that any instability in the FX complex causes. It is well known currencies are a zero sum gain eventually. China just issued some dollar debt to support its corporate bond sector that is in the hurts and it was eagerly bought up in Asia. Keep dreaming of your binary one way vacuum death of the dollar. I keep showing a general decline in the global economy affecting all currencies. No one is on top but the dollar is in decline. You guys can peddle your snake oil propaganda but you just look uninformed.

  12. makati1 on Tue, 7th Nov 2017 3:26 am 

    Cloggie, with the one-two punch coming to America of a crashing stock market AND the loss of reserve currency status, they may be lucky if the are not in Philippine levels. Or about $3,500.per capita. LOL

  13. Davy on Tue, 7th Nov 2017 3:41 am 

    The Philippines will be in a state of famine mad kat when the global system fails making a loss of reserve currency status chicken feed. The EU will be no more. The Euro is about all that keeps it together. Lol. Blowback is a bitch for the anti-Americans

  14. Cloggie on Tue, 7th Nov 2017 4:40 am 

    The EU will be no more. The Euro is about all that keeps it together.Lol. Blowback is a bitch for the anti-Americans

    Really? Now that we got rid of Trojan Horse Britain on the cheap, we Europeans are among ourselves again and love it:

    http://www.pewglobal.org/2017/06/15/post-brexit-europeans-more-favorable-toward-eu/

    European army is next.

    If Europeans together can form a stable country aka the United states, they also can form a stable union of segregated states aka the EU.

    The reason why the US will fall apart eventually is because of mass immigration from the third world, not because of people of German, British, Italian or Irish descent going at each others throat.

    EU likewise.

    And as long as the (((deep state))) in the US is not removed from power/destroyed, it will continue to promote mass immigration from the third world until the whites are rammed into minority status.

    http://tinyurl.com/yaxtf9ks

    What the deep state needs is sufficient demoralized but competent white American slaves to keep the machinery going, but who are politically impotent. They are almost there, Trump is just a temporary road bump in the process.

    The only way out for whites is secession. Fortunately for them they have Europe and Russia as a future ally, after Merkel.

    Placard held high during Putin press conference, hence Putin approved:

    https://image.shutterstock.com/z/stock-photo-moscow-russia-dec-an-activist-of-the-nlm-katasonova-maria-holds-a-poster-with-the-image-550635934.jpg

    This is how Putin would love to see cooperation of the white world. Trump, not Soros. Frightfully blond.lol

    EU + Russia = 700 million
    US: globalist left and “Americana” going at each others throat soon 50/50.

    Now how do you think this will work out?

    If “Americana” wins the map on the top, if Washington/Soros wins the Orwellian map at the bottom.

    https://documents1940.wordpress.com/2017/09/26/which-future-world/

    Interesting times.

  15. Davy on Tue, 7th Nov 2017 4:48 am 

    “The Paradox of a European Army: A Force That Won’t Fight”
    http://tinyurl.com/ydeldbp6

    “The EU treaty repeatedly states that Europe “might” one day have a common defense of its own, and vaguely asserting it now does can make common defense materialize without tedious negotiations and constitutional changes. Many Europeans will take this conspiratorial view; it is hard to deny, as EU institutions are notoriously opaque. More likely, though, EU leaders are simply doing what they think is right, and what is easy, without worrying too much about the details. EU defense was actually low-hanging fruit for them: precisely because neutral EU members must be given an opt-out, these policies will be implemented by agreements among member states as “permanent structured cooperation,” without arduous treaty re-negations. Inattention to detail, however, is a grave military sin. EU leaders consider the forces multi-national “European-ness” a prima facie virtue. In practice, the multi-nationality of EU forces will likely be their Achilles heel. As NATO has learned during more than a decade in Afghanistan, multi-national forces struggle to fight as one unit when different political objectives brought them together. Brussels’ Kafkaesque institutions are so far unable to build coherent, specific strategies that can guide multi-national operations—or, for that matter, any strategies at all. The EU has had two multi-national “battle groups” for a decade, and every time one state has proposed deploying them for peacekeeping missions, another has shot the idea down.”

  16. Davy on Tue, 7th Nov 2017 4:51 am 

    Check out his wing dinger of a reference. LMFAO
    http://tinyurl.com/yaxtf9ks
    Paul Krugman American economist
    “Paul Robin Krugman is an American economist who is currently Distinguished Professor of Economics at the Graduate Center of the City University of New York, and a columnist for The New York Times.” Wikipedia

  17. Davy on Tue, 7th Nov 2017 4:54 am 

    “Placard held high during Putin press conference, hence Putin approved:”
    double LOL but yeasa, nice looking babe!! But message a dud

    https://image.shutterstock.com/z/stock-photo-moscow-russia-dec-an-activist-of-the-nlm-katasonova-maria-holds-a-poster-with-the-image-550635934.jpg

  18. Davy on Tue, 7th Nov 2017 4:56 am 

    “EU + Russia = 700 million”
    Sounds like some serious overshoot to me. I am sorry to see that. Good luck feeding all those people when the trucks stop

  19. Davy on Tue, 7th Nov 2017 4:59 am 

    “https://documents1940.wordpress.com/2017/09/26/which-future-world/”
    This “WordPress” is an example of an empty link supporting a personal emotional view point. It should be an example to anyone suspect of bias of personal agenda and hence not supportive of the truth

  20. Cloggie on Tue, 7th Nov 2017 5:15 am 

    “https://documents1940.wordpress.com/2017/09/26/which-future-world/”
    This “WordPress” is an example of an empty link supporting a personal emotional view point. It should be an example to anyone suspect of bias of personal agenda and hence not supportive of the truth

    So what is the truth then, in your view, since you reject my views?

    tic-toc-tic-toc

    No answer, nothing. Just mysterious unspecified “collapse”.

    Davy doesn’t like the message, so it is all WordPress fault.lol As always message and messenger are swapped.

    But Davy will never stick his neck out on anything. If the US empire can’t be all-encompassing, then the world must go in one giant “collapse”.

    Apneaman, exactly the same story. If his global Zion can’t be materialized, humanity (“goys”) have to go as the “cancer monkeys” that they are.

    Apneaman and his goy-goat Davy on a string, heading for the exits of history, what a hilarious sight.

    Mind the step on your way out, failed imperialists and say hello to Yahweh from me! ROFL

  21. Cloggie on Tue, 7th Nov 2017 5:36 am 

    “The Paradox of a European Army: A Force That Won’t Fight”

    Article written by US/UK army officer imperialist T.S. Allen, based in London and Washington in October 2016, that is one month before the unexpected spectacular victory of anti-deep stater Trump (“drain the Swamp”) and 8 months before the spectacular victory of Macron in France, the prime promoter of a EU army and before the spectacular US loss in Syria became apparent.

    He does mention Brexit…

    But Britain is now on the inexorable path out of the EU, and a post-Brexit craze for “more Europe” is sweeping Brussels.

    …but downplays that mega-event as a “craze”.

    The outdated article is full with wishful thinking in a desperate attempt to keep the US “on top”.

  22. Davy on Tue, 7th Nov 2017 5:44 am 

    “So what is the truth then, in your view, since you reject my views?”
    The truth stands on its own. What are we talking about? I am not going to read your empty bias links. State your premise or offer a legitimate ling with words supporting an assertion or just give your naked opinion but keep it legit not fraudulent.

    “But Davy will never stick his neck out on anything
    Please, can I have references of “never sticks his neck out”? I am not sure what you are getting at. I don’t distort, embellish, and warp the truth if that is what you mean.

    “If the US empire can’t be all-encompassing, then the world must go in one giant “collapse”.
    Your words not mine. I am against empire despite what the flaming anti-Americans here broadcast. I am here to balance, moderate, and neuter extremism and this comment I am commenting on is an example of that. Yes, it will be a giant collapse process with varying degrees of decline per locations. It will be events that form a process and it is in motion as we speak. Anyone denying that is blind as is the person in question in this comment.

    “Apneaman, exactly the same story. If his global Zion can’t be materialized, humanity (“goys”) have to go as the “cancer monkeys” that they are.”
    Desperation and just punching at the air. The Jew baiting gets so old and Hitleresque.

    Crying, whining, and gnashing of the teeth is what I am seeing. This is why it is so hard to talk oneself up and others down. It is a heavy load to carry and one that is never carried long because reality is the great equalizer to fantasy and revisions. FRAUD

  23. makati1 on Tue, 7th Nov 2017 5:45 am 

    Thanks for the chuckle, Cloggie. I can see them now. lol

    ” If the US empire can’t be all-encompassing, then the world must go in one giant “collapse”.

    Yep, that’s Davy’s mantra. He refuses to even consider that other countries may suffer little or just a bit. He considers nothing but that America is “exceptional” and the rest of the world will have to suffer even more than he will. He profess’ to have intimate knowledge of over 180 countries, their cultures, national fiscal health and personal debt levels.

    I now await his cut and paste rant that America feeds the world. Not that I will read it, but … three … two … one …

  24. Davy on Tue, 7th Nov 2017 5:47 am 

    “The Paradox of a European Army: A Force That Won’t Fight”
    http://tinyurl.com/ydeldbp6

    This is a highly relevant article and it shows the status quo currently not a fiction and fantasy of a grand Euro army.

  25. Davy on Tue, 7th Nov 2017 5:50 am 

    Mad kat, I thought you were ignoring me, you sly dog. I know, you only come out when others are around. You are afraid to go one on one because I whip your ass constantly. BTW, say something please, you anti-Americans always start chirping when my points hit the spot! LMFAO. It is called an indicator if you didn’t know.

  26. Cloggie on Tue, 7th Nov 2017 6:16 am 

    “So what is the truth then, in your view, since you reject my views?”
    The truth stands on its own. What are we talking about? I am not going to read your empty bias links

    Empty words (“the truth stands on its own”.lol), no personal visions to compete with mine. You want to “debate” me, the purpose of this forum, but you do not want to read the arguments so you can challenge me. Davy’s only vision is “total collapse for everybody”.lol

    “But Davy will never stick his neck out on anything
    Please, can I have references of “never sticks his neck out”?

    References? Every single one of your posts.

    I am against empire despite what the flaming anti-Americans here broadcast.

    No you are not. If I refer to your precious 900 military bases you get angry. If I propose American withdrawal from Korea to solve the nuclear crisis, you protest. Never a peep about Syria and the US role in that drama. You preach A, but want B.

    The Jew baiting gets so old and Hitleresque.

    Hitleresque?

    Europe – United States
    109 – 0

    https://www.biblebelievers.org.au/expelled.htm

    Yawn. Mother Europe will once again have to come to your aid, like in 1776, to redesign an existing power structure. This time you do not even understand the problem, unlike in 1776, when everybody understood the British were the problem. The Russians meanwhile do. But they have a good teacher, like the Germans in the thirties.

    https://www.youtube.com/watch?v=j6p1zxKnDeM

    This is a highly relevant article and it shows the status quo currently not a fiction and fantasy of a grand Euro army.

    I told you why it is irrelevant: empire source, Trump victory, Brexit, Macron, Brussels, Syria.

  27. Davy on Tue, 7th Nov 2017 6:56 am 

    “no personal visions to compete with mine.”
    No personal fantasy more like. I deal with reality and what is likely not pure fantasy.

    “Davy’s only vision is “total collapse for everybody”.lol”
    I would like to see that reference because I believe I have offered a range of scenarios. I am not like you and say things will be “this way” as if you have a corner on the truth and a crystal ball. You are a snake oil peddler and a curse to the truth.

    “References? Every single one of your posts.”
    LOL get specific please or you are talking out your ass as usual.

    “No you are not. If I refer to your precious 900 military bases you get angry.”
    900 is an anti-American emotional exaggeration. Bases are large not small outposts. There are a handful of large bases and they are associated with Asian allies and European allies. Yea, all those people you hate. Move to Russia why don’t you.

    “If I propose American withdrawal from Korea to solve the nuclear crisis, you protest.”
    References please otherwise again talking out your ass

    “Never a peep about Syria and the US role in that drama.”
    Not interested in Syria. There is plenty of Syria coverage. IMA, your coverage is a joke but there are some good ones on this board and many good articles on the web.

    “Europe – United States 109 – 0”
    Dumb dutch code?

    “Yawn. Mother Europe will once again have to come to your aid, like in 1776, to redesign an existing power structure.”
    Yawn is right, more fantasy from the fairy tale Eurotard.

    “This is a highly relevant article and it shows the status quo currently not a fiction and fantasy of a grand Euro army.”
    http://tinyurl.com/ydeldbp6

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