Peak Oil News and Message Boards

According to a new study published on Sunday by state oil monopoly Petroleos Mexicanos, the potential for oil exploration in the Gulf of Mexico has been greatly overestimated.
Petroleos Mexicanos, or Pemex, revealed that terrain in waters deeper than 3,000 meters in the Gulf of Mexico an area known as the Abyssal Plain were "not suitable for oil exploration." The statement represents a serious setback for future drilling in the area, and, according to petroleum analysts, jeopardizes any possible collaborations with foreign investors.

Guillermo Perez Cruz, head of Pemex's Special Unit for Deep Water Oil Exploration, said the new report reduced previous oil estimates in the zone by 53 percent.
Pemex had initially earmarked a possible 54 billion barrels of oil that could be drilled from the area. With that figure now cut in half, Perez Cruz says, exploration becomes economically unviable.
The survey's findings come at a time when the state company is desperate to find new reserves. Recently, it's top executive, Luis Ramirez Corzo, described the monopoly as "on the verge of bankruptcy" with total liabilities of US88.5 billion and an annual investment requirement of US10 billion.

"The financial structure of Pemex is in crisis," he said, noting that the company has US45 billion in debt.
More than half of that, US24 billion, is in off-balance-sheet obligations that must be paid to private contractors upon completion of projects. Pemex is forced to resort to such devices by a tax regime that claims more than 60 percent of the firm's gross revenue for the treasury.

BAM!

"The financial structure of Pemex is in crisis," he said, noting that the company has US45 billion in debt.

No question they are in trouble

the oil drum wrote:The LOOP (Louisiana Offshore Oil Port)is closed, and if damaged, will cause supertankers to be rerouted to Houston, where they barely fit in the channel. If the levee system is busted up, the river might become so filled with silt from the water returning to the Gulf that it becomes un-navigable.

And yes, all the refineries in Plaquemines Parish, Chalmette, and between New Orleans & BR are very much at risk.
But for the industrial damage, everyone will have to wait until the choppers can fly for the offshore damage report, and until the water recedes enough to let people back into the refineries... everyone will have to wait until the choppers can fly for the offshore damage report, and until the water recedes enough to let people back into the refineries. I did hear that two land rigs near Golden Meadow were already down, blown over.
But we always set storm packers in the wells so there shouldn't be anything hosed up except the rigs.

Our big questions are:
1) How many damaged platforms? What type damage?
2) Did we lose anymore rigs?
3) How badly is Port Fourchon damaged? (biggest service port for the oilfield)
4) Is the LOOP operable?
5) How many boats (crew boats, supply boats, seismic boats, cement boats, etc) are damaged or lost?
6) Refinery damage assessment?

According to a new study published on Sunday by state oil monopoly Petroleos Mexicanos, the potential for oil exploration in the Gulf of Mexico has been greatly overestimated. [...]
Guillermo Perez Cruz, head of Pemex's Special Unit for Deep Water Oil Exploration, said the new report reduced previous oil estimates in the zone by 53 percent.