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Major Oil Deposit in Gulf of Mexico


One of Mexico’s earliest private-sector energy investors says that it has struck it big with a significant oil discovery in Mexican waters.

Britain’s Premier Oil PLC, along with partners Talos Energy of Houston and Sierra Oil & Gas of Mexico City, said Wednesday that exploratory drilling in the Zama-1 field, located in the shallow waters of the Gulf of Mexico, had uncovered a “world-class” formation with between 1.4 billion and two billion barrels of light crude oil, or roughly double earlier predictions.

Earlier this year, the group had estimated that there were between 700 million and 800 million barrels in the deposit.

Also Wednesday, the government awarded exploration and production licenses for seven of 10 blocks containing mostly natural gas, nine of them in the Burgos basin of northeastern Mexico. Expectations were modest for the gas auction, given the low price of the fuel and readily available imports from the U.S.

The discovery, along with strong interest from foreign investors in recent oil and gas auctions, is a boon for the Mexican government, which in 2014 opened up the country’s energy industry to private investment after 76 years of state ownership.

The Zama-1 discovery “proves that the energy reform was a step in the right direction,” said Mexican Energy Minister Pedro Joaquín Coldwell. “The Mexican state is going to increase its hydrocarbon reserves, which had been declining, and…benefit from the corresponding tax revenue.”

The energy overhaul has become a political football in Mexico in the run-up to next July’s presidential election. Thousands of Mexicans have staged protests against a sharp increase in gasoline prices that began this year as part of the energy reform.

Meanwhile, Andrés Manuel López Obrador, Mexico’s leading opposition leader, has pledged to roll back or reverse the reforms and build new refineries across Mexico to create more energy-sector jobs.

“To people who know the industry, it’s very good news that there is more oil than we expected,” said Jorge Piñon, a former oil executive who is now a professor at the University of Texas, Austin. “But from the point of view of the guy on the street, as far as he’s concerned, the reform hasn’t given him any benefits so far.”

Premier, Talos and Sierra won a tender to develop Zama-1 in a 2015 auction, the first such contracts awarded to private investors.

The find is “the most important achievement so far of Mexico’s energy reform,” said Pablo Medina, an analyst with Wood Mackenzie who focuses on Latin America.

The firm estimates that Zama-1 is one of the 20 largest shallow-water fields discovered globally over the past two decades.

Others cautioned that Premier’s estimate of the size of the discovery refers only to oil-in-place, not the amount of hydrocarbons that could be recovered from the field. Energy-focused investment bank Tudor, Pickering, Holt & Co. estimated that Zama-1 could yield about 425 million barrels.

Alfredo Marti, managing director of Riverstone Holdings, the U.S. private-equity firm that backs both Sierra and Talos, said that drillers typically recover 25% to 30% of the oil found in formations like Zama-1, but said he expects the group could recover between 30% and 40% because the area where the oil is located is deeper than expected and the rock more permeable than initially thought.

“Not only is there more oil there, but it’s easier to recover,” Mr. Martí said. “It shows how there’s low-hanging fruit to be had in Mexico. In the U.S., companies work extraordinarily hard chasing a deposit of even 20 million barrels…With the prices of oil and gas being so low, we don’t have as many opportunities to break out the champagne these days, but this is one of them.”

The discovery comes on the heels of another significant oil find in the Gulf of Mexico. Italy’s Eni SpA on Wednesday estimated reserves in a field it won in 2015 at around one billion barrels of oil equivalent. Initial estimates had put reserves in that field at about 800 million barrels.

Wednesday’s auctions also showed that Mexico has a large and growing market for natural gas. It imported around 4.6 billion cubic feet a day of natural gas in the first four months of this year, accounting for nearly 60% of its needs.

Canada’s Sun God Resources and Mexico’s Jaguar Exploración y Producción de Hidrocarburos won six of the blocks. There were only six bidders for the gas auction, while 17 bidders were participating in a later auction Wednesday of 14 onshore oil and gas blocks.


23 Comments on "Major Oil Deposit in Gulf of Mexico"

  1. Paulo on Thu, 13th Jul 2017 8:52 am 

    Gee 20-25 days of world consumption

  2. bobinget on Thu, 13th Jul 2017 9:17 am 

    If true, this discovery is huge news. Why? Because it’s the first this year of consequence.
    Don’t hold your breath for the deluge.
    De first Mexico sees revenue, almost everyone here will be looking for retirement village.
    (or worse) Don’t ask what’s worse.

    In 1917 autos had already gained popularity.
    Even so, blacksmith shops that hadn’t yet made a transition to garages, could still make a living.

    Any oil discovered today will still be useful in five or six years as it comes on line.
    The hydrogen/electric hybrids being shown at car shows won’t be as disruptive to society as horseless carriages.

  3. Dredd on Thu, 13th Jul 2017 10:06 am 

    Now we know where the BP oil-spill ended up.

  4. Go Speed Racer on Thu, 13th Jul 2017 2:15 pm 

    Ya, and now we have enough oil,
    that Taco Bell can keep making deep fried burritos.

  5. MASTERMIND on Thu, 13th Jul 2017 5:57 pm 

    Major oil Discovery?
    The world uses 32 billion barrels per year. 1.4 billion barrels less that a one month supply in global terms. The media knows that the average reader has no clue about the big oil numbers, so 1.4 billion sound like a lifetime supply.

  6. Sissyfuss on Fri, 14th Jul 2017 3:46 pm 

    Just discovered a major deposit in my toilet bowl. Wonder if Clogturd can use it to power the lighted swastika on his house.

  7. Cloggie on Fri, 14th Jul 2017 4:47 pm 

    Just discovered a major deposit in my toilet bowl.

    Wonder if Clogturd can use it to power the lighted swastika on his house.

    You are probably confused with my brightly shining “Yankee go home” banner op top of my roof.

    Swastika is a darkie symbol, should bring them luck, for the Germans not so much, but then they were confronted were Anglo and Soviet mass-murderers on an empire-building spree. Just your kinda guys, these Soviets, Pissy-on-your-fuss.

    When I was in Mauritius (50% Hindu) a decade ago, I saw these swastika symbols everywhere:

  8. Sissyfuss on Fri, 14th Jul 2017 5:47 pm 

    HairClog, think of Nagasaki and Hiroshima as a Dresden firebombing on an exponential scale. Truman knew the war was all but over but he wanted to send a message to Russkies and Chinese that we had the big one and were willing to use it.

  9. Apneaman on Fri, 14th Jul 2017 6:51 pm 

    clog, your Nazi fuck scum were trying to be “the” empire and they lost – plain and simple. Go ahead and continue to stretch out your life long loser morality play out of it. Can’t change it and since some tribe will always want to be the empire and others will try to best them, it makes, has made, the Cancer a one way street and the human cancer is approaching the end of the road.

    There’s a compelling reason scientists think we’ve never found aliens, and it suggests humans are already going extinct

    “Unchecked climate change would eventually lead to widespread devastation on Earth.

    Rising seas would inundate coastal cities like Miami, searing heat would increase human mortality, and acidic oceans would become inhospitable to fish and coral, leaving behind little but rubbery masses of jellyfish.

    These consequences of human activity could be the thing that prevents our civilization from advancing much further. In a particularly extreme scenario, it could even wind up wiping us from the face of the Earth.

    That may sound unlikely, but it’s the answer some scientists are giving to a perplexing question: Why haven’t we encountered intelligent alien life?”

    Hey clog, it must really chap your ass (and some others too I bet)that after years of calling me the worst sort of “DOOMER” the MSM is now writing articles about all the shit I been telling y’all for years.

    Here’s another. In a handful of years the AGW consequences will be so bad NO ONE will be denying it (tards like you will say it’s natural) and the sheeple will be so angry and frightened that TPTB will be forced to try and protect them. At that point all the conservatard deniers will deny they were deniers and demand that their solutions are the best solutions and their denier voters will agree, when the truth is they should all go to the back of the room and shut the fuck up and sit there with their eyes averted to the floor That’ll never happen and most of the adaption money will go to protecting the rich and other top 20-30%. Further, the ‘blame game’ will get even uglier.

    My main point is I was right about pretty much all of it and you and Alex Jones et al retards were wrong wrong wrong.

    You know how the crazy Germans invented the S.S.? I have my own version of German S inventions I lovingly refer to as the S.S.S. – Schnitzel, Strudel & Schadenfreude…..can’t get enough.

    Woooooo Weeeeee, I luve me sum Schadenfreude.

  10. Apneaman on Fri, 14th Jul 2017 7:08 pm 

    Boy oh boy did that article ever stir up a shit storm among the progressive (soft deniers) hopey retards. Whadda expect? The human psyche did not evolve to deal with shit this horrific. In fact it evolved to deny any and all existential threats. Guess that makes me a freak eh?

    The Uninhabitable Earth, Annotated Edition

    The facts, research, and science behind the climate-change article that explored our planet’s worst-case scenarios.

    “We published “The Uninhabitable Earth” on Sunday night, and the response since has been extraordinary — both in volume (it is already the most-read article in New York Magazine’s history) and in kind. Within hours, the article spawned a fleet of commentary across newspapers, magazines, blogs, and Twitter, much of which came from climate scientists and the journalists who cover them.

    Some of this conversation has been about the factual basis for various claims that appear in the article. To address those questions, and to give all readers more context for how the article was reported and what further reading is available, we are publishing here a version of the article filled with research annotations. They include quotations from scientists I spoke with throughout the reporting process; citations to scientific papers, articles, and books I drew from; additional research provided by my colleague Julia Mead; and context surrounding some of the more contested claims. Since the article was published, we have made four corrections and adjustments, which are noted in the annotations (as well as at the end of the original version). They are all minor, and none affects the central project of the story: to apply the best science we have today to the median and high-end “business-as-usual” warming projections produced by the U.N.’s “gold standard” Intergovernmental Panel on Climate Change.

    But the debate this article has kicked up is less about specific facts than the article’s overarching conceit. Is it helpful, or journalistically ethical, to explore the worst-case scenarios of climate change, however unlikely they are? How much should a writer contextualize scary possibilities with information about how probable those outcomes are, however speculative those probabilities may be? What are the risks of terrifying or depressing readers so much they disengage from the issue, and what should a journalist make of those risks?”

    Your brain won’t allow you to believe the apocalypse could actually happen

    It’s funny that in a roundabout way the deniers end up being right about dishonesty from some of those doing climate science.

    Scientific community is self-censoring research to conform to views of vested interests

    ““[There is an] endemic bias prevalent amongst many of those developing emission scenarios to severely underplay the scale of the 2°C mitigation challenge. In several important respects the modelling community is self-censoring its research to conform to the dominant political and economic paradigm. Moreover, there is a widespread reluctance of many within the climate change community to speak out against unsupported assertions that an evolution of ‘business as usual’ is compatible with the IPCC’s 2°C carbon budgets. With specific reference to energy, this analysis concludes that even a slim chance of “keeping below” a 2°C rise, now demands a revolution in how we both consume and produce energy. Such a rapid and deep transition will have profound implications for the framing of contemporary society and is far removed from the rhetoric of green growth that increasingly dominates the climate change agenda.” —Kevin Anderson

    Kevin Anderson is Professor of Energy and Climate Change at the University of Manchester and is Deputy director of the Tyndall Centre for Climate Change Research.”

    CDC’s Canceled Climate Change Summit Raises Self-Censorship Concerns

    Scheduled speakers cite political sensitivities, but the government’s disease-control agency has not offered a reason

    All the conspiracy mined should ask themselves if the Overlords knew the worst case scenario was in the pipe (it is) would they tell you? If you were one of them would you tell the public that it’s too late and there really is nothing we can do about? If you’re trapped in a game of last man standing/musical chairs, the fewer sheeple that know their in it the better for you. Tell em America will be great again instead.

  11. Makati1 on Fri, 14th Jul 2017 7:26 pm 

    To the CC doubters … look around you. If you have a few decades of life perspective, it is obvious that the world’s weather is going crazy. In my youth, you could almost tell what day and month is was by looking out the window. The seasons morphed into one another smoothly with only the very rare exception. “April showers bring May flowers” kind of world. The last week of January was most always the coldest in PA and that was “Farm Show Week”. August was the hot month. Etc.

    Now, the Jet Stream swings like a wild tango with a Mexican hat dance mixed in. Seasons are broken up by extremely warm/cold days/weeks. Drought is followed by flood. Temperatures are climbing all over the world and not sliding back. Super rain storms are becoming the norm. Etc.

    Deny all you want, but you will not be able to deny the consequences. If you have kids, the best you can do for them is not send them to college, but teach them survival skills. That is also YOUR best retirement plan. Someone to take care of you after the SHTF. Or. at least, some good friends/neighbors with the same skills who respect and value your contributions and friendship. Buckle Up!

  12. onlooker on Fri, 14th Jul 2017 8:46 pm 

    You think we will not continue to burn FF and thus make CC worse, think again
    China Car Sales Climb at Fastest Pace in 3 Years on Tax Cut

  13. Cloggie on Sat, 15th Jul 2017 2:13 am 

    Clog, think of Nagasaki and Hiroshima as a Dresden firebombing on an exponential scale. Truman knew the war was all but over but he wanted to send a message to Russkies and Chinese that we had the big one and were willing to use it.

    Exactly right. As I said: a bunch of mass murderers.

    clog, your Nazi fuck scum were trying to be “the” empire and they lost – plain and simple

    I have explained it many times before and nobody here is intellectually able to defeat my arguments and certainly not you. The Americans and The Soviets were the only ones who wanted a world empire, where the Germans merely wanted their stupid Danzig back and prevent the Poles to slaughter the Germans forced to live in Versailles-Poland, which landed them in a world war, superficially initiated by the British and French, but as Chamberlain admitted in private, were pushed into to by “the Americans and World Jews”:

    Go ahead and continue to stretch out your life long loser morality play out of it.

    Loser mentality? YOU of all people is talking about loser mentality, where you wine around the clock how everything will go down the drain? I am just announcing how we are going to strangle you and your kosher-run US empire, morally, intellectually and eventually militarily.

    Eurasia has enough of you and you are going to receive a geopolitical haircut:


    I like that Tucker Carlson character. No doubt inspired by Trump’s war against the media, Fox News now gradually moves away from the MSM NWO-logic and begins to help Trump attacking The Swamp.

    Here we have two arch-warmongers (and future sand-pit material), Ralph Peters and CFR-Jew (but I repeat myself) Max Boot, howling for war against Russia, a war that Sissyfuss is supposed to carry out, together with Lonnie Johnson and his Super-Soaker.

    It remains to be seen if Washington, after they have destroyed Trump, will be able to mobilize the Heartland for a certain death in the Eurasian meat-grinder. Americans, who can’t fight their way out of a wet paper bag, as we have seen in Vietnam, Somalia, Lebanon, Iraq and now Afghanistan (the only war America ever won on its own was against Grenada with 10,000 inhabitants), will refuse to do the bidding of the kosher CFR, the true governing body of the US, and begin to revolt. Bye-bye USofA. China will of course grab the opportunity and snatch Australia away and in North-America, American Constitutionalists, European, Russian and perhaps even Chinese troops will give Washington a Carthaginian Peace… by flattening every building there, including the WH, Congress, Pentagon, FED and the rest of the imperial structures.

    Loser mentality?

  14. Cloggie on Sat, 15th Jul 2017 2:28 am 

    Howler, US rail infrastructure:

    Describing this as “third world” would be an insult to the third world.

    How about you going home Yankee and do some major repair works there, rather than trying to start a war you can’t win?

    Not going to happen of course. The CFR will bravely fight until the last American. Well, so be it. The post-1945 world is almost over. Eurasian Century is next.

  15. Cloggie on Sat, 15th Jul 2017 3:38 am 

    Tucker Carlson is married to a ballroom dancer…

    …from Moscow.

    The ideal type to fight neocons.

  16. Cloggie on Sat, 15th Jul 2017 3:56 am 

    Political newcomers Trump and Macron used each other effectively to gain international profile, after Putin-Trump and Macron-Putin did so earlier:

    Their rapport seems to be genuine good.

    Trump seems to feel at home in Europe, away from the hostile swamp at home.

    Interestingly, Macron refuses to take in African “refugees” from Italy:

    He seems not to be the Rothschild apprentice many (including me) feared him to be and is more in line with Trump’s anti-immigration policies.

    These were good weeks for Europe and America.

  17. Davy on Sat, 15th Jul 2017 5:39 am 

    “Describing this as “third world” would be an insult to the third world.” Clog, get your facts straight you are sounding makati
    Freight Rail Today

    “The Freight Rail Network”
    “Today, the U.S. freight rail network is widely considered one of the most dynamic freight systems in the world. The $60 billion industry consists of 140,000 rail miles operated by seven Class I railroads [1] (railroads with operating revenues of $433.2 million or more), 21 regional railroads, and 510 local railroads. [2] Not only does the 140,000 mile system move more freight than any other freight rail system worldwide but it also provides 221,000 jobs [3] across the country and numerous public benefits including reductions in road congestion, highway fatalities, fuel consumption and greenhouse gases, logistics costs, and public infrastructure maintenance costs.”

  18. Makati1 on Sat, 15th Jul 2017 6:40 am 

    FYI: Rail accidents/incidents in the U$ in 2016 –

    10,927 Accidents
    8,050 injuries
    805 deaths

    Long list of U$ rail accidents in the news.

    Isn’t the internet wonderful! LOL

  19. Apneaman on Sat, 15th Jul 2017 10:26 am 

    “These were good weeks for Europe and America.”

    Sure it was clog as long as you ignore the major economic losses, injuries, illnesses, smashed to shit infrastructure, crop losses and deaths from 500 Plus record breaking high temperature days, drought, Rain Bombs & flooding.

    My comment history over the last two weeks is just a small part of the destruction during that period. Real good.

    How long do you think local, state/provincial and federal governments can keep forking out the cash for these rescues and repairs? Do you have any idea how expensive it is to rescue people?

    Good weeks if you have your head up your ass and think MSM monkey politics headlines of, staged for the camera, meetings are more important than the ever growing consequences (destruction of civilization) of AGW & mass extinction.

    ‘Unprecedented’ flooding north of Chicago hits about 6,800 buildings

    Just what a state who was recently down graded to Junk Bond status needs – another big clean up bill.

    Fox River in Burlington crests three feet above previous record flood level

    Previous record of 13.54 feet was set in 2008; Gov. Walker declares State of Emergency

    Spain heatwave breaks records and kills one
    July 14, 2017

    “BETHEL — Along the main thoroughfare here, drivers brake for warped asphalt. Houses sink unevenly into the ground. Walls crack and doors stick. Utility poles tilt, sometimes at alarming angles.

    Permafrost in and around Bethel is deteriorating and shrinking, even more quickly than most places in Alaska.

    Record heat investigated in 95 Phoenix deaths after 118-, 120-degree highs

    Massive Wildfires Burn From California to the Arctic Ocean as Temperature Records Shatter

    That’s just a sampling from the last couple of days. You should go tell all those people, the ones who survived, how fucking good the last week has been.

    Talk about willful ignorance – Holy fuck!

  20. Apneaman on Sat, 15th Jul 2017 10:34 am 

    clog, how do you like what/who they refilled the swamp with?

    Tobacco companies tighten hold on Washington under Trump

    Top White House figures – including the vice-president and health secretary – have deep ties to an industry whose donations began pouring in on day one

  21. Sissyfuss on Sat, 15th Jul 2017 6:39 pm 

    Clogmonger, I want no part of a war with Russia and I thought Lonnie Johnson played left field for the Brewers. I would like to see Trumpski’s tax returns in regards to loans given by the Russian mafia to a bankrupt bozo that no one in the free world would touch with a ten foot pole or a four foot Netherlander, no offense. And your fantasy of a Eurasian Century will rather consist of so many immigrants overrunning Europe it will henceforth be called Eurasia. And eventually everyone will be the color of caramel.

  22. Makati1 on Sat, 15th Jul 2017 7:06 pm 

    Aw, Sissy, you hit him too hard. NOT!

    Yes, Eurasia is the new continent, but it will take a generation or so to give all of them permanent tans. lol

    Russians will never allow another country to invade their land with conventional forces. They lost too much and too many in the last world wars to even consider it. It will be nukes and glass cities a few hours after it begins. The Russians are already practicing today’s “duck and cover” exercises, JIC.

    I don’t want a nuclear war either. The Ps is not likely to be bombed, but the fallout will still kill all life everywhere in a decade or so. Whom the bombs don’t kill, the cancers will.

  23. Cloggie on Sun, 16th Jul 2017 2:43 am 

    I thought Lonnie Johnson played left field for the Brewers.

    You yourself brought him up as the Great American Inventor, in an attempt to silence the “racists”:

    He was mostly known for inventing a super-ejaculator, no surprises here.

    Perhaps Lonnie can breath new life into the Mars-project:

    NASA finally admitted that they won’t land on Mars. Apparently the US run out of Nazis to do the difficult work for them, like with the Moon-project.

    And your fantasy of a Eurasian Century will rather consist of so many immigrants overrunning Europe it will henceforth be called Eurasia. And eventually everyone will be the color of caramel.

    Oh really, so you think that Europeans are like Americans and let themselves be overrun by the third world? Don’t bet on it.

    And now even France has enough.

    And don’t think for a minute that the situation, created under the US empire, now almost dead, can’t be reversed. Or do I have to remind you what happened to the millions of Apneaman’s and their filthy communism during the early forties? And this time there is nothing your overlords can do about it if we do the same with Muslims. Our train-system is much better than in those days.

    What is going to happen soon in Western Europe will be in perfect symmetry of what happened in Eastern Europe in 1989, when they got rid of the Soviet overlord. Every political vassal of the US can better flee to South-America if they want to escape the fate of Ceausescu.

    Aw, Sissy, you hit him too hard. NOT!

    You don’t even have a country anymore as you abandoned the country of your ancestors after having made a mess of it by embracing leftism, which created the perfect conditions for the coming Mother of all Civil Wars.

    And once the US will descend into chaos, these Filipinos surrounding you will view you with different eyes, once the nimbus of US power will have been evaporated (unless of course you are a half-Filipino yourself, which would explain your constant glee with the demise of your original country).

    Americans, the only truly cosmopolitans in this world and natural carriers of the globalist virus. People without real roots. Today here, tomorrow there, everywhere where a buck can be made. No real loyalty. The military? That’s just a job and a means to escape poverty. No questions asked about the purpose of a war or who wants the war to happen.

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