Fuel Prices
Withe crash in oil prices has the price dropped or is pemex still hiking it regularly? If so it must be more expensive than Arizona by now.
Forum Discussion
http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/pacific-rubiales-signs-pact-with-pemex-to-explore-for-oil-and-gas-in-mexico/article21150892/
Pacific Rubiales signs pact with Pemex to explore for oil and gas in Mexico Add to ...
JEFF LEWIS
Calgary — The Globe and Mail
Published Friday, Oct. 17 2014, 4:09 PM EDT
Last updated Friday, Oct. 17 2014, 4:13 PM EDT
EXCERPTS
The government of Enrique Pena Nieto is eager to lure energy companies back to Mexico after scrapping a ban on foreign investment in the oil and gas sector that dates to 1938. Energy reforms introduced this year have reversed expectations of steep production declines in the country’s oil sector, while raising the spectre of new competition for Canada’s oil patch in the U.S. Gulf Coast market.
From 3 million barrels per day (bpd) in 2010, Mexican production was expected to decline steadily to 2.5 million bpd next year and to 1.8 million bpd by 2025, according to U.S. government forecasts.
With the first round of licensing for foreign companies set to open next year, the U.S. Energy Information Administration now sees output topping 3 million bpd in the next decade, rising to 3.7 million bpd by 2040. That’s up 76 per cent from the agency’s previous expectations before reforms were announced.
Mexican officials have set a more aggressive target: 3 million bpd by 2018. Gains could come from enhanced oil-recovery techniques in old fields, heavy oil and shallow-water drilling offshore, as well as horizontal drilling in the country’s Chicontepec basin, which has 80 billion barrels of oil in place with a recovery factor under 4 per cent, according to Wood Mackenzie estimates.
Pacific Rubiales signs pact with Pemex to explore for oil and gas in Mexico Add to ...
JEFF LEWIS
Calgary — The Globe and Mail
Published Friday, Oct. 17 2014, 4:09 PM EDT
Last updated Friday, Oct. 17 2014, 4:13 PM EDT
EXCERPTS
The government of Enrique Pena Nieto is eager to lure energy companies back to Mexico after scrapping a ban on foreign investment in the oil and gas sector that dates to 1938. Energy reforms introduced this year have reversed expectations of steep production declines in the country’s oil sector, while raising the spectre of new competition for Canada’s oil patch in the U.S. Gulf Coast market.
From 3 million barrels per day (bpd) in 2010, Mexican production was expected to decline steadily to 2.5 million bpd next year and to 1.8 million bpd by 2025, according to U.S. government forecasts.
With the first round of licensing for foreign companies set to open next year, the U.S. Energy Information Administration now sees output topping 3 million bpd in the next decade, rising to 3.7 million bpd by 2040. That’s up 76 per cent from the agency’s previous expectations before reforms were announced.
Mexican officials have set a more aggressive target: 3 million bpd by 2018. Gains could come from enhanced oil-recovery techniques in old fields, heavy oil and shallow-water drilling offshore, as well as horizontal drilling in the country’s Chicontepec basin, which has 80 billion barrels of oil in place with a recovery factor under 4 per cent, according to Wood Mackenzie estimates.
