Reprieve For PEMEX

[MEXICOWANDERER]

Of course this does not make the news north of the border - IT AIN'T POLITICAL MUD!

A foreign owned petro exploration company has found a new giant shallow depth (easy to recover) oil field. Hundreds of millions of barrels of new proven reserves.

I look for the peso to gain to perhaps 17.2 if NAFTA negotiations do not snag in August.

[briansue]

Don't have to rely on anyone but yourself

Most of us come to forums as a place to find useful help from others - and most of us try to provide useful help for others as well - if we preferred not to rely on anyone else we would have no need for forums - nor would we bother to try to help others - some of us do rely on others to help us to learn. I'll try to remember that tip next time you ask for help.

[briansue]

Here's the other one.......

Consortium makes major oil discovery
Billion-barrel find first by private company in 80 years

http://mexiconewsdaily.com/news/consortium-makes-major-oil-discovery/

A Mexican-led, international consortium has made a major oil discovery in the Gulf of Mexico that will help increase declining production in the sector and may attract more investment from large oil companies.

The estimated billion-barrel reserve is the first discovery since energy reforms opened up exploration to international firms two years ago and the largest by a private company in Mexico in almost 80 years.

Independent Mexican company Sierra Oil and Gas, Houston-based Talos Energy and British-owned Premier Oil discovered the shallow-water field 60 kilometers off the coast of the port of Dos Bocas, Tabasco.

They won the right to explore the block— the most sought after of 13 on offer — after outbidding a Norwegian company at auctions held in July 2015.

Initial drilling at the 166-meter-deep Zama 1 well began in May when the discovery of light crude oil was made.

Conservative estimates say there are at least 1 billion barrels of oil in the field although the figure could be as high as 2 billion and there is also a possibility that it might extend into a neighboring block.

More conclusive drilling results are expected next month.

Pablo Medina, a Latin America analyst at global energy research company Wood Mackenzie, said “it is one of the 15 largest shallow-water fields discovered globally in the last 20 years” and described the finding as “the most important achievement so far of Mexico’s energy reform.”

Sierra Oil general manager Ivan Sandrea stated that the Mexican government would receive 69% of the profits from each barrel of oil produced by the new field, a figure that rises to almost 80% when taxes and contract fees are taken into account.

Sierra, backed by Blackrock Inc., Riverstone Holdings and EnCap Investments, has a 40% stake in the project, Talos 35% and Premier 25%.

The energy reform introduced by President Enrique Peña Nieto in 2013 is aimed at reversing Mexico’s declining oil production, which dropped to a 30-year low last year to an average 2.5 million barrels a day.

While international interest in the new exploration opportunities was initially weak, this latest find as well as significant new discoveries on existing blocks by Italian company Eni earlier this year are signs that the gamble is starting to reap rewards and may be the impetus required to attract greater investment.

Massive protests rallied against the reform that allowed foreign investment in the sector for the first time since expropriation and subsequent nationalization of the petroleum industry by President Lázaro Cárdenas in 1938, once a strong source of national pride but less so today.

Despite reform’s detractors, Ivan Sandrea says that the move is now paying dividends, not just for the oil companies and their shareholders but for the Mexican government and people as well.

“The resources generated by this discovery for the state and society highlight the importance of the role that private capital can play in Mexico’s economic growth thanks to the energy reform.”

[briansue]

Exactly correct. My cell phone told me long ago it doesn't do cut and paste.

It is very easy to just type in the web address along with the text you post - it is usually just letters etc. like any other thing you might type......could look like this....

https://www.energy-pedia.com/news/mexico/premier-oil-announces-significant-new-oil-discovery-offshore-mexico-171212

I prefer not to paste actual links because I do not know where they might go and there are others like myself who prefer to do the exact link and not trust posted links - just a thing I guess.

Here is the story........

Mexico: Premier Oil announces significant new oil discovery offshore Mexico

12 Jul 2017


Premier Oil, together with its joint venture partners Talos Energy (Operator) and Sierra Oil & Gas, has announced that the Zama-1 exploration well in Block 7, offshore Mexico, has made a world class oil discovery. The Zama-1 well is the first offshore exploration well drilled by the private sector in Mexico’s history. Premier holds a 25 per cent interest in the block.

Preliminary analysis indicates:

Initial gross original oil in place estimates for the Zama-1 well are in excess of 1 billion barrels, which could extend into a neighbouring block

A contiguous gross oil bearing interval of over 335 metres (1,100 feet), with up to 200 metres (650 feet) of net oil bearing reservoir in Upper Miocene sandstones with no water contact

Initial tests of hydrocarbon samples recovered to the surface contain light oil, with API gravities between 28° and 30° and some associated gas

The well spudded on 21 May 2017 utilizing the Ensco 8503, a moored floating drilling rig. Located in 166 metres (546 feet) of water and approx. 60 kms (37 miles) offshore Dos Bocas, it has reached an initial shallow target depth of 3,383 metres (11,100 feet). The Operator is currently setting a liner to protect the discovered reservoirs, prior to drilling deeper exploratory objectives to a total vertical depth of approx. 4,200 metres (14,000 feet).

Tony Durrant, Chief Executive, commented:

'We are delighted to be announcing this significant new oil discovery offshore Mexico. We have encountered a very substantial oil bearing interval which indicates over 1 billion barrels of oil in place, a commercial standalone development which adds materially to Premier’s portfolio of assets worldwide. It is particularly pleasing that our strategy of focusing our exploration portfolio on high impact opportunities in proven but under-drilled basins has led to this world class discovery with our first well in Mexico.

The oil discovered in the Zama-1 well is an extremely important event for Premier, the joint venture and for Mexico and we look forward to working with the Government and our partners to realise the full potential of this exciting discovery.'


Click For Full-Size Image.

[bighatnohorse]

http://mexiconewsdaily.com/ carried the story yesterday.

[MEXICOWANDERER]

"Thanks! I guess you attempted to post the link but it didn't work"

Exactly correct. My cell phone told me long ago it doesn't do cut and paste.

[qtla9111]

darsben1 wrote:
Try searching. Type Mexico oil Discovery. Don't have to rely on anyone but yourself

Thanks! I guess you attempted to post the link but it didn't work.

Here it is Mexico: Premier Oil announces significant new oil discovery offshore Mexico

[darsben1]

Try searching. Type Mexico oil Discovery. Don't have to rely on anyone but yourself

[qtla9111]

briansue wrote:
When you post news briefs could you please please please post website information where the rest of us can find details. A link would be great. Or just a web address. Or the source for the information. Anything where we can all learn more about it.

X2 🙂

[briansue]

When you post news briefs could you please please please post website information where the rest of us can find details. A link would be great. Or just a web address. Or the source for the information. Anything where we can all learn more about it.