Petrobras Says It Discovers Gas Reserves in Gulf of Mexico Well
Petroleo Brasileiro SA, Brazil’s state-controlled oil company, found gas reserves in a well in Gulf of Mexico, the company said in a statement sent by e-mail last night.
The company said it found gas in the first well operated by its Petrobras America unit. The company said gas reserves are of “high quality.'’ The Rio de Janeiro-based company owns 80 percent of the reserve, the statement said.
More: bloomberg.com
Mexico proven oil reserves dip to 16.470 bln bce
State oil monopoly Pemex said Thursday that Mexico's proven oil and gas reserves dipped to 16.470 billion barrels of crude oil equivalent (bce) at the end of 2005, down from 17.6 billion bce a year earlier.
Earlier this week Pemex, one of the main suppliers of oil to the United States, reported a slip in total oil and gas reserves to 46.418 billion bce at the end of 2005, down from 46.914 at the end of 2004.
Within that figure, probable reserves stood at 15.784 billion bce versus 15.8 billion a year earlier and
Woodside chases Gulf of Mexico deal
Woodside Petroleum Ltd will expand its interests in the Gulf of Mexico, if a $US883 million ($A1.17 billion) takeover bid for US-based explorer and producer Energy Partners Ltd (EPL) is successful.
Woodside, through its wholly owned subsidiary ATS Inc, has offered $US23 cash per share for the 38.396 million of EPL shares on issue in the US.
Woodside said the acquisition would immediately increase its production and reserves in the Gulf of Mexico, with EPL producing around 28,000 barrels of oil a day on average.
More : theage.com.au
Senate Pushes Expanded Oil Drilling in Gulf of Mexico
In the 1980s, Senators and Representatives introduced legislation to protect the Gulf of Mexico, to restrict drilling. This Congress plans to expand drilling. This week the Senate quadrupled the Presidents request (map - pdf) for new acreage in the Gulf of Mexico.
Less than two weeks after S. 3711 was introduced, the Senate voted 71-25 to open up an additional 8.3 million acres of east-central Gulf of Mexico to drilling, ostensibly to provide relief for consumers.
However, no new crude will hit the market for 4-5 years -- and when it does,
Grupo Mexico, Petrobras, Net Servicos: Latin Equity Preview
The following stocks may make significant gains or losses in Latin America today. Symbols are in parentheses after the company name and stock prices are from the last session.
Mexico
Cemex SA (CEMEXCP MM): The U.S. and Mexico may be close to ending a 15-year disagreement about U.S. antidumping duties on Mexican cement, as shortages in the U.S. prompt political pressure to increase imports, the Wall Street Journal said yesterday. Cemex, world's third-largest cement maker, rose 13 centavos, or 0.3 percent, to 48.05 pesos.
Mexico SA (GMEXICOB MM): Copper futures for December delivery
Mexico Strikes Oil Under Sea
Mexican President Vicente Fox said Monday that his country had made a new deep-water oil discovery in the Gulf of Mexico that could exceed reserves at the giant offshore field Cantarell, Mexico's largest oil source.
The find, to be formally announced today, is under 3,117 feet of water as well as 13,120 feet of earth, Fox said in an interview.
We have been investing $5 billion a year in exploration, and that work, that investment, is now bearing fruit," Fox said.
Production at Cantarell is expected to decline 6% this year to 1.9 million barrels a day and decline
N.Hydro drops oilfield in Gulf of Mexico-report
Norwegian energy and metals group Norsk Hydro (NHY.OL: Quote, Profile, Research) has dropped plans to develop the Telemark deep water oilfield in the Gulf of Mexico because of high costs, Oslo-based oil and gas weekly Upstream said on Friday.
Hydro officials were not immediately available for comment.
Upstream said that Hydro's board voted this week not to pursue the development of Telemark because of costs of building a tension-leg platform to recover what the company viewed as marginal reserves.
It said that oil reserve estimates for the field had varied from 40-70 million barrels but Hydro was
Mexico Buys $2.88 Billion of Central Bank Reserves (Update3)
Mexico's government bought $2.88 billion of central bank international reserves that it will use to help meet payments on all foreign debt coming due in 2006 and 2007.
The funds, which the government acquired by selling pesos to the Banco de Mexico, combined with $1.89 billion the government has available from earlier foreign bond sales will cover the $4.77 billion of foreign debt maturing in the next two years, the Finance Ministry said in a statement. Finance Minister Francisco Gil Diaz said that the dollar purchase will allow Mexico's government to stay
UPDATE 1-Houston Exploration to sell Gulf of Mexico assets
Houston Exploration Co. (THX.N: Quote, Profile, Research) on Tuesday said it plans to sell its entire asset base in the Gulf of Mexico, which has historically accounted for about 40 percent of its total production.
The company said it would open a data room for the offshore assets in January and expects to complete a sale in the first quarter. Wachovia Securities is acting as financial adviser on the sale.
The company said it would use the proceeds to potentially acquire new onshore assets, reduce debt or buy back stock. Its year-end 2004 offshore
Several oil and gas facilities in the Gulf of Mexico have resumed operations following Hurricane Katrina. However, an industry analyst says the full extent of damage to generating facilities is still unknown.
Jim Flanagan of IHS Energy says the story of Hurricane Katrina is still unfolding. He says there's a lack of published reports by energy companies about damage done to their offshore facilities.
"I think it has a lot to do with, number one, some of the on-shore staging areas have been pretty much devastated," said Mr. Flanagan. "So, it's difficult to get transportation to and from some
Televisa, Grupo Mexico, Petrobras: Latin America Equity Preview
The following stocks may make significant gains or losses in Latin America today. Symbols are in parentheses after the company name and stock prices are from the last session.
Grupo Televisa SA (TLEVICPO MM): The world's largest producer of Spanish-language television programming said yesterday it hasn't made an agreement with a third party to buy Univision Communications Inc., contrary to media reports. The shares rose 96 centavos, or 2.3 percent, to 42.27 pesos.
Grupo Mexico SA (GMEXICOB MM): Copper rose for a third consecutive session in London yesterday after global inventories of
