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 possible reserves rose to 14.159 billion bce from 13.4 billion a year earlier, Pemex Chief Executive Luis Ramirez told a news conference.
More: today.reuters.com
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 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
Royal Gold buys royalties in Nevada, Mexico
Mineral royalty company Royal Gold Inc. said Thursday it will buy two royalties on mining operations in Nevada and Mexico from Kennecott Minerals Co. for $25 million.
Royal Gold (NASDAQ: RGLD) is based in Denver. Kennecott is based in Salt Lake City.
Royal Gold doesn't operate mines itself, but provides money for projects in return for royalties -- or percentage-based payments -- on the value of the minerals produces.
Royal Gold said it bought a 3 percent net smelter return on the Robinson gold, copper and molybdenum mine in eastern Nevada. The mine is operated
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
Mexico Bonds May Extend Rally as Oil Prices Gain, Rating Rises
Mexico's U.S. dollar-denominated bonds may extend a 3 1/2-month rally as the country benefits from record oil prices and improving credit quality.
``We're more optimistic on Mexico relative to the market as a whole,'' said Christian Stracke, an emerging-market debt strategist at New York-based CreditSights Inc. ``The emerging- markets sector as a whole is overbought and we've seen it starting to pull back a bit. As the market pulls back, safer credits like Mexico tend to outperform.''
Record oil prices helped Mexico, the world's fifth-largest oil producer, boost international reserves
Mexico bank chief backsoil windfalls fund initiative
Mexico's central bank governor has thrown his weight behind an initiative to use windfall oil revenues to buttress economic stability.
Guillermo Ortiz told the Financial Times this week that plans promoted by President Vicente Fox to set up a stabilisation fund along the lines of an existing - and highly successful - Chilean model would significantly reduce uncertainty ahead of Mexico's presidential election next July.
"It would be an important piece of legislation to have in place particularly with an election and would go a long way to reducing the uncertainty and risks associated with a
Rubbersolutions to Run Six Recycling Plants in Mexico
Rubbersolutions Pty Ltd has announced the “signing and receipt of deposit†for six tyre recycling plants in Mexico with Recycling Planet. All tyre-recycling facilities will incorporate new grinding technology aimed at reducing whole tyres to -80-mesh powder as well as the Patent Pending Tread Stripping machinery recently introduced by Rubbersolutions. This includes the revolutionary new mining tyre tread stripper/cutter.
At a recent launch representatives of all major Mexican political parties are reported to have supported the move. Recycling Planet managing director, Mr Alberto Frost commented that the company had conducted “worldwide explorations into tyre
It would seem to be a perfect time to invest in a new refinery.
With gas prices flirting with the $70-a-barrel mark and the nation's refining capacity strained, refiners are raking in huge profits. Further highlighting the need for more capacity are hurricanes that have battered and disrupted Gulf Coast refinery production this month.
A local group, Arizona Clean Fuels, is seeking to build the nation's first new refinery in three decades. After securing an air-quality permit this spring for a 150,000-barrel-a-day refinery, the group is courting investors to fund the $2.5 billion project, planned at an old citrus grove 40
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
Treo 650 Launched on Movistar in Mexico
Palm and Movistar are now offering the Treo 650 smartphone to the Mexican market. The Treo 650 is latest Movistar corporate tool, Oficina movistar, for a portable mobile office solution.
Oficina movistar, which was introduced in February, provides companies with a mobile office solution on a portable handheld device, enabling professionals to access corporate emails, contact lists, calendars, to-do lists, and the Internet while out of the office. Designed to work with Movistar's EDGE (Enhanced Data for Global Evolution) network, the Treo 650 smartphone has proven to be a powerful device for Movistar's enterprise
