Mexico’s state-run oil company resumes production
Mexico’s state-run oil firm PEMEX has resumed its production in the country’s top petroleum-producing area of Sonda de Campeche after being shut down from Sunday to Tuesday when hurricane Emily passed through the Gulf of Mexico.
The company said in a statement on Friday that the hurricane, which has killed one person, destroyed thousands of buildings and drove 90,000 people from their homes, did not cause significant damage to its sea and land infrastructure.
Activities on the oil rigs of Faja de Oro, Lankahuasa and Arenque “have completely resumed,” it said.
Nearly 80 percent of crude production in Mexico comes from Sonda de Campeche, in southeast of the country, where over 15,000 people working on rigs were evacuated on Saturday and Sunday.
PEMEX also has gas-processing complexes in Burgos and Reynosa,and a petro-chemical plant in Reynosa, Tamaulipas state, which were also hit by the hurricane.
More: news.xinhuanet.com
Official: Mexico Spending on Exploration Up
Mexico's state-run oil monopoly will spend more than 137 billion pesos (US$13 billion, euro10.5 billion) on oil exploration, extraction and production this year - but its outdated infrastructure system remains a serious liability, a presidential spokesman said Friday.
Ruben Aguilar said state-run oil company Petroleos Mexicanos' 2005 budget for recovering and readying new oil for the market represents more than double the amount spent on those activities five years ago.
In 2004, Pemex's daily production was nearly 3.4 million barrels of crude oil, the highest in Mexican history, Aguilar said. Carlos Morales, head of exploration
UPDATE 2-Mexico's Pemex resumes full production after Emily
Mexico resumed its full production of crude oil on Friday by bringing its wells in the Gulf of Mexico back on tap after they were closed by a powerful hurricane, state oil monopoly Pemex said.
Pemex slashed output and halted exports as Hurricane Emily pounded the Yucatan Peninsula and then moved into the Gulf of Mexico earlier this week.
The storm shut down 2.95 million barrels of day of crude oil as well as 1.87 million bpd of exports, the bulk of them to the United States.
Pemex typically produces about 3.4 million bpd of crude,
Mexico oil output to decline, analysts say
Mexicos oil output will probably decline in the next two years if the country doesnt allow foreign investment to boost drilling, according to Raymond James & Associates.
Production in Mexico may have peaked in 2004, analysts J. Marshall Adkins and Pavel Molchanov wrote in a July 10 report, because the 30-year-old Cantarell field, the worlds second-largest, has reached maximum output, they said. Petróleos Mexicanos, the state oil company, said Aug. 2 that Cantarell production will decline 8 percent this year.
The countrys oil production looks like it already might have peaked -- quite possibly for good,
Discount pharmacy chain grows in Mexico Owner also subsidizes clinics, and he wants to run for president
Victor Gonzalez sells cheap medicine and health care to Mexico's poor, and it has made him very rich.
In eight years, his chain of Farmacias Similares, or Similar Pharmacies, has grown from a single store in Mexico City to 3,239 across Mexico and is spreading throughout Central America, as well as parts of South America.
His catchy advertising - a cartoon doctor and an army of scantily clad models - has helped make Gonzalez, 58, a household name. His slogan is "The Same, Only Cheaper."
Now, Gonzalez
Oil Production Down 78 Percent in Gulf of Mexico
The U.S. government says oil production in the Gulf of Mexico was nearly 80 percent below normal as of Saturday, five days after Hurricane Katrina tore through the region.
A report from the U.S. Minerals Management Service said Katrina had cut oil production in the Gulf by about 1.18 million barrels of oil per day. It said more than 280 offshore oil-drilling rigs and platforms remained evacuated.
The figures represent a slight improvement from Friday, when oil production in the Gulf was nearly 90 percent below normal.
Katrina's disruption to Gulf-area oil production and refineries
Official: Mexico spending on oil exploration rising, but problems in infrastructure remain
Mexico's state-run oil monopoly will spend more than $13 billion, on oil exploration, extraction and production this year -- but its outdated infrastructure system remains a serious liability, a presidential spokesman said Friday.
Ruben Aguilar said state-run oil company Petroleos Mexicanos' 2005 budget for recovering and readying new oil for the market represents more than double the amount spent on those activities five years ago.
In 2004, Pemex's daily production was nearly 3.4 million barrels of crude oil, the highest in Mexican history, Aguilar said. Carlos Morales, head
Reuters Summit-Mexico's Pemex sees output flat to 2007
Mexican state oil monopoly Pemex sees crude oil production staying roughly flat this year and next, Chief Financial Officer Juan Jose Suarez said Friday.
Suarez said he saw Pemex's 2007 crude oil output averaging 3.45 million barrels per day, up only a whisker from estimated average production of 3.42 million bpd this year.
"It should be around 3.45 million," he told the Reuters Latin America Investment Summit in Mexico City.
Pemex, one of the top three suppliers of crude oil to the United States, saw its oil production dip to 3.33 million bpd in 2005, partly
BHP Billiton says Gulf of Mexico production remains shut
Australia's BHP Billiton Ltd. (BHP) said Wednesday that oil production at its Gulf of Mexico rigs is still shut after hurricane Katrina caused devastation in the area.
There is little damage to BHP's facilities, but the disruption at refineries means production will be stopped for much longer than previously thought, a BHP spokeswoman said.
She said the company doesn't know how long.
Last week, BHP said it expected oil production to be shut off for a couple of days, after it evacuated crews and moved its rigs in preparation for the hurricane.
Mexico halts all oil exports,most output, till Wed
Mexico's closure of most offshore oil production and ports mean the suspension of 2.95 million barrels per day (bpd) in output until midweek and the grounding of all exports, state oil monopoly Pemex said on Monday.
Pemex -- which normally produces 3.4 million bpd of crude -- said it would start restoring production on Wednesday and should be fully operational again on Friday, after shutting down most oil wells in the Campeche Sound, in the southern Gulf of Mexico, due to Hurricane Emily.
Pemex said port closures in the Gulf of Mexico meant it was
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
