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137 billion pesos (US$13 billion, euro10.5 billion) on oil exploration, extraction and production this year - but its outdated infrastructure system remains a serious liability, a presidential spokesman said Friday.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 and production at Pemex said this week production reached 3.4 million barrels a day of crude between April and June.
Pemex is one of the world’s biggest oil producers and a top supplier of crude to the United States.
The oil monopoly gives about two-thirds of its revenue to the Mexican government to cover taxes and royalties, an arrangement that often leads the company to report net losses. But high crude prices bolstered Pemex’s second-quarter results, even as the company’s production levels held steady and exports declined to 1.8 million barrels a day, a 3 percent drop compared to the same period last year.
More: forbes.com
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oil monopoly will spend more than $13 billion, on oil exploration, extraction and production this year -- but its outdated infrastructure system remains a serious liability, a presidential spokesman said Friday.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
Agnico-Eagle positioned for expansion in Mexico and Quebec after strong Q2
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Were in the early stages of our growth story, CEO Sean Boyd said in a conference call Thursday.
That growth story is backed up by record earnings and cash flows coming out of LaRonde (a major Quebec gold mine) in the first half of 2006.
Boyd said Agnico is spending much of its $35-million budget in a large property package in
Gulfsands Announces Offshore Discovery in the Gulf of Mexico
Exploration Discovery and Drilling Update for the Gulf of Mexico Gulfsands participated at a 12.5% working interest in an exploration well on Eugene Island 58. This well has been drilled to a total measured depth of 11,655 feet and the wireline logs of the well indicated the presence of hydrocarbons within several zones with approximately 170 feet of potential net pay.
This well tested natural gas at a rate of 8.2 million cubic feet per day and 134 barrels of condensate per day. Production casing has been set and completion operations
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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
Tropical storm Jose, the 10th of the season, dumped heavy rain on eastern Mexico on Tuesday but was downgraded to a depression as it moved over the central highlands.
Mexico withdrew storm warnings along its Gulf Coast as Jose weakened after hitting the coast of Veracruz state, some distance from its main oil ports.
Emergency services feared Jose could trigger landslides in the mountains and cause lowland flooding.
"Heavy rain will increase the chance of mudslides in mountain areas, raise river levels and some floods in low-altitude zones of Veracruz and Puebla," Mexico's civil protection agency said in a statement.
The
Newfield Reports on Resumption of Gulf of Mexico Production Following '05 Storms
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David A. Trice, Newfield Chairman, President and CEO, commented: "Recovery from Hurricane Rita has been much slower than we originally projected with most of the
(BW) Anadarko Announces Another Deepwater Gulf of Mexico Discovery
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Operated by Chevron, the Big Foot discovery well is in approximately 5,000 feet of water and was drilled to a total depth of 25,127 feet. Chevron reported that the well encountered as much as 300 feet or more of net oil pay. A sidetrack well has begun drilling to delineate the
Gulf of Mexico's depths beckon
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Thanks to its ability to perform successfully in waters as deep as 10,000 feet, or about 3,000 meters, the Deepwater Millennium is considered the Cadillac of oil and gas exploration, allowing companies to find energy resources in remote or ultra-deep locations that were, until recently, considered out of reach.
But even as oil companies push farther out
Almaden Minerals Ltd.: Campanario Project, Mexico Optioned to Consolidated Spire Ventures
Almaden Minerals Ltd. (Almaden) (TSX:AMM) is pleased to announce that it has optioned it's 100% owned Campanario property, located in Oaxaca State, to Consolidated Spire Ventures Ltd. ("Spire") under terms whereby Spire can earn a 60% interest in the property from Almaden through exploration spending and share issuances to Almaden. The Campanario property was identified and acquired entirely by staking during a reconnaissance program carried out by Almaden in 2004. The claim staked by Almaden covers a roughly 10,003 hectare area, free of any other mineral title.
To date only a
Mexico's Slim Urges Spending Up to $2 Bln on Mexico City Water
Mexico's Carlos Slim, Latin America's wealthiest businessman, said he's pushing for a combination of government and private investment to spend as much as $2 billion to ease Mexico City's water shortage.
Slim has a three-point plan to increase the supply of water in the Valley of Mexico by fixing leaky water pipelines, capturing rainwater in reservoirs and building water treatment plants, he said following an event on improving Mexico City's downtown area.
``This is where it makes sense for private investment to support these projects so they're not limited
