Author Topic: Down 10%, Mexico Oil Reserves Gone in 9 Years Without New Finds  (Read 1295 times)

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Offline thackney

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Down 10%, Mexico Oil Reserves Gone in 9 Years Without New Finds
https://www.bloomberg.com/news/articles/2017-03-31/down-10-mexico-oil-reserves-gone-in-9-years-without-new-finds
March 31, 2017

Mexico’s existing oil reserves are dwindling so fast the country could go dry within nine years without new discoveries.

That’s the message from the National Hydrocarbons Commission, which said Friday that the reserves fell 10.6 percent to 9.16 billion barrels in 2016, from 10.24 billion barrels a year earlier. Once the world’s third largest crude producer, Mexico’s proven reserves have declined 34 percent since 2013.

The decline in proven reserves is driven by record-low drilling activity the last three years, according to CNH Commissioner Hector Acosta. State-owned producer Petroleos Mexicanos drilled 21 wells last year, a record low, after averaging 31 per year since 2010.

"If there isn’t drilling, it is going to be difficult to incorporate new finds," Acosta said. "The production figures and indicators that we are observing, tell us that there are flaws in the drilling activities being carried out by Pemex."

The diminished production comes from a combination of reduced investment and the continued maturation of fields, said Cesar Alejandro Mar, Adjunct Director of Reserves. He set 8.9 years as a time frame for the reserves to run out if no new exploration occurs.

Pemex, meanwhile, said in an e-mailed statement that it added 684 million barrels of probable crude to the reserves last year, and “will continue working to increase reserves and restitution rates to higher levels."

Mexico ended Pemex’s production monopoly in 2013 to let private operators develop oil in the country for the first time since the 1930s. Production is set to fall below 2 million daily barrels this year, the lowest levels since 1980, Pemex has said. Overall, crude production has declined every year since 2004....
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Offline thackney

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Re: Down 10%, Mexico Oil Reserves Gone in 9 Years Without New Finds
« Reply #1 on: April 05, 2017, 05:08:01 pm »
https://www.eia.gov/beta/international/analysis.cfm?iso=MEX

Reserves

According to the Oil & Gas Journal (OGJ), Mexico had 9.7 billion barrels of proved oil reserves as of the end of 2015.9 Most reserves consist of heavy crude oil varieties, with the largest concentration occurring offshore of the southern part of the country, particularly the Campeche Basin. There are also sizable reserves in onshore basins in the northern parts of Mexico.

Exploration and production

Most of Mexico’s oil production occurs off the eastern coast of the Bay of Campeche in the Gulf of Mexico, near the states of Veracruz, Tabasco, and Campeche. The two main production centers in the area are Cantarell and Ku-Maloob-Zaap (KMZ). In total, approximately 1.7 million b/d—or three-quarters—of Mexico’s crude oil is produced offshore in the Bay of Campeche. Because of the concentration of Mexico’s oil production offshore, tropical storms or hurricanes passing through the area can disrupt oil operations.

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Offline Joe Wooten

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Re: Down 10%, Mexico Oil Reserves Gone in 9 Years Without New Finds
« Reply #2 on: April 05, 2017, 09:55:29 pm »
As long as the deeply corrupt PEMEX owns ALL the oil in Mexico, reserves will fall. I bet they are ot even doing secondary or tertiary recovery projects on the existing fields either.

Offline thackney

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Re: Down 10%, Mexico Oil Reserves Gone in 9 Years Without New Finds
« Reply #3 on: April 06, 2017, 11:53:33 am »
As long as the deeply corrupt PEMEX owns ALL the oil in Mexico, reserves will fall. I bet they are ot even doing secondary or tertiary recovery projects on the existing fields either.

Meteoric History Of Cantarell Field Continues For Pemex
http://www.epmag.com/meteoric-history-cantarell-field-continues-pemex-792716#p=full
Scott Weeden, Senior Editor, Drilling Friday, May 1, 2015

...There are four fields that comprise the Cantarell complex...

...Production from the field has been anything but steady. Declines in production have been followed by injections of capital to increase the daily output. In 1981 the field was producing 1.16 MMbbl/d. However, the production rate dropped to 1 MMbbl/d in 1995.

A nitrogen injection project began in 2000, increasing production from 1.6 MMbbl/d to 1.9 MMbbl/d in 2002, rising to its peak in 2004 of 2.1 MMbbl/d. However, production rates could not be maintained and began to decline rapidly in the second half of the decade. By 2010 production had plummeted by 74% to 558,000 bbl/d....

...n July 2014 Pemex announced plans to spend $6 billion by 2017 to maintain current levels of production and keep the production level at around 325,000 bbl/d. The company expects to recoup its investment over the next 10 years. The tertiary recovery project is targeting an additional 100,000 bbl/d from the Akal Field.

In May 2014 output from the Akal Field was about 189,000 bbl/d. The EOR project is expected to keep the field’s production between 180,000 bbl/d and 200,000 bbl/d for the next decade....

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Pemex advances Cantarell EOR megaproject
http://www.ogj.com/articles/print/volume-96/issue-36/in-this-issue/drilling/pemex-advances-cantarell-eor-megaproject.html
09/07/1998
« Last Edit: April 06, 2017, 11:55:57 am by thackney »
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Offline IsailedawayfromFR

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Re: Down 10%, Mexico Oil Reserves Gone in 9 Years Without New Finds
« Reply #4 on: April 06, 2017, 06:14:36 pm »
Guess we won't be reading these headlines in the future for either Mexico or Venezuela.

http://www.nytimes.com/1998/03/23/business/3-big-oil-nations-join-to-announce-a-production-cut.html

I particularly point out that the unconventionals successes have prove the lies  espoused by the

Quote
In their statement yesterday, the oil ministers of Saudi Arabia, Venezuela and Mexico alluded to this economic pain, saying, ''It is feared that such a drop in oil prices could lead to a reduction in the investments needed to secure international supplies, which would destabilize the world economy in the medium term.''
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Offline Joe Wooten

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Re: Down 10%, Mexico Oil Reserves Gone in 9 Years Without New Finds
« Reply #5 on: April 07, 2017, 07:23:48 pm »
Guess we won't be reading these headlines in the future for either Mexico or Venezuela.

http://www.nytimes.com/1998/03/23/business/3-big-oil-nations-join-to-announce-a-production-cut.html

I particularly point out that the unconventionals successes have prove the lies  espoused by the

What they are really saying is that no one will be giving them money, instead they will be investing their capital in places (like the USA) where it can get a better, safer return instead of letting it get stolen by a kleptocracy.

Offline Joe Wooten

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Re: Down 10%, Mexico Oil Reserves Gone in 9 Years Without New Finds
« Reply #6 on: April 07, 2017, 07:27:18 pm »
Meteoric History Of Cantarell Field Continues For Pemex
http://www.epmag.com/meteoric-history-cantarell-field-continues-pemex-792716#p=full
Scott Weeden, Senior Editor, Drilling Friday, May 1, 2015

...There are four fields that comprise the Cantarell complex...

...Production from the field has been anything but steady. Declines in production have been followed by injections of capital to increase the daily output. In 1981 the field was producing 1.16 MMbbl/d. However, the production rate dropped to 1 MMbbl/d in 1995.

A nitrogen injection project began in 2000, increasing production from 1.6 MMbbl/d to 1.9 MMbbl/d in 2002, rising to its peak in 2004 of 2.1 MMbbl/d. However, production rates could not be maintained and began to decline rapidly in the second half of the decade. By 2010 production had plummeted by 74% to 558,000 bbl/d....

...n July 2014 Pemex announced plans to spend $6 billion by 2017 to maintain current levels of production and keep the production level at around 325,000 bbl/d. The company expects to recoup its investment over the next 10 years. The tertiary recovery project is targeting an additional 100,000 bbl/d from the Akal Field.

In May 2014 output from the Akal Field was about 189,000 bbl/d. The EOR project is expected to keep the field’s production between 180,000 bbl/d and 200,000 bbl/d for the next decade....

- - - - - - -

Pemex advances Cantarell EOR megaproject
http://www.ogj.com/articles/print/volume-96/issue-36/in-this-issue/drilling/pemex-advances-cantarell-eor-megaproject.html
09/07/1998

It takes a lot of work and technical expertise to keep secondary and tertiary recovery projects running. Simply stating they have put money into it is meaningless when it comes to Mexico. How much of that money is simply being stolen by the "project managers" and union bosses and how much is actually spent on equipment, maintenance, and supplies?

Offline Frank Cannon

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Re: Down 10%, Mexico Oil Reserves Gone in 9 Years Without New Finds
« Reply #7 on: April 07, 2017, 07:29:38 pm »
This is terrible news. How are they going to lubricate their ox cart wheels now?

« Last Edit: April 07, 2017, 07:29:57 pm by Frank Cannon »