Mexicanos

Mexico’s state-owned Petroleos Mexicanos (Pemex) plans to launch three new contracts in the next two months to expand associated natural gas projects in the northeastern Burgos and Sabinas basins, located near the Texas border. The contracts, estimated to be worth $2 billion, would increase Mexico’s gas production by an estimated 200 MMcf/d once they ramp up, Pemex CEO Luis Ramirez Corzo said in a statement.

Petroleos Mexicanos (Pemex), Mexico’s state-owned oil and gas company, is reversing a decline in its natural gas production and by 2010, output is forecast to be around 8 Bcf/d — nearly double what it was three years ago, a company executive said last week.

Petroleos Mexicanos (Pemex), Mexico’s state-owned oil and gas company, has reversed the trend of declining natural gas reserves and by 2010, output will be around 8 Bcf/d — nearly double what it was three years ago, a company executive said Wednesday.

The CEO of Petroleos Mexicanos (Pemex) said the state-run oil company in May will resume offering multiple service contracts (MSCs) to develop Mexico’s natural gas reserves.

The CEO of Petroleos Mexicanos (Pemex) said state-run oil company in May will resume offering multiple service contracts (MSCs) to develop Mexico’s natural gas reserves.

Petroleos Mexicanos (Pemex), Mexico’s state-owned oil company, has begun drilling a deepwater exploration well in the Gulf of Mexico that could hold up to 10 billion boe. The Noxal exploration well, located offshore Veracruz in 3,000 feet of water and 13,000 feet underground, could rival Mexico’s Cantarell field, which now accounts for about 60% of the country’s output, Pemex CEO Luis Ramirez said.

Mexican legislators challenging the multiple service contracts (MSC) enacted by Petroleos Mexicanos (Pemex) two years ago appear to have lost court battles to prevent foreign investment through this type of contract in the country’s natural gas resources. Pemex said Sunday two of the four demands have been resolved in its favor, and two more favorable rulings are expected.

While imports of liquefied natural gas (LNG) into the U.S. in 2004 were nearly three times the volume received five years ago, pipeline imports of Canadian gas continued to be the greatest supply source to meet domestic demand, according to a new report released by the Energy Information Administration (EIA) Wednesday. However, the EIA indicated that LNG, which is growing at a faster clip, could overtake Canadian supplies as the main source of imports in the years ahead.

Mexico’s Petroleos Mexicanos (Pemex) and Brazil’s Petroleo Brasilerio (Petrobras) are said to be close to forming a strategic alliance to share information and technology for deepwater Gulf of Mexico exploration, Mexico’s Reforma said Friday. Under the first phase of the alliance, Petrobras would give Pemex new technology for its fledgling deepwater Gulf of Mexico exploration while Pemex would provide information about its reserves and deposits.