Mexico

The director of exploration and production (E&P) for Mexico’s state-run oil monopoly Petroleos Mexicanos (Pemex) said the company is stepping up its spending to increase its proven reserves replacement from the current 15% a year to 77% by 2010.

Enbridge Inc. said that affiliate Enbridge (Offshore) Gas Transmission LLC has acquired the remaining 20% interest in Garden Banks Gas Pipeline LLC, located in the Gulf of Mexico, from Amerada Hess Corp. Financial details were not disclosed. Enbridge acquired 80% of Garden Banks when it purchased Shell Gas Transmission LLC for $613 million in January. The pipeline extends 50 miles from Garden Banks Block 128 to South Marsh Island Block 76 offshore Louisiana and interconnects with four interstate pipelines to move natural gas onshore. The 30-inch diameter Garden Banks pipeline has a capacity of 1 Bcf/d and transports production originating from the Auger platform in Garden Banks Block 426, the Enchilada platform in Garden Banks Block 128, and the Baldpate platform in Garden Banks Block 260.

XTO Energy Inc. said Thursday that it has traded producing properties, located primarily in Texas and New Mexico, with ConocoPhillips. Production volumes exchanged are estimated at 1,800 boe/d.

Enbridge Inc. said Monday that affiliate Enbridge (Offshore) Gas Transmission LLC has acquired the remaining 20% interest in Garden Banks Gas Pipeline LLC, located in the Gulf of Mexico, from Amerada Hess Corp. Financial details were not disclosed.

The United States, Canada and Mexico will have to work cooperatively to gain access to the world’s supplies of liquefied natural gas (LNG) to satisfy the growing gas demand in North America, President Bush said Wednesday.

The Minerals Management Service (MMS) said it sold 485,400 MMBtu/d of gas through its Gulf of Mexico royalty-in-kind (RIK) program in a competitive auction. The gas was produced from federal leases in the Gulf and was sold to 13 companies during the spring RIK gas sale that was concluded March 10.

The United States, Canada and Mexico will have to work cooperatively to gain access to the world’s supplies of liquefied natural gas (LNG) to satisfy the growing gas demand in North America, President Bush said Wednesday.

The Minerals Management Service (MMS) said it sold 485,400 MMBtu/d of gas through its Gulf of Mexico royalty-in-kind (RIK) program in a competitive auction. The gas was produced from federal leases in the Gulf and was sold to 13 companies during the spring RIK gas sale that was concluded March 10.

The Mineral Management Service (MMS) said Wednesday’s Central and Eastern Gulf of Mexico lease sales yielded more than $546 million in total bids. Record crude oil prices and high natural gas prices led to robust bidding in the two sales, which together could include more than 3.6 Tcf of recoverable natural gas and up to 739 million bbl of recoverable oil, the agency said.