Don’t worry, just a little bump - $70 is just around the corner. Short traders just keep making those margin calls, mortgage the house if you have to. Fortunes await you! PO is for pansies and doomers. At $70 short some more ..... it is going back to $22 .... the world is awash with oil ........ reality has nothing to do with it, its all in those charts!!!!!!!!!!
Posted: Tue Mar 20, 2007 12:59 pm Post subject: Concern in Mexico about Limited Oil Reserves
Mexico, Mar 19 (Prensa Latina) The official announcement that Mexico has proved oil reserves for only 9.3 years has raised concern in this country, which must take urgent measures to guarantee the wellbeing of future generations.
According to Mexican President Felipe Calderon, urgent measures must be taken to restore the current reserves of hydrocarbons, whose end has already been predicted.
On Sunday, on the celebration of the 69th anniversary of the state-owned company Petroleos Mexicanos (PEMEX), Calderon said that if actions were not taken timely, the country would go from an exporter to an importer of oil and byproducts.
Concerned about Mexico´s having oil reserves for about nine years, the president urged everyone involved in the problem, including Congress, to find unbiased solutions.
In that regard, Calderon called to invest in exploration projects to guarantee production of that nonrenewable resource for the current and future generations. We cannot evade that responsibility, he stressed.
Posted: Tue Mar 20, 2007 1:32 pm Post subject: Re: Pemex Oil, Gas Reserves Drop By Half Since 2002
Newsseeker wrote:
My guess is that knowing the level of corruption and graft in Mexico the money was completely wasted or embezzled. It would take some big dollars to offset a 50% decline in 5 years. I guess when the cliff comes, the cliff comes.
Posted: Tue Mar 20, 2007 2:29 pm Post subject: Re: Concern in Mexico about Limited Oil Reserves
Yes they are caught between a rock and a hard place. The Mexican part of the GOM is very underexplored, especially in the deep and ultra-deep water. No doubt significant reserve additions could come from these areas but it requires a tremendous investment in exploration which Pemex cannot possibly fund from cashflow. The only solution to my mind is for the Mexican gov't to open up the oil industry to foreign participation. Of course this is just something that won't fly with the average Mexican citizen, probably until such time as petrol is costing them much more than it is today.
Posted: Tue Mar 20, 2007 2:54 pm Post subject: Re: Mexico: Pemex and Cantarell News And Discussion Thread
I am not sure if DantesPeak already posted this info earlier, but here it is:
Coatzacoalcos area is the future deep sea region of Mexico's GoM.
This is where they hope to find their next 10 billion barrels.
President Vincent Fox stood on top of the Noxal 1 well to announce the discovery of 10Billion barrels last year. Noxal 1 turns out to be a deep NG discovery with 245 Bcf reserve estimate. The well tested in a lower Pliocene interval of 2000+m. Major production from this region is forecast for after 2014.
The next well they are drilling is the Lakach 1. First of 7 wells they have planned. They are trying to secure resources to do drilling. (Good luck with current shortage of rigs.)
The previous two wells drilled have been one heavy oil discovery and one dry well.
Posted: Tue Mar 20, 2007 3:08 pm Post subject: Re: Concern in Mexico about Limited Oil Reserves
Ache wrote:
Concerned about Mexico´s having oil reserves for about nine years, the president urged everyone involved in the problem, including Congress, to find unbiased solutions.
well cutting off the US would push that number up to 15 years.
What are the odds of that happening _________________ Angry yet?
Posted: Tue Mar 20, 2007 3:50 pm Post subject: Re: Pemex Oil, Gas Reserves Drop By Half Since 2002
Eli wrote:
Their are many signs already that the US is aware of what is going to happen to Mexico and the US as far as policy goes seems to desire open boarders as a solution. The interesting thing as this policy is held by both the Republicans and the dems.
Joined: Feb 09, 2006 Posts: 392 Location: Venezuela
Posted: Tue Mar 20, 2007 4:57 pm Post subject: Re: Pemex Oil, Gas Reserves Drop By Half Since 2002
Twilight wrote:
Eli wrote:
Their are many signs already that the US is aware of what is going to happen to Mexico and the US as far as policy goes seems to desire open boarders as a solution. The interesting thing as this policy is held by both the Republicans and the dems.
I never understood this, Mexican oil production drops, government goes bankrupt, northern border gets... opened? How does this address the problem? Wouldn't the US have an even bigger one?
I thought he just spoke at the May first rally, apparently he shows up for every one near DC. Note the part where he says.. "You're the people that will get me reelected." What a dirt bag.
I'd link to a video of Bush saying that "These are good (cheap labor) people". But you can just watch TV and see that every week so I won't.
What will this come too? _________________ -Dac
Winners never quit and quiters never win, but those that never win and never quit are idiots.
Joined: May 06, 2006 Posts: 821 Location: Tustin, CA
Posted: Tue Mar 20, 2007 8:02 pm Post subject: Re: Pemex Oil, Gas Reserves Drop By Half Since 2002
topcat wrote:
So, Mexico supplies 30% of our oil imports;
Why don't we just invade and annex Mexico?
That would reduce our imports by 30% automatically. Think about it, much shorter supply chain for the forces, warmer winter fighting, not much of force to contend with, and 25% of the Mexicans are already here.
We already did this once before 159 years ago, it was called the "Mexican War of 1848". We (America) captured Mexico City, and then forced the sale of the territories of Northern Mexico; we now call California, Arizona, New Mexico, and Colorado. We usurped it from Mexico in the same way they and Spanish Empire before them had usurped it from Native American Tribes (and for those believers in the Mythology of "Atzlan", no they weren't Aztecs).
I believe we are currently in the process of reversing this historical foot note with the flood of Mexican nationals (and not to pick on them, from everywhere) who cross our near non existent boarder daily in droves. I’m old enough to remember California before this started, and I can tell you it’s like day and night. L.A. has become for all intents and purposes a third world country in the last 30 years.
I currently plan on leaving this state for the Mid West or possible Tennessee as soon as I am eligible to retire from my company or the SHTF first. I have to agree with James Kunstler in his book “The Long Emergency”, you are seeing the first vocal sentiments of the mythology called Atzlan (basically that the western U.S. is the ancestral home of the Aztecs) among Latinos in the west. Which I believe will come to a head here in 10 years or less.
Adios California! I loved you much, but it’s no future place for this White Boy. _________________ Skeptical scrutiny in both Science and Religion is the means by which deep thoughts are winnowed from deep nonsense-Carl Sagan
Joined: Dec 07, 2005 Posts: 1717 Location: Australia
Posted: Wed Mar 21, 2007 4:55 am Post subject: Re: Concern in Mexico about Limited Oil Reserves
Quote:
urgent measures must be taken to restore the current reserves of hydrocarbons
I like this.
Sound so obvious that they can go ahead and restore what's gone.
{merged by Shannymara} _________________ Lets take a ride, and run with the dogs tonight
In suburbia
You cant hide, run with the dogs tonight
In suburbia
- Pet Shop Boys
Posted: Wed Mar 21, 2007 6:36 am Post subject: Re: Pemex Oil, Gas Reserves Drop By Half Since 2002
without lowrider cars what will they do?
A whole culture built on vapor. I wouldn't wan't to be on the other side of the grapevine when the pumps run dry, that would be it. _________________ ___________________________
WHEN THE BLIND LEAD THE BLIND...GET OUT OF THE WAY!
Using evil to further good makes one evil
Doubt everything but the TRUTH
This posted information is not permissible to be used
by anyone who has ever met a lawyer
Posted: Wed Mar 21, 2007 7:10 am Post subject: Re: Pemex Oil, Gas Reserves Drop By Half Since 2002
Maybe this is why the huge detention centers are being built for unwanted new arrivals AFTER Pemex truly bottoms out and the Mexican government is forced to beg amidst the squalor it has become.
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