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| Mexico |
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| Mexico has potential oil reserves of 53.8 billion barrels |
| By Efe December 11, 2007 02:03:00 AM |
| | Mexico has potential oil reserves of some 53.8 billion barrels, with most of that petroleum located in the deepwater Gulf of Mexico, but it will have to invest about $14.5 billion annually to exploit the hydrocarbons, the Energy Secretariat said.
Mexico is facing the depletion of its oil fields and the issue of energy reform has divided political leaders, with some calling for opening the industry to private investment while others urge that the state remain in control.
During a presentation on the prospects for the crude, natural gas, electricity, oil derivatives and petrochemicals industries, Energy Secretary Georgina Kessel said officials were looking at two scenarios for the energy sector.
Under the first option, without energy industry reforms, there would be low production, with output falling from the current 3.25 million barrels per day (bpd) to 2.1 million bpd by 2016.
The Energy Secretariat estimates that investment under this scenario would be some 100 billion pesos (about $9.26 billion) annually for scarcely 68 projects.
The best option, according to Kessel, is energy industry reform that leads to expanded exploration, development of oil fields that have already been found and the drilling of exploratory wells.
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LatinPetroleum.com, www.latinpetroleum.com, Mexico news, 11.December.2007, Source: Efe |
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