El Universal "Large oil reserves found"

[GRClarkesq]

BY NOÉ CRUZ SERRANO/EL UNIVERSAL
August 30, 2004

Three years of exploration has enabled Pemex to map oilfields that the state-owned oil monopoly believes will more than double the nation's known crude oil reserves.

Luis Ramírez Corzo, Pemex's director for exploration, told EL UNIVERSAL that on a "conservative" estimate, almost 54 billion barrels lie underneath the oilfields. That would take Mexico's reserves to 102 billion barrels, more than the United Arab Emirates (which has reserves of 97.8 billion barrels), Kuwait (94 billion) and Iran (89.7 billion), and almost as much as Iraq (112.5 billion).

The official also said the discovery could enable Pemex to increase Mexico's oil production from the current level of 4 million barrels per day (bpd) to 7 million bpd.

Saudi Arabia currently produces 7.5 million bpd, while Russia's oil output is 7.4 million bpd.

http://www.el-universal.com.mx/pls/impreso/noticia.html?id_nota=6110&tabla=miami

[Inland]

1. By coincidence, WMDs are now known to be in Mexico

[NNadir]

2. Bummer

[BJ]

3. So, will Vincente Fox bail out Dubya?

Mexico is not, last time I knew, an OPEC member. Of is it?

[hatrack]

4. Yes, and the Caspian Basin holds 600 bbl . . .

Right, we'll see how this plays out.

[Terry in Austin]

12. Caspian Basin on hold, apparently

The Energy Information Agency (EIA) had predicted that the Caspian region would contain in excess of 200 billion barrels of oil, but a PetroStrategies study published in July, 2002 stated that the region contains only 39.4 billion barrels of proven oil reserves.

According to a From the Wilderness article that included interviews with petro-guru Colin Campbell, talk about the Caspian and proposed pipeline seemed to peter out not long after that.

(I'm still getting the hang of embedded links on this board. Here they are by themselves, just in case)

PetroStrategies Study: www.gasandoil.com/goc/news/ntc22663.htm
FTW piece: www.fromthewilderness.com/free/ww3/120502_caspian.html

[peacetalksforall]

5. And if we don't get rid of the cabal, U.S. citizens will be racing

across the border in a south direction.


Who's going to be the first to go to Mexico to help them cope with the masses of immigrants?

Venezuela = oil = U.S. tries to takeover by subterfuge.

Cuba = oil = U.S. moving towards takeover (under the cabal).

Haiti = there must be oil off shore.

Mexico = oil = beware compadres!

[GRClarkesq]

6. Cuba has oil?

I thought Cuba imported oil from Venezuela.

[Massacure]

7. Spain just did some surveying for Cuba, IIRC

I'm not sure what the results were though.

[fedsron2us]

8. It is deep sea oil

so it is not going to be cheap to extract it.

[NNadir]

9. The last time Mexico announced a major discovery of natural resources,

we occupied their entire country, dismembering it, and taking half for ourselves.

US Grant wrote thusly of that adventure in 1846 when the gold wasn't black but golden:

"For myself, I was bitterly opposed to the measure, and to this day regard the war which resulted as one of the most unjust ever waged by a stronger against a weaker nation..."

[hatrack]

10. Besides, 54 bbl is not all that big, anyway

It's two Prudhoe Bays and change. Prudhoe Bay (discovery date 1969) didn't change any price structures, and total oil demand, along with the world's economy, was far lower in aggregate back then.

[Boomer]

11. They're going to need that oil revenue...

to pay for the soldiers to fight off the U.S.

I suspect my cousins in Mexico City are not eager to become American subjects.

[NNadir]

14. I thought you were going to say...

...they're going to need that oil revenue to help deport undocumented American refugees from the Bush administration.

I would have fought that suggestion on the grounds that Bush will not be elected President and that President Kerry will manage, with our own hard work and help, turn the country around.

[fedsron2us]

13. Washington Post article doubts claims

<snip..>

Industry analysts cautioned that the figures were based on scientific estimates, not actual drilling. They said the findings, if proven, would be encouraging news in a country that produces about 3.3 million barrels of oil per day and is among the top three suppliers to the United States.

"No one has doubted that Mexico had tremendous potential, but until the drill bit goes out there, no one can go to the bank with this and comparisons with countries like Iraq are premature," said George Baker, director of Mexico Energy Intelligence, an industry newsletter based in Houston.

Joseph P. Riva, who previously studied U.S. offshore reserves for the National Academy of Sciences and wrote a book about world petroleum resources and reserves, said that the reserve estimates seemed inflated. He said Mexico would be "lucky" if it hit 20 billion barrels of crude equivalent, rather than the 54 billion Pemex officials are estimating in seven newly identified areas.

"I think this is blown up rather significantly," Riva said.

more....

http://www.washingtonpost.com/wp-dyn/articles/A47535-2004Aug30.html

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