<Polar ice capThe Oil DrumAnyone for insurance?>

52 comments on IEA Monthly Report

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BOP on March 14, 2006 - 3:54pm Permalink | Subthread | Comments top
New Mexican offshore field rumoured to be larger than Cantarell:

http://www.eluniversal.com.mx/miami/17376.html

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HKThom on March 14, 2006 - 4:24pm Permalink | Subthread | Parent | Comments top
Well, that is great and all, though the location details seem quite difficult. And of course even if it is another Cantrarell, and we ignore the details about production ups and downs, that is a total of 120 or so days of world production. Don't think we are out of the woods yet.
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Cherenkov on March 14, 2006 - 5:38pm Permalink | Subthread | Parent | Comments top
We will never get out of the woods.

The oil fairy is not coming.

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Madman on March 14, 2006 - 7:49pm Permalink | Subthread | Parent | Comments top
Sourpuss
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Twilight on March 14, 2006 - 10:52pm Permalink | Subthread | Parent | Comments top
OK, that was funny (in a dark sort of way).
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Don Sailorman on March 15, 2006 - 10:37am Permalink | Subthread | Parent | Comments top
Indeed, the wicked witch wants to trap Hansel and Gretel with the house of sweets, but enterprising Gretel pushes the evil one into her own oven to cook, and in a happy ending the two hungry children find their way out of the dark woods to their grieving father--who had agreed with the wicked stepmother to abandon them to starvation.

There is much to be learned from fairy tails. Gretel is one of my heroes, and Hansel was not a quitter either.

I find it hard to forgive their father, however, for agreeing to abandon his children, but the stepmother's reasoning was rigorous: It is better for some to starve than all to starve.

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deepblade on March 14, 2006 - 6:16pm Permalink | Subthread | Parent | Comments top
Take a look at the context:
The fastest way for Pemex to get the oil out would be by forming alliances with companies that have the deep-water technology. However, current laws forbid private companies from exploration and production activities in Mexico except when they are under contract to Pemex.

Energy Secretary Fernando Canales told Dow Jones Newswires the ban on Pemex forming alliances for deep-water drilling would slow down the process of developing the reserves, but won't keep Pemex from getting at the oil.

"We don't need just one, but many wells," Canales said.

He declined to give further details of the new oil find.

The Fox administration has been attempting to ease foreign investment restrictions in the state-run energy sector. But all his initiatives have been blocked by the opposition-dominated Congress.


Hmmmm, the size of the ``find'' sounds like dreaming. But the tantilization may clear out opposition to neoliberal policy.
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wkwillis on March 15, 2006 - 12:19pm Permalink | Subthread | Parent | Comments top
That's quite easy to fix. You don't even have to change the no foreign companies policy. Since rigs are back ordered several years, you can hire the people with the skills and get them up and running long before you get the rigs built and in place. It's going to be a while before you even know what's there, let alone need to plan the development.
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SaturnV on March 14, 2006 - 7:29pm Permalink | Subthread | Parent | Comments top
Apparently this find is 4950 metres below sea level.  Isn't this near the level (5000m?) where oil cracks into natural gas?  At a shade less than this wouldn't all this stuff just be so much greasy gas?  Besides at what rates of flow could Pemex hope to extract the deposit?  Isn't that also an important question to ask?  What are the typical extraction rates for fields of this depth elsewhere?
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