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MEXICO - Pemex in Deep Water

* MEXICO

Pemex in Deep Water
The government-run firm will extract oil and gas from the Gulf of Mexico in five years

Beginning 2014, Petroleos Mexicanos (Pemex) could begin extracting crude from deep waters in the Gulf of Mexico. A year prior to that, if it can count on the necessary financial resources, it will beging producing gas. According to the government-run company, to date, it has 11 wells in deep waters at its disposal which have been determined viable. The first tendering for exploiting these fields in the Gulf of Mexico will take place during the first quarter of 2010. Production expectations are "modest": 40,000 barrels of crude per day and about 400 million cubic feet of gas.
Oct-16-2009 06:10pm