Pemex: Reserves overestimated cut by 1/2

[4dsc]

Oh this is a really bad sign here. Remember ALL major oil producing countries raised their estimates in the 1990's without any confirmation process!! Expect to see more countries doing this..

http://www.energybulletin.net/5438.html

According to a new study published on Sunday by state oil monopoly Petroleos Mexicanos, the potential for oil exploration in the Gulf of Mexico has been greatly overestimated.

Petroleos Mexicanos, or Pemex, revealed that terrain in waters deeper than 3,000 meters in the Gulf of Mexico an area known as the Abyssal Plain were "not suitable for oil exploration." The statement represents a serious setback for future drilling in the area, and, according to petroleum analysts, jeopardizes any possible collaborations with foreign investors.

Guillermo Pérez Cruz, head of Pemex's Special Unit for Deep Water Oil Exploration, said the new report reduced previous oil estimates in the zone by 53 percent.

Pemex had initially earmarked a possible 54 billion barrels of oil that could be drilled from the area. With that figure now cut in half, Pérez Cruz says, exploration becomes economically unviable.

[frictionlessO]

1. No way!!!

This is gonna be biting us real bad and soon if any other Oilcorps take similar steps...