Pemex may struggle with deepwater drilling

Dallas Morning News ^ | 11/2/2004 | Brendan M. Case

[4.1O dana super trac pak]

MEXICO CITY - Amid rising concern over world energy supplies, a new problem may be sneaking up on the United States from the South.

Fot three decades, Mexico's state-owned oil monopoly has reaped the easy money, skimming the cream off fabulous deposits and becoming a top U.S. crude supplier.

Now, with the low-hanging fruit mostly picked, Petroleos Mexicanos, or Pemex, must decide where to drill next.

The logical place: the deep waters of the Gulf of Mexico. Oilmen are already teeming on the U.S. side of the maritime border. But Pemex largely lacks the money and know-how to do the job, and Mexico sharply restricts private investment in oil and gas.

[Flashman_at_the_charge]

I say slant drill it all out from Southern Cali.

[E. Pluribus Unum]

But Pemex largely lacks the money and know-how to do the job, and Mexico sharply restricts private investment in oil and gas.

No problemo.

Just invite the big oil companies in, let them drill a bunch of offshore wells, then nationalize them.

It's not like Mexico doesn't know how to do that or anything.

[rodguy911]

It's Mexico, as usual we will have to carry their

ass and spell all the words, twice.

[tjg]

Pemex couldn't poke a hole in the ground with a sharp stick and a hammer. No way they will do deep drilling, and no way any sane drilling company will do it without getting the money up front.

[jrewingjr]

They should sell leases to Ewing Oil. I promise to cheat them as much as possible and make big donations to the GOP.

[B4Ranch]

ping

[TexasCowboy]

Thanks, B4!

Before any US oil company ventures into any foreign venture, they look very closely at the political scene to determine if they can get their money back before they're kicked out.
They looked at Mexico a long time ago.

This is exactly like stem cell research. If there were money to be made, private investment dollars would be rolling in, and government assistance would not be needed.
It's simply not as promising as the liberals would have us believe.

In the case of Mexico, it's always been a one way street.
They want our help, as with NAFTA, but we don't get the benefits of helping.

I can assure you that without American technology and know-how, Mexico will never develop their deep water prospects.
I can also assure you, that with our present attitude toward Mexico, we can expect some of our tax dollars to go toward that end under the guise of promoting a secure energy supply.

[TexasCowboy]

As a caveat to this, it's not so much that Mexico restricts private investment.
Everyone from the janitor at the Pemex office to the chairman of the board have their hands out for a kickback.
Oil companies operate in this environment in every Third World country, but Mexico prospects evidently are not that promising.

[B4Ranch]

I'm sure someday we'll figure out just who to pay and how much. Then Mexico can become the nation that everyone thinks it should be.

Somehow I don't think the illegals will be wanting to go back there though!

[TexasCowboy]

Anyone can get anything done in Mexico if they grease the right palms with the right amount of money - the same as in any Third World country.

Hell, Vincent Foxe would sell you the whole damn country if the price was right!
If you gave him what it was worth, he could buy thirty feet of beach in Wakiki, sit on his scrawny butt and eat fiddler crabs for the rest of his miserable life!