“Mexico Oil Privatization Pays Off With Billion-Barrel Find”

warrs up with that? ^ | July 12, 2017 | David Middleton

[Ernest_at_the_Beach]

• Block among first awarded for private exploration in Mexico
• Premier Oil shares jump as much as 38% on Zama-1 well success

Mexico’s decision to allow private companies to explore for oil and gas started to pay off after the discovery of at least a billion barrels in a new offshore field.

A consortium of Premier Oil Plc, Sierra Oil & Gas S de RL de CVand Talos Energy LLC made the discovery in the shallow waters of the southern Gulf of Mexico just two years after winning the exploration license. It’s the first new find by a private company in the country in almost 80 years, according to consultant Wood Mackenzie Ltd., possible only after the government ended the monopoly of state-run Petroleos Mexicanos.

The Zama discovery “is the most important achievement so far of Mexico’s energy reform,” Pablo Medina, the senior upstream analyst for Latin America at Wood Mackenzie, said by email. “It is one of the 15 largest shallow-water fields discovered globally in the past 20 years.”

[…]

Bloomberg

Wrong, Bucko!

[morphing libertarian]

wall money

[Ernest_at_the_Beach]

Video of Obama with his proclamation ....should precede the Wrong Bucko statement!

Obama in 2012: "We can't just drill our way to lower gas prices"

[Ernest_at_the_Beach]

See #3.

[Fungi]

The world is floating on oil, even the Mexicans can find it.

[MadMax, the Grinning Reaper]

Where did they find the gas, in Taco Bay?

[Ernest_at_the_Beach]

LOL!

[MadMax, the Grinning Reaper]

Next gas/oil find, “Burritto Bay”, Mexico.

[Cowboy Bob]

As part of the renegotiation of NAFTA, the US must demand that Mexico privatize their major industries.

The result will be a booming Mexican economy, with hordes of Mexicans fleeing back to Mexico.

[BullDog108]

Now Mexico will re-nationalize the industry! lol

[Deplorable American1776]

Nice...I wonder if they know how to frack!

[momincombatboots]

Great idea. The socialist regime won’t go for it though.

[E. Pluribus Unum]

How many times have they gone through the nationalization—>privatization—>nationalization—>privatization cycle now?

[yawningotter]

Lots of good jobs for gringos down there. The most important ones will be private security to protect against the cartels

[mad_as_he$$]

Mexico needs a $15/hour minimum wage.

[2001convSVT]

More proof that capitalism works, If you give people the right of ownership people will invest their own money and innovate to be successful.

[RayChuang88]

In fact, PEMEX effectively strangled the Mexican economy to benefit a small group of oligarchs running the country. Now that the Mexican petroleum is being privatized, note the sudden discovery of new oil fields, which could revive the Mexican oil industry to many people's benefit.

Indeed, making Ferromex and TFM available for foreign investment in 1998 turned those two moribund railroads into huge moneymakers. That very success was why Mexico suddenly hosted a lot of new automobile factories.

[Neidermeyer]

YUP , rail is the only safe transport in Mexico ,, trucks are too easy to pick off by banditos...

[Svartalfiar]

Nice...I wonder if they know how to frack!

They don't need to. Most of these fresh, big oilfields use conventional recovery techniques. Horizontal wells and hydraulic fracturing is done in areas where there is less oil, trapped within rock formations. All fracturing does is break apart the rock so the oil can get through to where the drill is.

[TigersEye]

An android laughing hysterically at 0bama is most appropriate.
His buffoonery would make rocks and trees burst out laughing.