Posted on 07/16/2017 10:11:12 PM PDT by Ernest_at_the_Beach
Mexicos 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. Its 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 Mexicos 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.
[ ]
Mexico has already nationalized (i.e. stolen) their oil industry once. Why anyone would actually invest more in that turd-world hell hole is beyond me.
Does this mean that there won’t be long lines at the Pee-Mex stations anymore?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.