Mexico Business & Finance News

Puerto Vallarta • Riviera Nayarit 

  News &
Issues &
Business &
Health &
Lifestyle &
Travel &
Science &

Private Companies Discover Large Shallow-Water Oil Reserves Off Mexico’s Gulf Coast

The American Interest
go to original
July 12, 2017

Consortium strikes oil in Mexico: 'We expect it to be a profitable venture' (Sky News)

Update: Mexico Delays Next Oil Auction, Letting Huge New Find Sink In (World Oil)

An international consortium of oil companies has struck oil in shallow waters off the coast of Mexico in what could be one of the five largest discoveries in the past five years, and among the top fifteen in the last two decades. The find could be good for 1.4 to 2 billion barrels of light crude.

“What really makes this unique is that this is truly an exploration project,” Tim Duncan, president and chief executive of Talos, the block’s operator, told the Financial Times. It was what the industry terms a “wild cat” drill — in an area that had never before been explored. The nearest well drilled was 20km away and had come up dry. […]

Zama is twice as big as Trion, a deepwater field in the north of the Gulf that BHP Billiton partnered with Pemex to develop, in the first joint venture in the Mexican company’s 79-year history.

Investment in Trion is estimated at more than $11bn, and Zama is expected to cost “a fraction” of that because it is in easier-to-access shallow waters. “It’s a win-win to have something this big,” said Mr Duncan. Once the block enters production, the government will take a 68.99 per cent share of the profit from each barrel produced.

This is a big win for Mexico, which two years ago decided to allow private companies to participate in energy projects. If this find turns out to be as significant as early indicators seem to have it, expect even more international companies to get interested.

Read the rest at The American Interest

Related: Billion-Barrel Mexico Find Could Spur Oil Majors to Rush In (Bloomberg)

Related: Oil Discoveries Suggest Mexico’s Bet to Open Energy Sector Is Paying Off (The New York Times)

Related: Mexican Tycoon Carlos Slim's Oil & Gas Company Wins Its First Onshore Oil and Gas Tender (Forbes)

We invite you to add your charity or supporting organizations' news stories and coming events to PVAngels so we can share them with the world. Do it now!

CHARITY ALERT Vallarta Botanical Garden Needs Your Help

TripAdvisor singled out the Botanical Garden for removal and placed us on our own page in Cabo Corrientes.

Please write and ask TripAdvisor why all other Cabo Corrientes attractions are still on the Puerto Vallarta page while only the Garden was removed.

Click here to see all the details

Meet the Charities

Community Services


Animals & Wildlife

Health Care

Youth & Family


Culture & Recreation

Special Interests

How You Can Help

Use Your Powers for Good

Add Your Favorite Charity

Save a Life - Give Blood


Partners for Change

Meet the Partners

Become a Partner for Change

Stay Connected

Find PVAngels on Facebook Follow PVAngels on Twitter Sign up PVAngels Newsletter RSS Feeds on PVAngels


About PVAngels

Add Your Charity

Add Your News & Events

Locate Yourself on Our Maps

Jobs - Join PVAngels Team

About Puerto Vallarta

Puerto Vallarta Local News

Local Event Calendar

Puerto Vallarta Videos

Puerto Vallarta Photos

Historic Puerto Vallarta

Local Area Maps

Important Phone Numbers

Craig's List in Puerto Vallarta

News Around Mexico

Mexico Issues & Opinions

Mexico Business News

Mexico Evironmental News

Lifestyle & Entertainment

Mexico Travel & Outdoors

Science & Technology News

Mexico News & Travel Videos

FAIR USE NOTICE: This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance a more in-depth understanding of critical issues facing the world. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 USC Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information click here. If you wish to use copyrighted material from this site for purposes that go beyond 'fair use', you must obtain permission from the copyright owner.

m3 • local actions from global awareness