Word: chicontepec
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Interest in Mexico's energy wealth reached fever pitch last month, when Pemex, the government monopoly, revealed the latest strike in the Chicontepec field near the Gulf Coast city of Tampico. Pemex Chief Jorge Diaz Serrano estimated that the field would double the country's potential reserves of oil and gas to more than 200 billion...
...Nigeria, though far smaller than Saudi Arabia's 160 billion bbl. The official reckoning of the much less certain probable reserves, which might be retrieved from fields already discovered but not fully explored or developed, is about 37 billion bbl. Potential reserve estimates, like those used for the Chicontepec field, cover all the oil that might be in the field whether or not it is recoverable...
...latest strikes were made near the Gulf Coast city of Tampico in the Chicontepec field, where Mexican oil was first found around the turn of the century. The newly discovered oil, which is located below tight, nonporous rock formations, will be difficult to bring to the surface, requiring 16,000 wells to be drilled over a period of perhaps 13 years. While the Mexicans do not belong to OPEC, they are able to exact a high price ($13.10 per bbl.) for the oil that they sell, most of which goes to the U.S.; naturally they plan to step up production...
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