Word: pemex
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Dates: during 1970-1979
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...fact, Mexico plans to reduce its sales to the U.S., which now buys 85% of Pemex's imported crude, to 60% or less?even though the U.S. can offer a higher price for Mexican oil because shipping costs to American ports are lower than to more distant destinations...
...gigantic Reforma oil and gas field, Mexico has turned up one immense deposit of petroleum after another. In his state of the union address in early September, López Portillo boasted that Mexico now had proven combined reserves of 45 billion bbl. of oil and gas. Officials of Pemex, the national oil com pany, predict that as many as 200 billion bbl. of crude may eventually be uncovered...
...sale of 300 million cu. ft. of gas daily at an initial price of $3.63 per 1,000 cu. ft. The gas involved amounts to less than 1% of total U.S. consumption and is far under the 2.2 billion-cu.-ft.-per-day deal envisaged in July 1977 when Pemex, the Mexican state oil company, signed a letter of intent with six American pipeline companies...
...first began spewing into the Gulf on June 3, when an exploratory well drilled by Pemex, Mexico's national oil company, blew out of control in the Bay of Campeche, some 500 miles south of the Texas coast. Efforts to cap the gusher by pumping chemicals and steel balls into the well throttled the flow from 4,500 tons a day to 3,000 tons, but failed to stop it. An oil slick 60 to 70 miles long gradually formed around the well and started to creep northward. Part of the slick was turned back off Tampico, Mexico...
...bright side, the size of the latest blowout implies a major new find by Pemex. Director General Jorge Diaz Serrano estimates that the immediate area contains as much as 800 million bbl. of top-quality lightweight crude and "will considerably increase Mexico's oil reserves." Before this strike, the country's proven reserves of oil and gas stood at the equivalent of 40 billion bbl., well above those of both Venezuela and Nigeria but still far below Saudi Arabia's 160 billion bbl. Though Mexico is not a member of OPEC, it took a page from...