The President revealed that we have uncovered highly productive fields on both land and in shallow waters, highlighting significant oil potential….reports Asian Lite News
Mexico has enough oil reserves to meet demand for the next 18 years thanks to the oil exploration work spearheaded by his administration, President Andres Manuel Lopez Obrador said.
“I can report that we have sufficient oil reserves for our administration and for the coming three administrations or three six-year terms, we will not suffer from a lack of oil,” he added on Thursday at his usual daily press conference.
“We invested in exploration and we were lucky, we found very good fields on land and in shallow waters, and there is significant oil potential,” the President said as quoted by Xinhua news agency report.
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Since he took office in December 2018, the state-owned oil company Petroleos Mexicanos (Pemex) has seen a reconversion of its business model to depend less on the sale of crude abroad and lean more toward refining, he added.
In 2024, 80 per cent of Pemex’s revenue is expected to derive from the domestic market, mainly from the sale of fuel following a push to modernise the country’s existing refineries and become more fuel self-sufficient, said Lopez Obrador.
“It is a complete change in oil policy,” he added.
Remarkable finish for US oil & gas sector
The US has produced more oil and natural gas than ever before even as government planners were trying a tectonic shift to other alternative greener sources of energy to adhere to the climate change protocol’s deadlines.
As shale wells showed a major uptick in per-well recoveries, the US is now producing more oil per day than any single nation has ever achieved.
“The fact that this has all been accomplished despite a domestic rig count that dropped by well over 20 per cent during the year,” according to Enverus.
Enverus is a single source platform for management, development and acquisition, within the entire energy value chain.
This makes it one of the most remarkable outcomes in the industry’s long history, media reports said.
“This outcome becomes even more remarkable as it comes amid a presidential administration (Joe Biden) whose leaders repeatedly stress their desire to end the industry within a decade to serve as a reminder of the industry’s extraordinary resilience,” an Oil & Gas expert wrote in Forbes.
As early as March 2021, the Forbes analyst noted: “The history of the oil and gas business in the US is that every time the ‘experts’ all line up to declare it to be dead, it finds a way to come roaring back.”
The analyst predicted that the drilling bonanza such as the one the US witnessed during the early days of the Eagle Ford Shale and the Permian Basin boom would continue its juggernaut despite the Covid-19 march.
Instead, it turned out to be a more stable period of rising production created by adoption of new technologies, process efficiencies, economies of scale, and strong financial discipline.
Some 33 months after the initial surge of Covid-19, the industry’s setting new production records and its corporate sector performance is remarkable way ahead of any other section in the financial markets.
It has boosted the oil and gas sector futures in the commodities markets strongly, experts opined.
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