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Monday, 01 December, 2008, 23:10 GMT | more >>

Deep water beckoning for Pemex



By Upstream staff 

Mexico's ruling conservative party will soon unveil an energy reform proposal geared toward allowing state-run giant Pemex to develop crude deposits in the deep-water Gulf of Mexico, Senator Ruben Camarillo said.

The bill would be separate measure from possible reform bills that could come from President Felipe Calderon or from the Senate energy committee, Camarillo told El Universal newspaper in an interview published today.

Pemex wants to develop potentially massive deep-water fields to compensate for a decline in its giant but aging Cantarell oil field.

However, the company lacks the technology and know-how to produce in deep waters, and analysts claim Mexican laws block private companies from working with Pemex in the area.

"The reform we are proposing will see how we resolve problems in the sector and how to access a new generation of deposits at depths of 2000 and 2500 metres," said Camarillo, a secretary on the Senate energy committee.

"If later on the president presents a bill, we will look at it to see what can be done (with it), though we are both on the same page" on the issues, Reuters quoted him as saying.

Some opposition lawmakers in recent weeks have ruled out legal changes that analysts say are necessary to allow Pemex to get at deep-water fields.

Firmness by the opposition on the issue would be enough to sink any deep-water proposal because Calderon's party lacks a majority in Congress.


Thursday, 06 March, 2008, 15:16 GMT  | last updated: Thursday, 06 March, 2008, 15:16 GMT

Taking the plunge: Mexican state-run giant Pemex
 

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