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Mexico Makes Biggest Oil Find in a Decade

Foxnews Latino -- State-owned oil giant Petroleos Mexicanos, or Pemex, said it found reserves of up to 500 million barrels of crude in southern Mexico, a discovery that President Felipe Calderon hailed as the "biggest find" of petroleum on land in the past decade.

The Navegante 1 field is about 20 kilometers (12 miles) from Villahermosa, the capital of the southern state of Tabasco, and yielded light crude at a depth of 6,800 meters (22,295 feet), Pemex officials told Efe.

Initial estimates are that the field contains 500 million proven, possible and probable (3P) barrels of petroleum, but new test wells are planned and could boost reserve estimates to up to 1 billion barrels, Pemex said.

Calderon, who is less than a week away from handing over power to President-elect Enrique Peña Nieto, announ


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Submitted Nov 27, 2012 By: MidNJ
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REPLIES (newest first) Post a Reply
honda0105
Champion Author Tallahassee

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Message Posted: Nov 30, 2012 5:55:56 AM

viro: you said it before I could.
virostek
Veteran Author Virginia

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Message Posted: Nov 29, 2012 1:00:33 PM

So are the drug cartels diversifying?
MAC48
Champion Author Dallas

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Message Posted: Nov 28, 2012 9:59:26 AM

This is definitely good news for the citizens of Mexico especially those in Southern Mexico and for all of the people in North America. One certainly hopes that this newly discovered crude oil field is developed with a long term view in control to maximize the economic benefits to Mexico over the longest term practical.

Perhaps the time is right to form the North American Petroleum Exporting Countries (NAPEC) organization as a counter weight to OPEC on the world scene.
DanMtz
Champion Author Oakland

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Message Posted: Nov 28, 2012 9:53:53 AM

Peak Oil? I doubt it...
BEGTWO
Champion Author Maryland

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Message Posted: Nov 28, 2012 8:44:55 AM

COOL!!!
Canucktree
Champion Author Alberta

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Message Posted: Nov 28, 2012 7:51:35 AM

So lets all look for new news.
virostek
Veteran Author Virginia

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Message Posted: Nov 28, 2012 7:22:22 AM

So are the drug cartels diversifying?
jethro5000
Champion Author Kentucky

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Message Posted: Nov 28, 2012 6:51:54 AM

??????
gbs1
Champion Author Minnesota

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Message Posted: Nov 27, 2012 9:59:28 PM

Good news for Mexico to offset their declining production
NHLiveFree
Champion Author New Hampshire

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Message Posted: Nov 27, 2012 6:11:07 PM


How wonderful for Mexico's 1%ers!

True MidNJ that it is a mere drop in the bucket relative to U.S. oil consumption. Hardly tomok.
MidNJ
Champion Author New Jersey

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Message Posted: Nov 27, 2012 5:39:30 PM

500 million barrels may seem like a lot, but the USA uses 15 to 18 million barrels of oil each day.

Even using the 15 million barrel a day figure that means this amount of oil will give the USA just a 33 day of oil supply. (500 divided by 15 = 33.3)
GatorGuy
Champion Author Columbia

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Message Posted: Nov 27, 2012 2:23:57 PM

It's about time we invaded Mexico, don't you think?
dbellie
Champion Author Twin Cities

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Message Posted: Nov 27, 2012 1:59:57 PM

I though the world was coming to an end, soon
tomok
Champion Author Portland

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Message Posted: Nov 27, 2012 1:09:59 PM

Mexico Makes Biggest Oil Find in a Decade, so much for that 'Peak Oil' thing. There is oil all over this world, find it, get it out of the ground and get it to market. And the price of fuel at the pump keeps going up and up!
Whatever the size or shape of the vehicle, vehicle manufactures Produce and the population ‘Drives’ vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money.
The price of fuel at the pump is too high!
XII/XXII/MMXII!
BigKart
Champion Author Indianapolis

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Message Posted: Nov 27, 2012 11:57:08 AM

Great. Something else for the drug dealers to fight over... don't expect the standard of living to increase.
doctorindyj
Champion Author Santa Fe

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Message Posted: Nov 27, 2012 11:36:34 AM

Good for the Mexican government not so good for the Mexican people.
zimowski
Champion Author San Jose

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Message Posted: Nov 27, 2012 11:33:52 AM

Good news for Mexico and North American energy independence.
joebobdiddly
Champion Author California

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Message Posted: Nov 27, 2012 11:20:13 AM

There's no shortage of oil, despite the doomsayers
Utrix
Champion Author Lansing

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Message Posted: Nov 27, 2012 10:59:50 AM

Now mexico can;

1. pay back the $10 billion The U.S.A. gave them for oil exploration!

2. pay back the $40 trillion The U.S.A. gave them for the war on drugs! or was it used for the production of drugs?

3. pay back the $30 trillion The U.S.A. gave them for sending their citizens to The U.S.A. to collect government assistance or take low paying jobs and send half the money back to mexico.
Mariuxus
Champion Author Chicago

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Message Posted: Nov 27, 2012 10:58:42 AM

ok...and how about us...
Catfish93001
Champion Author Ventura

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Message Posted: Nov 27, 2012 10:20:26 AM

Good for somebody, but probably not the general population of Mexico.
fora_7
Champion Author Montreal

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Message Posted: Nov 27, 2012 10:12:01 AM

That could be a good news
itzagasgasgas1
Champion Author Cincinnati

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Message Posted: Nov 27, 2012 10:00:47 AM

They should take the crude and boil the drug dealers in oil.
BillHeatherL
Champion Author Alberta

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Message Posted: Nov 27, 2012 9:53:10 AM

good for them
JaegerWMeister
Champion Author Twin Cities

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Message Posted: Nov 27, 2012 9:51:38 AM

A stronger economy in Mexico, if it happens from this, has potentual
99church
Champion Author Indiana

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Message Posted: Nov 27, 2012 9:50:18 AM

Good for Them
stickyvalves
Champion Author Iowa

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Message Posted: Nov 27, 2012 9:49:40 AM

We will stand around and watch.
speedys
Champion Author Utah

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Message Posted: Nov 27, 2012 9:49:33 AM

Proven, possible and probable. that covers it all.
HyundaiOne
Rookie Author Maryland

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Message Posted: Nov 27, 2012 9:48:38 AM

That's great news.
eaglev
Champion Author Oklahoma City

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Message Posted: Nov 27, 2012 9:47:55 AM

We have so much oil under Federal land that this story should be written about the US
dad2two
Champion Author Dallas

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Message Posted: Nov 27, 2012 9:46:54 AM

Good for Mexico.
Kaiyne
Champion Author Chicago

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Message Posted: Nov 27, 2012 9:46:35 AM

We should Mexico our 51st state!
rocknvox
Champion Author Bakersfield

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Message Posted: Nov 27, 2012 9:46:11 AM

they will just be hiding the drugs and illegals inside the tankers as they come across the border.
CapriceWagon
Champion Author Washington

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Message Posted: Nov 27, 2012 9:45:49 AM

Very nice, very nice
TRAIN RIDER
Champion Author San Bernardino

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Message Posted: Nov 27, 2012 9:45:16 AM

They need to use it to help their people and not their pockets.
snappytom2
Champion Author Corpus Christi

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Message Posted: Nov 27, 2012 9:45:08 AM

So?
olefin
Champion Author Arkansas

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Message Posted: Nov 27, 2012 9:41:06 AM

Great, maybe that will keep some of the illegals out of our country!
Cellsite
Champion Author Appleton

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Message Posted: Nov 27, 2012 9:40:37 AM

Good.
w4kh
Champion Author Tennessee

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Message Posted: Nov 27, 2012 9:40:10 AM

If only Mexico could export only its oil and not the thugs and drugs that seem to flood the Southwestern boarders, we could be a tad happier about them finding more oil. Perhaps this find will mean more jobs and more people will have reason to stay in Mexico.
2008JeepX
Veteran Author Newfoundland

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Message Posted: Nov 27, 2012 9:39:48 AM

maybe this might lessen the need for Arab Oil!
gasmeup52
Champion Author Missouri

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Message Posted: Nov 27, 2012 9:39:06 AM

Lucky them.
tstoney
Champion Author Ogden

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Message Posted: Nov 27, 2012 9:38:34 AM

but everybody else is doing it, why can't we?
HoosierDaddyKY
Champion Author Kentucky

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Message Posted: Nov 27, 2012 9:37:32 AM

Well...
7SPEEDY7
Champion Author Flint

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Message Posted: Nov 27, 2012 9:37:17 AM

WOW!
roadrunnerMO
Champion Author Kansas

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Message Posted: Nov 27, 2012 9:37:16 AM

Great for jobs in Mexico. Go get em and leave U.S. for those who really love our country and want to be committed as citizens.
Kato51
Champion Author Atlanta

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Message Posted: Nov 27, 2012 9:36:45 AM

Good for them. When are we going to report some positive news?
Rick01
Champion Author Utah

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Message Posted: Nov 27, 2012 9:36:37 AM

Good.
noonedwagfan
Champion Author Dayton

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Message Posted: Nov 27, 2012 9:36:17 AM

Need to form a "American Oil Alliance"!!
vcsuksu21
Champion Author Virginia

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Message Posted: Nov 27, 2012 9:36:05 AM

good they can cook more meth for the US
mswillia
Champion Author Milwaukee

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Message Posted: Nov 27, 2012 9:35:40 AM

good to have neighbors
CC55
Champion Author Georgia

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Message Posted: Nov 27, 2012 9:35:39 AM

How many weeks of oil is that for the world to use maybe 2-3 the we burn through it!!!!
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