Pemex to Invest $470M in Oil Technology

Thursday, November 08, 2007
Mexico plans to invest $470m in technological development to aid its oil and gas search over the next five years, state-owned energy company Pemex said recently according to a Reuters report. Pemex, which has proven oil reserves to last about nine years, will reportedly put up most of the money, along with funding from state universities and the country's Petroleum Institute. Much of Mexico's possible reserves that could yield decades more oil are deep beneath the Gulf of Mexico. Pemex reportedly has a $12.5b budget for production and exploration this year. Pemex, which by law is the only company allowed to produce or explore for oil and gas in Mexico, has noncommercial cooperation agreements with Petrobras and other companies that seek to share technological know-how and experience. [Source: Reuters]
Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Seadrill Hopes to See Market Turn in 2017

Offshore rig driller Seadrill is facing another two years in the doldrums but hopes the international rig market could turn around in 2017.   Rig rates have more

Eni Arctic Service Rig Extension Okayed

Italian oil company Eni has received permission from Norway's Petroleum Safety Authority to extend the use of a service rig on its troubled Arctic Goliat oil field offshore Norway until Nov.

Oil Spill Statfjord North Sea Field - Statoil

Loading of tankers suspended, unclear when it will resume. Oil spilled into the North Sea during the loading of a tanker at Norway's Statfjord field on Thursday, operator Statoil said.

Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0880 sec (11 req/sec)