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Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (10292)	4/17/2010 10:33:23 AM
From: Wharf Rat	Read Replies (1) \| Respond to of 24213

A Trio of Oil Field Disappointments? Neptune, Chicontepec & what about Thunder Horse The Neptune Field, deepwater GOM, went from a peak production rate of about 50,000 bpd to around 16,000 bpd in a matter of a few months last year, reportedly because of rapidly rising water cuts. Down below is an updated report on Chicontepec, in Mexico. And then we have the recurring questions about exactly what is going on with Thunder Horse, also in the deepwater GOM. I am aware of reports of rising water cuts (from a "source"), but so far I have seen any actual Thunder Horse production data. BP's recent decision to shut-in about half the wells certainly looks suspicious (they are blaming equipment problems). And in any case, it appears that MMS data show about a 250,000 bpd drop in total GOM crude production from 9/09 to 12/09. calgaryherald.com. Auditors urge Mexico to slash oil estimate MEXICO CITY - Auditors have urged Mexico to slash its broadest oil and gas estimate at a flagship project, two officials briefed on the matter said this week, the latest blow to the country’s embattled oil industry. The auditors recommended that state oil monopoly Pemex cut more than 7.5 billion barrels of oil equivalent at the Chicontepec onshore oil project in Mexico, which the country was betting on to save tumbling production. . . Analysts say Mexico could be reduced to a net oil importer by 2015, given current trends of falling crude oil exports and rising imports of gasoline and other refined products. . . Chicontepec pumped just over 29,000 barrels per day of oil at the end of 2009, less than half of what Pemex forecast at the start of the year. The company scaled back this year’s goal for the project to producing an average of 48,000 bpd, down from its previous target of 176,000 bpd. If we look at what these fields were projected to be producing--somewhere around a total combined rate of close to 500,000 bpd, versus what they are actually producing, perhaps as low as the 120,000 bpd range (depending on what is actually happening at Thunder Horse), we are seeing a huge gap between projections and reality. Makes one wonder how common this is worldwide. westexas on April 17, 2010 - 9:22am theoildrum.com