Dire Mexican oil prediction bogus?
Perhaps you've run across posts on message boards in recent days about how Mexico's state oil company Pemex is projecting it may run out reserves in just seven years from now. Now as much as this reinforces our own Peak Oil outlook here at the DR, I think this specific report is at least questionable, and maybe even bogus.
When I first heard about it on a radio program over the weekend, I thought this was news that not only flew in under the radar, it very nearly crash-landed in the forest without making a sound, so little-reported it was:
Petroleos Mexicanos (PEMEX) announced that oil reserves may run out in seven years.
"Supplies of this economically exploitable resource are running out," informed a report sent by the state owned company to the United States stock market.
Even if heavy investments were made now, new oil fields would take from six to eight years to be ready and, consequently, Mexico may have to import oil to satisfy the internal market, it warned.
The director of the state owned company, Jesus Reyes, insisted that these are difficult moments due to a reduction of production in Cantareli, the main oil field in the country.
This has been repeated uncricitically everywhere from Peak Oil sites to Free Republic to Democratic Underground. But please note the source of this report — Presna Latina. That's the Cuban state-owned news agency, folks. Not exactly a reliable source. And try as I might, I can't find this anywhere else.
Yes, it's true that sometimes you run across stories that make you say "Holy s*@%," and they're not widely reported, and you start to wonder if the story's being suppressed. But until I see someone else pick up on this one, I'm not convinced it's for real.