U.S. Headed For Energy Self-Sufficiency – Exxon CEO – Video

Significant Oil Production Growth Expected For 2-3 Years

Exxon Mobil’s CEO Rex Tillerson believes the U.S. will be self sufficient and energy secure by 2020. The country is the largest natural gas producer in the world and is producing oil at rates not seen since the 1980s.

Production of crude oil is expected to continue growing over the next few years and Tillerson thinks it’s “realistic” that the U.S. will be secure in energy by the end of the decade. Watch more below: [Read more…]

PEMEX Shale Play Spending to Grow to $200 Million

Mexico's shale plans can be paced due to cheap supplies in the U.S.
Mexico Eagle Ford Shale Map

EIA Mexico Eagle Ford Shale Map | Click to Enlarge

PEMEX is preparing to spend $200 million researching and testing shale plays in Mexico. The national oil company plans to test two shale plays, with a focus in the Eagle Ford and one other play.

Commissioner Guillermo Dominguez said seismic studies to be carried out are designed to determine whether the rich petroleum deposits found in shale rock formations in the U.S. extend into Mexico. He said one of the two “large blocks” to be studied is an extension of the Eagle Ford shale rock formation that runs from Texas into Mexico. The other site is just down the Gulf of Mexico near Tampico. [Read more…]