Mexico’s Lopez, Fox Clash on Energy Policy Ahead of Elections

Andres Lopez Obrador, Mexico’s leading presidential candidate, said he plans to build refineries and petrochemical plants to eliminate imports and reduce energy prices for consumers.

..Lopez Obrador plans to forgo drilling for oil in deep waters and maintain current levels of crude production from land and shallow-water reserves, his economic adviser said on March 9.

Mexico is sinking its third exploratory well, called Noxal, in 950 meters of water and has drilled down 3,000 meters in the sea bed, nearing a goal of 4,000 meters. Pemex needs seven more exploratory wells to determine the dimensions of its first deep water field, which could contain 10 billion barrels of oil, Ramirez Corzo, who has run Pemex since November 2004, said.

Bloomberg