Mexico deep water oil push taps data that solved dinosaur riddle

5/11/12 Reuters

oil wellA long-awaited auction of Mexico’s untapped deep water oil fields on Monday has been fueled by a nearly $3 billion boom in geological data mapping almost inaccessible deposits to open up what the industry sees as the world’s “last great proven frontier.”

The data rush of the past two years by many top geophysical companies has sparked some of the biggest imaging projects ever for technology also used to hunt for the ruins of ancient civilizations and explain the fate of the dinosaurs.

“What they’re doing is literally rewriting the geological model of the Gulf of Mexico,” Juan Carlos Zepeda, head of the national hydrocarbons commission (CNH), Mexico’s oil regulator, said ahead of Monday’s deep water auctions where the likes of Chevron (CVX.N) and BP (BP.L) are expected to participate.

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