Mexican state oil giant Pemex has discovered new shallow water oil fields in the southern Gulf of Mexico, and could contribute 200,000 barrels per day to production fairly quickly, the company said on Wednesday.
The total proven, probable and possible reserves of the fields could be as high as 350 million barrels of crude-oil equivalent, Pemex CEO Emilio Lozoya told an oil conference in Guadalajara, dubbing it a recent find of great magnitude.
“It’s a recent achievement and one of great magnitude,” Lozoya said.
The find could deliver a boost to government revenues, which relies on Pemex to provide about a third of the federal budget.
Pemex said in a statement the finds were its biggest exploration success in the last five years after the discoveries in Tsimin-Xux and Ayatsil, also in the southern Gulf, near the coast of Campeche.
The new finds were also expected to generate production of 170 million cubic feet of gas per day.
Output at Pemex has fallen from a peak of 3.4 million bpd in 2004 to less than 2.4 million bpd today.
Following a reform to end the company’s oil and gas monopoly, Pemex also faces the prospect of tough competition from oil majors and other private companies coming to Mexico.
more recommended stories
Yucatán beekeepers to receive more and better support from state government
The Yucatan state government and apicultural.
AMLO orders end to corporate tax breaks in Mexico
MEXICO CITY, May 20 (Reuters) –.
Climate change improves production of habanero pepper in Yucatán
“Facing the climate change that prevails.
Google suspends business with Huawei after Trump blacklist
Alphabet Inc’s Google has suspended business.
On World Bee Day, actions are needed to Save the Bees
The United Nations designated May 20.
Morehouse College grads are surprised by a billionaire’s promise
Atlanta, GA (CNN) – Morehouse College.
Father of slain pregnant teen blames ‘anti-immigrant laws’ for delay in investigation
The father of a pregnant teenager found.
Trump ‘engaged in impeachable conduct’… GOP Rep. Justin Amash.
Justin Amash is the first GOP.
Los Cabos, Mexico from a tourist point of view (VIDEO)
Laurel and Brandon went on vacation.
Quintana Roo beaches threatened by smelly seaweed invasion
MEXICO CITY (AP) — Tourists looking.