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
Mérida attracts Chinese business sector attention
A delegation of the municipal government.
Yucatán national leader in avant garde technological solutions
Scientific staff will learn to market.
Fake photo brings out real issues
Social media users began circulating a.
As he continues leading the polls, AMLO has surrounded himself with mainstream economists
Mexican front runner presidential candidate Andrés.
Rate President Donald Trump’s Job Performance
Newsmax.com, America’s leading independent news service,.
Mérida, among the 10 best cities for doing business: “Entrepeneur”
During the present municipal administration Mérida.
Trump told Shinzo: “I can hand you over ’25 million Mexicans’ to give you a taste of the migration problem”
President Donald Trump reportedly made some.
Mérida breaks ground for the new “Litoteca Nacional de Yucatán”
MÉRIDA, Yuc.- The inauguration ceremony of.
New Companions And Fun Time In Video Chat
If you are willing to find.
The Hermitage of San Dieguito in Tekax
Built 373 years ago, according to.