Mexican oil company Pemex finds biggest oil reserve for years

Mexican state energy giant Pemex announced its biggest exploration success in five years on Thursday - the discovery of new shallow water oil fields that could yield 200,000 barrels per day. The fields were found in four locations in the Gulf of Mexico and production could begin in around 16 months, helping Pemex reverse declining output, said company director Emilio Lozoya. Altogether, the locations off the coast of Tabasco and Campeche states are estimated to contain 350 million barrels of light and heavy crude.

This is great news for Pemex, the industry and our country. It indicates that in a relatively short time, we will already be reversing the (declining) production curve. This is Pemex’s biggest exploration success in five years.

Emilio Lozoya, Pemex company director

The discovery could also produce 170 million cubic feet of gas per day. The find comes a month before Mexico launches the first auction for other shallow water oil fields since it passed a historic reform in 2013 that opens the sector to foreign investors for the first time since 1938. The 14 blocks are all in the Gulf of Mexico and several international energy firms have already lined up to bid for them on July 15.

Business Mexico oil