Mexico makes large offshore oil find

August 30th, 2012 - 12:10 pm ICT by IANS  

Mexico City, Aug 30 (IANS/EFE) Mexican state-owned oil giant Petroleos Mexicanos, or Pemex, has made a large deep-water light crude discovery in the Gulf of Mexico off the coast of the northeastern state of Tamaulipas, President Felipe Calderon said Wednesday.

Calderon did not quantify how much the Trion 1 exploration well might produce but Pemex sources say they expect to certify 350 million barrels of crude from the find and that total reserves at deposits in Mexico’s Perdido Fold Belt - where the discovery was made - could amount to as much as 10 billion barrels.

The oil discovery - which was made with the Bicentenario rig and is the first in Mexico’s deep-water region - is an “important achievement” that “further strengthens” Pemex, Calderon said in a ceremony at the Los Pinos presidential residence.

“It is moreover estimated that this deposit could belong to one of the most important deep-water zones in the Gulf of Mexico. That entire zone, this oil system (Perdido), could have the potential to produce … from 4-10 billion barrels of crude oil,” the president said.

Pemex, the world’s fourth-largest crude producer at 2.5 million barrels per day, is one of the few oil firms worldwide that handles all aspects of the productive chain, from exploration to distribution and the marketing of end products.

–IANS/EFE
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