Pemex made six light crude-oil discoveries in the Gulf of Mexico

pemex offshoreThe Mexico’s state-owned oil company Pemex made six light crude-oil discoveries in the Gulf of Mexico with total reserves of about 200 million BoE. The new discoveries include two deposits in two deep-water deposits of extra light crude off the coast of Tamaulipas in Perdido Fold Belt at water depth of 3,000 m, containing 140-160 million BoE with estimated production availability of 15,000 bpd. The another four deposits were found at shallow water in southern Gulf of Mexico between the states of Veracruz and Tabasco at water depth of 40 m, containing 50-60 million BoE with estimated production availability of 7,000 bpd.

“The discoveries were made a few months ago, but wanted to quantify the reserves and assess their commercial viability”, said Pemex in official statement. “This find strengthens the strategy of partnerships in Perdido”, added the Mexico’s state-owned oil company.

The newly discovered deep-water deposits are close to the Trion offshore oil field, for which Pemex is seeking partners to develop in a joint venture and will be auctioned in December.

The National Hydrocarbons Commission reported in April 2016, that Mexico’s proven oil reserves fell by 21% in 2015 to 10.24 billion BoE. The new discoveries will add new reserves to the portfolio of the country, but currently is not clear when the development and production will start.

Petróleos Mexicanos, better known as Pemex, is the Mexican state-owned petroleum company of Mexico, created in 1938 by nationalization or expropriation of all private, foreign and domestic companies at that time. Pemex has a total asset worth of 415.75 billion USD, and is the world’s second largest non-publicly listed company by total market value. The drop of oil prices seriously hurt the company, which pushed the government of Mexico to reduce production and export of oil.