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Mexico

Pemex Finds New Oil Deposits in Gulf of Mexico

The company found a deposit that could produce 15 million barrels of light crude per day

A view of Mexico's national oil company Pemex's refinery in Salamanca, in Guanajuato state, Mexico, Feb. 8, 2016, photo: Reuters/Edgard Garrido
11 months ago

MEXICO CITY – Mexico’s state-owned oil company has discovered six new oil deposits in the Gulf of Mexico.

Petróleos Mexicanos (Pemex) said in a statement Tuesday that the deposits were found in two areas: deep waters off the coast of the northern state of Tamaulipas and shallow waters off the coast of Veracruz and Tabasco states.

The company says a deep well 135 miles (220 kilometers) off the coast of Tamaulipas found a deposit that could produce 15 million barrels of light crude per day and would have a total reserve of oil equivalent of 140 million to 160 million barrels.

The shallow well found light crude and gas reserves totaling 50 million to 60 million barrels.

In April, Mexico’s government announced $4 billion in aid for Pemex, hit by falling oil prices.

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