Mexico says it found offshore oil and gas reserves in Gulf

Associated Press

Mexico says it found offshore oil and gas reserves in Gulf

MEXICO CITY (AP) — Mexico's state-owned oil company says it found four shallow-water offshore oil and gas fields in the Gulf of Mexico with total possible reserves of 350 million barrels of crude equivalent.

The Pemex company did not say how much of that total were proven or probable reserves.

Pemex said Wednesday the fields should be brought into production in about 16 months and supply about 200,000 barrels per day of oil and 170 million cubic feet of gas.

The fields are in areas off the coast of the states of Campeche and Tabasco. They are among the three most important discoveries in the last five years.

Mexico's crude production has been steadily declining, to an average of about 2.28 million barrels per day in the first four months of 2015.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs