Mexico’s State Run Oil Company Unveils Four New Fields

The Mexican state oil company Pemex has announced one of its biggest discoveries in years, unveiling new shallow water oil fields in the southern Gulf of Mexico that it says could produce 200,000 barrels per day by mid-2018.

The total proven, probable and possible reserves of the fields could be as high as 350m barrels of crude-oil equivalent, said Pemex’s chief executive officer, Emilio Lozoya.

The new fields off the coast of Tabasco and Campeche states comprised three of light crude and one of heavy crude, and could start coming onstream in 16 months, Pemex said.

“It’s a recent achievement and one of great magnitude,” Lozoya said.

The fields would take around three years to reach their full 200,000 barrel per day capacity, said Jose Antonio Escalera, director of exploration for Pemex.

Pemex described the finds as its biggest exploration success in the last five years after the discoveries in Tsimin-Xux and Ayatsil, also in the southern Gulf.

Located near the super-giant Cantarell oil field found in the 1970s and Pemex’s most productive current field, Ku Maloob Zaap, the finds could boost revenue for the government, which relies on Pemex income for about a third of the federal budget.

via The Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza