Pemex Says It Found up to 350 MMbbs of Oil Reserves in Gulf

July 2015, Vol.242, No. 7

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 MMbbls 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 bpd and 170 MMcf 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 MMbpd in the first four months of 2015.

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