Pemex makes light crude find in southern Mexico

The Mexican national oil company, Pemex, has announced the discovery of a light crude deposit in the southern Mexican state of Tabasco.

The discovery was made at a depth of 6 km in the Navegante-1 well and is believed to hold 500 million bbls. Pemex has revealed plans to expand exploration south of the well to capitalise on the find with an aim to double reserves in the region. In a statement released by the Mexican Government, President Felipe Calderon said, “Pemex has steered itself toward investments in exploration, and it’s showing results … This is one of the biggest discoveries in the last 10 years, particularly onshore.”

Earlier this year, Pemex found 200 million bbls of light oil in the Trion-1 well in the Gulf of Mexico and 125 million bbls in the Supremus-1 well.

Pemex has invested approximately US$ 10 billion since 2009 in an attempt to reverse the gradual decline of Mexico’s oil output – the country’s oil production peaked at 3.4 million bpd in 2004. Despite the decline, Mexico remains the world’s seventh largest producer of oil.

Edited from various sources by David Bizley

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