• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 10 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 days Does Toyota Know Something That We Don’t?
  • 2 days America should go after China but it should be done in a wise way.
  • 7 days World could get rid of Putin and Russia but nobody is bold enough
  • 9 days China is using Chinese Names of Cities on their Border with Russia.
  • 11 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 11 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 11 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 10 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 10 days Putin and Xi Bet on the Global South
  • 11 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
Exxon’s Guyana Oil Drilling Plans Anger Venezuela

Exxon’s Guyana Oil Drilling Plans Anger Venezuela

ExxonMobil’s drilling plans offshore Guyana…

Will OPEC Increase Production?

Will OPEC Increase Production?

Even though the IEA cut…

Canada Oil Faces Fresh Pipeline Shortage

Canada Oil Faces Fresh Pipeline Shortage

Canadian oil production could hit…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Mexico’s Pemex Boasts 6 New Offshore Oil Discoveries

Mexico’s state-owned oil and gas company Pemex announced the discovery of six new oil deposits in the Gulf of Mexico, four of them in shallow waters, and two in deep water. The company will start drilling exploratory wells at the sites of the discoveries next year, aiming for a total of 30.

A company spokesperson said the discoveries were made a few months ago, but were only announced after the reserves were estimated and the commercial viability of the discoveries was confirmed. The combined reserves of the two deepwater discoveries have been estimated at 140-160 million barrels of oil equivalent (proven, probable, and possible, or 3P).

The 3P reserves at one of the shallow-water discoveries were estimated at 50-60 million barrels. According to the company, the two wells drilled at the deepwater fields could deliver 15,000 bpd when production starts.

Pemex has been in urgent need of some good news in the discovery department for a while now, with its production in decline for over ten years, expecting in 2017 to hit the lowest level since 1980, at 1.9 million barrels per day. The decline has been the result of spending cuts prompted by the oil price slump that started in 2014.

Mexico’s government has also been making spending cuts, and Pemex has been hit with a US$5.4-billion reduction in funding from the federal government for 2017, representing an 18-percent cut from what the company had originally hoped to get from the authorities. This came in addition to a US$5.5-billion budget cut made by Pemex earlier this year, including a suspension of deepwater projects in the Gulf of Mexico.

In addition to a lower federal government funding contribution, Pemex has been plagued by growing competition, with Mexico initiating a reform back in 2013 aimed at breaking the monopoly of the state-owned company on the local market.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Philip Branton on September 15 2016 said:
    Irina,

    Yep, ......and dare to wonder when the info about Cuba's reserves will make it to press..?

    Keep digging Irina....
  • mmf on September 20 2016 said:
    3P is NOT reserves. 1P is reserves - oil and gas in place that can be technically recovered. probable and possible are resources, subject to technology and price.

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News