• 2 minutes Oil prices going down
  • 11 minutes China & India in talks to form anti-OPEC
  • 16 minutes When will oil demand start declining due to EVs?
  • 5 mins Oil prices going down
  • 15 hours We Need A Lasting Solution To The Lies Told By Big Oil and API
  • 15 hours Another WTH? Example of Cheap Renewables
  • 3 days Bullish and bearish outlook for oil
  • 3 hours What If Canada Had Wind and Not Oilsands?
  • 2 days Trump Hits China With Tariffs On $50 Billion Of Goods
  • 2 days When will oil demand start declining due to EVs?
  • 15 hours The Wonderful U.S. Oil Trade Deficit with Canada
  • 2 days Russia's Rosneft 'Comfortable' With $70-$80 Oil Ahead of OPEC Talks
  • 3 days Rolls Royce shedding 4,600 jobs
  • 8 hours China & India in talks to form anti-OPEC
  • 3 hours Australia mulls LNG import
  • 8 hours No LNG Pipelines? Let the Trucks Roll In
  • 14 hours The Permian Mystery
  • 1 day Gazprom Exports to EU Hit Record
  • 3 days OPEC soap opera daily update
Alt Text

Iranian Oil Production Could Be About To Plunge

American, European and even Indian…

Alt Text

Shale Drillers’ $7 Billion Hedging Error

The rebound in oil prices…

Alt Text

The Bullish And Bearish Case For Oil

All eyes in the oil…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Mexico’s Pemex Boasts 6 New Offshore Oil Discoveries

Offshore rig

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:




Back to homepage

Trending Discussions


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




Oilprice - The No. 1 Source for Oil & Energy News