• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Starvation, horror in Venezuela
  • 4 hours Mike Shellman's musings on "Cartoon of the Week"
  • 14 mins WTI @ 67.50, charts show $62.50 next
  • 2 hours Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 52 mins WTI @ 69.33 headed for $70s - $80s end of August
  • 3 hours Venezuela set to raise gasoline prices to international levels.
  • 3 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 4 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 2 hours Corporations Are Buying More Renewables Than Ever
  • 9 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 17 hours California Solar Mandate Based on False Facts
  • 17 hours Oil prices---Tug of War: Sanctions vs. Trade War
  • 7 hours Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 7 hours Again Google: Brazil May Probe Google Over Its Cell Phone System
Turkey Turmoil Drags Oil Down

Turkey Turmoil Drags Oil Down

While Turkey might not be…

Pemex Announces Another Large Oil Discovery

In the past few months Petroleos Mexicanos (Pemex) has had some success with its oil discoveries, and the latest is in the form of a deposit in the southern state of Tabasco.

The onshore Navegante 1 well holds a potential 500 million barrels of light crude oil at a depth of around 6 kilometres. Production is planned to begin on the new discovery in the next month.

President Felipe Calderon stated that “this is one of the biggest discoveries in the last 10 years, particularly onshore.”

Related Article: Does Oil Determine who Becomes President?

Mexico is the world’s seventh largest oil producer yet its production has declined over the past few years, since reaching its peak production output of 3.4 million barrels a day in 2004. To try and reverse this declining trend Pemex has invested $10 billion since 2009 in exploration activities.

The recent discovery is the third in the past few months, following two offshore fields in the Gulf of Mexico, the 200 million barrel Trion 1 well near to the US border and discovered in August, and the 125 million barrel Supremus 1 well near to the coast of Tamaulipas, discovered in October.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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