Mexico’s state-owned oil giant Petroleos Mexicanos, or Pemex, announced a large deepwater light crude oil discovery in the Gulf of Mexico near the northeastern state of Tamaulipas in the country’s Perdido Fold Belt, according to a report by Fox News published in late August.
“The oil discovery is the first in Mexico’s deepwater region and is an important achievement that further strengthens Pemex, ” stated President Felipe Calderon. “It is moreover estimated that this deposit could belong to one of the most important deepwater zones in the Gulf of Mexico that could have the potential to produce from 4-10 billion barrels of crude oil.”
Pemex is expected to certify the new discovery from the find to give an idea of the actual figure, which is expected to equal nearly one third of Mexico’s current annual petroleum production. The same region has yielded natural gas discoveries over the last decade, but this is the first oil discovery of its kind.
Furthermore, Fox reported that the crude oil found at the new site is of high quality, which means it will be easier to refine and therefore more profitable than other varieties, which make up the bulk of the oil reserves in Mexico real estate. Calderon said the new find proves that “there’s no frontier too far or too deep that we can’t reach.”
Since 2006 when President Calderon’s administration took office, Pemex has more than doubled its investment outlay, which is now higher than 100 percent of its reserve replacement ratio.
According to Pemex CEO Juan Jose Suarez Coppel, it will take between five and six years to begin production of crude oil from the new deepwater site, but underwater robots are already being prepared for the task. He added that the new site is one of the 10 deepest in the Gulf of Mexico and that it lies 25 miles south of Mexico’s maritime boundary and is therefore not shared with any other country.