Mexico's state-owned oil and gas company Petróleos Mexicanos (Pemex), announced that it had discovered about 180 million barrels of oil offshore that could boost the country’s oil output, which has been in decline since 2004.
The finding consists of seven deposits in shallow waters of the Southeast Basins, which were found in the Manik well, roughly 52 miles offshore in the Gulf of Mexico, and the Mulach well, about 11 miles offshore.
Pemex CEO Carlos Treviño said in a statement that the reserves are proven, probable, and possible, or 3P, meaning there's a high degree of certainty that the oil can be extracted.
These new discoveries in shallow waters are added to four more fields, Xikin, Esah, Kinbe and Koban, in the process of delimitation and in transition to the production phase, discovered in recent years.
“The six fields reviewed today have the potential to contribute up to 210,000 barrels per day of oil and 350 million cubic feet of gas to the production of Pemex by the second half of 2020,” Treviño said.
The first field to add barrels would be Xikin, discovered three years ago, where early production is expected in 2019. The Esah field would follow in the first quarter of 2020.
At the press conference, Secretary of Energy Joaquin Coldwell added that Pemex will need between US$ 7 billion and US$ 10 billion in capital, including investments in oil rigs and pipelines, to develop the newly announced discovery and others found nearby in recent years.