Pemex Discovers Six New Oil Fields in the Gulf of Mexico

Published at 09:42AM - 14/09/16

The Mexican state-owned oil and gas company Pemex announced it has discovered six new light oil fields in the Gulf of Mexico which could significantly boost the company’s reserves.

The discoveries, which include two deposits of extra light crude in deep waters and four deposits in shallow waters, could add 200 million barrels of oil equivalent (boe) to Pemex’s acreage.

“This discovery strengthens the strategy of partnerships implemented by the state producer in the Plegado Perdido belt since it consolidates the development hubs of fields discovered in deep waters,” the company said in a statement.

Pemex Discovers Six New Oil Fields in the Gulf of Mexico

The discoveries include two light oil deposits under 9,842 feet of water in the Plegado Perdido belt, which could hold between 140 million and 160 million boe and produce approximately 15,000 barrels per day (bpd).

The four condensate and light crude deposits found in shallow waters in the southern Gulf of Mexico hold estimated reserves of between 50 million and 60 million boe, with a possible production of 7,000 bpd.

Pemex Drilling Rig Derrick

The latest finds are located close to the Trion field, for which the state-owned company is looking for partners to enter a joint venture (JV), following a new energy law implemented in 2013 that ended the state’s monopoly on oil exploration and production.

Pemex to Drill 30 Wells in 2017

The Mexican company also announced it is planning to drill thirty wells in 2017, under a plan to focus its investment in areas where it thinks it has the highest probability of finding crude.

“The deep water and unconventional exploration we will undertake will certainly contribute towards strengthening our farm-out strategy or any collaboration in areas where we have formed alliances to share geological and financial risk,” the company explained.

Pemex has been struggling with declining production and has been forced to implement spending cuts as a result of the collapse in crude oil prices.

The company estimates its average production to be at 1.9 million bpd in 2017, its lowest level since 1980.