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Major Gulf discovery for Mexico's state oil company

Wednesday, October 10, 2018

Mexico's state-owned oil company Pemex said it had discovered two new shallow water fields that, combined with other discoveries in recent years, would add production of as much as 210,000 barrels of oil per day and 350 million cubic feet of gas.

The discoveries included light and super light oil, which is the most used by Mexico’s refineries.

Carlos Treviño, Pemex chief executive, said the discoveries represented a “good platform” for the incoming government of Andrés Manuel López Obrador, which takes office on December 1. Mexico’s oil production has been in steady decline since 2004.