Mexico’s state-owned oil giant just announced a major discovery that could transform the country’s struggling industry – Finance

  • Mexico's state-owned oil producer Pemex announced on Tuesday that about 180 million barrels of oil were discovered in the Gulf of Mexico.
  • The so-called proven, probable and possible reserves or 3P can support oil production in Mexico, which has been declining since 2004.
  • Mexico will need from 7 to 10 billion dollars in capital, including investments in oil rigs and pipelines, to develop the recently announced discovery and other nearby sources, reports Reuters.

Mexico’s state-owned oil producer, Pemex, said Tuesday it found about 180 million barrels of oil at sea.

Reserves may increase oil production in Mexico, which has been declining since 2004.

They were found in the Manica deck, about 52 miles from the coast in the Gulf of Mexico, and in the Mulah deck, about 11 miles from the coast.

Pemex CEO Carlos Treviño statement said that the reserves have been proven, probable and possible, or 3P, which means a high degree of confidence that the oil can be extracted. The company will need $ 7 billion to $ 10 billion in capital, including investment in oil rigs and pipelines, to develop the recently announced discovery and others discovered nearby in recent years, according to Reuters,

According to Pemex, offshore fields can increase production in Mexico to 210 million barrels of oil and 350 million cubic feet of gas per day.

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Since 2004, oil production in Mexico has been declining.

(IEA)

Mexico earlier this year became the first Latin American country to join the International Energy Agency, a sectoral observer.

"The country's energy sector is in a period of profound change, caused by the comprehensive energy reforms that the government has been introducing since 2013," the IEA report says saidThese reforms include ending monopoly pemex and attracting new players to the oil industry.

The discovery of Pemex was announced just as the IEA called on large oil producers to open waste at the exit. Fatih Birol, head of agency, said at the conference in London on tuesday that US sanctions against Iran and reduced production from Venezuela could further strengthen the market.

Price Brent crude, an international figure, grew this year by 27%, since the OPEC cartel members and their allies cut production to raise prices after the crash in 2014. Last week, Brent climbed to a four-year high of nearly $ 86 per barrel.

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