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Mexico’s state-owned oil producer Pemex announced Tuesday that it had discovered roughly 180 million barrels of oil in the Gulf of Mexico.
The so-called proven, probable, and possible (3P) reserves could support Mexico’s oil output, which has been in decline since 2004.
Mexico would need between $7 billion and $10 billion in capital, including investments in oil rigs and pipelines to develop the newly announced discovery, Pemex said.

Pemex, Mexico’s state-owned oil producer, said on Tuesday that it had discovered about 180 million barrels of oil offshore.

The reserves could boost Mexico’s oil output, which has been in decline since 2004.

They 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. The company will need between $7 billion and $10 billion in capital, including investments in oil rigs and pipelines, to develop the newly announced discovery and others found nearby in recent years, according to Reuters.

The offshore fields combined could increase Mexico’s production …read more


Source:: Businessinsider – Politics

      

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