Mexico’s state-run oil company Pemex announced two new discoveries in the shallow Gulf of Mexico that it hopes will reverse its decade-long decline in oil production.
Pemex said its new discoveries offshore of southeastern Mexico near Tabasco are named Manik and Mulach and – combined with other recent finds in the region – should provide a big boost to oil and gas production volumes in the coming years.
Pemex is learning to operate as a global energy company, rather than a state-run monopoly, since Mexico constitutionally reformed its oil and gas laws to allow international operators.
The announcement comes as president-elect Andrés Manuel López Obrador aims to boost Pemex’s oil production and refining activity. In the meantime, Pemex is even starting to import some oil from the U.S.
Both new finds are proving much more fruitful than Pemex initially anticipated.
The new discoveries are shallow in waters ranging from about 70 to 300 feet, while the wells are drilled down to about 15,000 feet.
Pemex also touted the potential for its other recent finds in the region that are called the Kinbe, Koban, Xikin and Esah fields.
