Vicente
Fox: Oil reserves in new gulf of Mexico discovery "exceed
those of Cantarell"
Deep
water oil platform
By
Elio Ohep
Petroleumworld
CARACAS
Petroleumworld.com
03 14 06
Mexican
President Vicente Fox said Monday that PEMEX had made a new deep-water
oil discovery in the Gulf of Mexico where the result "indicates
reserves that exceed those of Cantarell", according to a
Los Angeles Times Tuesday 's story.
The new oil
field is under 3,117 feet of water as well as 13,120 feet of earth,
Fox said in an interview.
Fox said that Mexico's oil company Petroleos Mexicanos, or PEMEX,
had contracted a private company to drill the well, as Pemex sees
deep-water exploration as the best way to fing new oil reserves
replacing declining production. Cantarell production is expected
to decline 6% this year to 1.9 million barrels a day with future
decline in subsequent years.
"We have
been investing $5 billion a year in exploration, and that work,
that investment, is now bearing fruit," Fox said.
Pemex
produced 3.33 million barrels a day of crude oil last year, of
which it exported 1.82 million barrels.
-
Elio Ohep, editor@petroleumworld.com, 58 412 9963730, Caracas.
Petroleumworld
News 03 14 06
Copyright
© 2006 Petroleumworld. All rights reserved
