President announces large deep water oil finds


President Felipe Calderon announced yesterday the discovery of a major oil field in the deep water Gulf of Mexico.

A translation of the press release on the president’s website is as follows:

“The holes made by the Platform Bicentennial, which became operational during the current administration in the Well “Trion-1” confirmed the potential reservoirs in the province of Bravo Salina within the project “Área Perdido”. The well is located 180 kilometers from the coast of Tamaulipas and 39 kilometers south of the U.S. international maritime boundary.

With this new discovery, Pemex expects to certify new 3P (proven + probable + possible) reserves, they hope to reach 250 to 400 million barrels of oil. If this parameter is confirmed, the figure would amount to a third of the national production of Petróleos Mexicanos.

It is estimated that the site could be from an area of the largest deep-water Gulf of Mexico. A petroleum system that could produce between 4 and 10 billion barrels of crude oil, which strengthens our hydrocarbon reserves and allows Mexico to maintain and increase oil production in the medium and long term.”

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