Mexico announces discovery of rich oil deposit

October 6, 2012

International

Mexico announces discovery of rich oil deposit

IANS/EFE

MEXICO CITY – Mexican President Felipe Calderon Friday said another significant crude discovery has been made at a well in deep waters of the Gulf of Mexico, hailing the find as confirmation of a “huge oil system” in that region.

In a ceremony at the Los Pinos presidential residence, Calderon said state oil monopoly Petroleos Mexicanos made the find at the Supremus 1 well, located some 250 km east of the city of Matamoros, Tamaulipas state, and roughly 40 km south of Mexico’s maritime border with the US.

The well was drilled to a water depth of 2,874 meters and a total depth of nearly 4,000 meters, Calderon said, adding that with the find Pemex expects to book between 75 million and 125 million barrels of new 3P (proven, probable and possible) reserves. He added that if those parameters are confirmed with new drilling and scientific studies, production equivalent to roughly 10 percent of Pemex’s current annual output could come from that well alone.

But most importantly the discovery – which comes on the heels of a recent find at the Trion 1 well in that same region – provides greater certainty about the existence of a “huge oil system” in deep waters of the northern Gulf of Mexico.

The Trion 1 find, which Calderon announced Aug 29, has a production potential of 350 million barrels. In the wake of the discoveries at the Trion 1 and Supremus 1 wells, the president said the estimated potential of the entire oil system in that region stands at “between 4 billion and 13 billion barrels of oil”.

If the maximum limit of that potential is confirmed, 13 billion barrels, Mexico’s 3P reserves would climb from 42 billion to 55 billion barrels, or an increase of more than 25 percent, Calderon said.

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Video: Mexico discovers new deepwater oil deposits-ABP News India

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