Pemex detects major new oil reserves

Aug. 30, 2004 at 6:32 PM

MEXICO CITY, Aug. 30 (UPI) -- The Mexican state oil monopoly Petroleos Mexicanos, or Pemex, has mapped significant new reserves of oil in the Gulf of Mexico, El Universal reported Monday.

"We would be in the position to reach the oil production levels of Saudi Arabia, which produces 7.5 million barrels per day," said Luis Ramirez Corzo, director of exploration and production for Pemex. "The bad news is that for the level of technology and investment required, we cannot exploit the oilfields alone."

Ramirez said that an investment in exploration could yield potential reserves of 54 billion barrels. The potential reserves are located in the deepest part of the Gulf of Mexico near the maritime boundary with the United States.

The location of the reserves presents Mexico with a serious problem, Ramirez said. The recently mapped regions that appear most promising are in an oil production zone that Mexico shares in part with the United States.

But he noted that on the other hand, the United States might have the investment and production capability that Mexico lacks to tap into the wells.

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