facebook
twitter
rss
account
search
search
 

Pemex detects major new oil reserves

Aug. 30, 2004 at 6:32 PM   |   Comments

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.

Topics: Luis Ramirez
© 2004 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Scotland was tricked, 'yes' backers say Scotland was tricked, 'yes' backers say
2
Greenpeace puts more pressure on LEGO Greenpeace puts more pressure on LEGO
3
Iraq relying on oil wealth from Basra Iraq relying on oil wealth from Basra
4
Slovakia sees Russian gas volumes drop Slovakia sees Russian gas volumes drop
5
Ground broken on Azeri gas pipeline for Europe Ground broken on Azeri gas pipeline for Europe
Trending News
Video
x
Feedback