Pemex announces new discoveries

Pemex has discovered six new oil deposits in the Gulf of Mexico, two super light crude deep water finds and four light crude shallow water finds, the Mexican NOC announced on September 13.

A spokesman for Pemex said these new oil discoveries were made about two months ago, but the company wanted to assess the reserves and their commercial potential before making an announcement.

In the two deepwater discoveries, the super light crude has a gravity of over 40 degrees API. Pemex expects the two wells to eventually produce a combined 15,000 bpd, based on 3P reserves of 140-160 boe. These deposits are located close to the Trion field, which Pemex is looking to develop with a partner in a joint venture. Partners for Trion are to be determined in December 2016.

Light crude and natural gas was discovered in the Teca-1 well, 30 km off the Gulf coast and 44 m below the surface. Pemex said production could reach 7,000 bpd, with 3P reserves estimated at 50-60 million boe.

The NOC did not say when production from these new finds could begin. Pemex, whose oil production has been declining steadily for more than ten years, said it plans to drill 30 new exploratory wells next year, focusing on oil-prone areas both onshore and offshore.

The 2017 federal budget proposal submitted to Congress last week expects oil production to drop to 1.93 million bpd next year and oil exports to fall to 775,000 bpd from about 1 million bpd in 2016.