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Challenges include its rough seafloor topography, complicated geology under thick salt deposits and pristine ecosystem.
International exploration and technology remain crucial to filling future energy demand.
The Colombian government expects offshore discoveries to triple gas reserves.
The Trion, Maximino and Exploratus area could produce at least 500,000 barrels of oil equivalent of 3P reserves through farm-outs, some of which Pemex has received and others which it has already applied for.
Global oil discoveries fell to a record low in 2016 as companies continued to cut spending; however, ONGC continued to spend to help achieve India’s targeted reduction on imports.