Pemex has discovered two new shallow-water oil deposits that will eventually produce 40,000 barrels per day, the company's top executive said on Dec. 8.
Pemex CEO Emilio Lozoya said the discoveries were made during the second half of this year, adding 180 million barrels of oil equivalent (MMboe) to the company's proven, probable and possible reserves.
Lozoya did not detail the exact location of the discoveries, the type of crude oil found or how long it will take to bring the deposits into commercial production.
Pemex currently produces about 2.27 million barrels per day (MMbbl/d), down by about a third compared to peak production of 3.4 MMbbl/d in 2004.
Recommended Reading
Oil Prices Edge Lower on False Report of Israeli Ceasefire, Sustained OPEC Cuts
2024-02-01 - Oil prices fell 2% on the false speculation that Israel and Hamas had tenatively agreed to a ceasefire, but losses were subsequently pared.
Oil Dips as Demand Outlook Remains Uncertain
2024-02-20 - Oil prices fell on Feb. 20 with an uncertain outlook for global demand knocking value off crude futures contracts.
Russia Orders Companies to Cut Oil Output to Meet OPEC+ Target
2024-03-25 - Russia plans to gradually ease the export cuts and focus on only reducing output.
Oil Rises After OPEC+ Extends Output Cuts
2024-03-04 - Rising geopolitical tensions due to the Israel-Hamas conflict and Houthi attacks on Red Sea shipping have supported oil prices in 2024, although concern about economic growth has weighed.
What's Affecting Oil Prices This Week? (March 25, 2024)
2024-03-25 - On average, Stratas Advisors are forecasting that oil supply will be at a deficit of 840,000 bbl/d in 2024.