Pemex announces 7 new crude finds in Gulf of Mexico

Mexican state oil firm Pemex has made seven new crude discoveries in the shallow waters of the Gulf of Mexico, the company said on Tuesday.

Pemex, which has been struggling with declining output for over a decade, said the seven finds have probable and possible reserves of 180 million barrels of oil equivalent.

Speaking at a news conference to announce the finds, Mexican Energy Minister Pedro Joaquin Coldwell said he hopes the downward trend in Mexico crude reserves could be reversed in two years.

Published: 09-10-2018