Mexican oil company discovers 5.7 bln barrels of crude in 4 years

13:42, April 01, 2011      

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Mexico's state-run oil company Petroleos Mexicanos (Pemex) has discovered more than 5.7 billion barrels of crude oil in the past four years, the company said Thursday.

Of the new reserves, more than 3.5 billion barrels, or 61 percent, are condensate gas and light oil; 1.77 billion barrels, or 31 percent, are heavy crude, and 430 million barrels are gas, Pemex said in a statement.

More than 90 percent of the new reserves were discovered in the southeast basin through the drilling of 10 exploring wells, nine of which are deemed to be commercially viable with a success rate of 90 percent, Pemex said.

The exploration fields of Ayatsil-Tekel, Tsimin and Xux in the Gulf of Mexico off the Campeche and Tabasco states are deemed to have the highest production volume, it said.

The country's proved hydrocarbon reserves now stand at 13.79 billion barrels of oil equivalent, 1.4 percent lower than last year's figure, according to the company.

It said the country's proved reserves are good for 10 years of production.

Source: Xinhua
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