Mexico announces second deep-water oil finding

Photo: Mexico announces second deep-water oil finding / Other Countries

A second light oil field has been found under the Gulf of Mexico by the Mexican state oil firm, Mexican President Felipe Calderon said Friday, confirming the existence of oil in the area.

The well Supremus 1, where the finding was made, was drilled by Petroleos Mexicanos (Pemex) about 250 kilometres off Matamoros, dpa reported.

Pemex said the well was on the seabed at a water depth of 2,900 metres, making it the eighth-deepest in the world. The well reached another 1,100 metres below the seabed.

"We have found the biggest oil system Pemex has found in many, many years, perhaps decades," Calderon said.

Mexico announced on August 29 the finding of its first deep-water oil field after drilling the well Trion 1, which is located in the same area as Supremus 1 off the north-eastern Mexican state of Tamaulipas.

Calderon said Pemex now hopes to be able to certify 3P (proven, probable and possible) oil reserves of 75-125 million barrels of oil at the Supremus 1 well alone.

"If those parameters are confirmed, with an average of 100 million barrels of oil, they would be equivalent to something like 10 per cent of Pemex's annual production, in that well alone," Calderon said.

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Tags: oil