GLOBAL ECONOMY

Mexico announces important discovery of oil reserve in Gulf of Mexico

GULF OF MEXICO - SEPTEMBER 4: (EDITORS NOTE: Image has been released by U.S. Military prior to transmission.)  In this handout image provided by the U.S. Coast Guard, the damaged blow out preventer along with the Lower Marine Riser Package (LMRP) cap from the Deepwater Horizon oil rig that caused the massive oil spill is extracted and put aboard the vessel Q4000 on September 4, 2010 in the Gulf of Mexico.  The 50-foot, 300-ton preventer was removed and replaced on the well head by a newly tested preventer and will be taken for evidence to a NASA facility in Louisiana in the ongoing investigation with the Deepwater Horizon Criminal Investigation Team and FBI Evidence Recovery Team.  (Photo by Petty Officer 1st Class Thomas M. Blue/U.S. Coast Guard via Getty Images)

GULF OF MEXICO - SEPTEMBER 4: (EDITORS NOTE: Image has been released by U.S. Military prior to transmission.) In this handout image provided by the U.S. Coast Guard, the damaged blow out preventer along with the Lower Marine Riser Package (LMRP) cap from the Deepwater Horizon oil rig that caused the massive oil spill is extracted and put aboard the vessel Q4000 on September 4, 2010 in the Gulf of Mexico. The 50-foot, 300-ton preventer was removed and replaced on the well head by a newly tested preventer and will be taken for evidence to a NASA facility in Louisiana in the ongoing investigation with the Deepwater Horizon Criminal Investigation Team and FBI Evidence Recovery Team. (Photo by Petty Officer 1st Class Thomas M. Blue/U.S. Coast Guard via Getty Images)  (2010 U.S. Coast Guard)

Mexico's state-owned oil company says it found four shallow-water offshore oil and gas fields in the Gulf of Mexico with total possible reserves of 350 million barrels of crude equivalent.

The Pemex company did not say how much of that total were proven or probable reserves.

Pemex said Wednesday the fields should be brought into production in about 16 months and supply about 200,000 barrels per day of oil and 170 million cubic feet of gas.

The fields are in areas off the coast of the states of Campeche and Tabasco. They are among the three most important discoveries in the last five years.

Mexico's crude production has been steadily declining, to an average of about 2.28 million barrels per day in the first four months of 2015.

Like us on Facebook
Follow us on Twitter & Instagram