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Pemex Discovered 2 Oil Discoveries to Add 40,000 bpd

Source: Reuters 12/9/2015, Location: South America

Mexico's state-owned oil company, Pemex, has discovered two shallow-water oil deposits that will eventually produce 40,000 barrels a day, the company's top executive said.

Pemex Chief Executive Emilio Lozoya said the discoveries were made during the second half of this year, adding 180 million barrels of oil equivalent 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 would take to bring the deposits into commercial production.

Pemex said it had invested 35 billion pesos ($2 billion) this year to add more than a billion barrels of proven, probable and possible reserves to its stock, of which 60 percent was in shallow waters, 35 percent in deep waters and 5 percent onshore.

Pemex said it estimated it had achieved a replacement rate, a guide to the sustainability of its reserves, of 85 percent of its total reserves.

The company currently produces about 2.27 million bpd, down by about a third compared with peak production of 3.4 million bpd in 2004.

At the start of the year, according to Mexico's energy regulator, the country's total reserves stood at 37.4 billion barrels of crude equivalent.

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