Mexico makes large offshore oil find

Fox News Latino, 8/29/12

Mexican state-owned oil giant Petroleos Mexicanos, or Pemex, has made a large  deep-water light crude discovery in the Gulf of Mexico off the coast of the  northeastern state of Tamaulipas, President Felipe Calderon said Wednesday.

Calderon did not quantify how much the Trion 1 exploration well might produce  but Pemex sources say they expect to certify 350 million barrels of crude from  the find and that total reserves at deposits in Mexico’s Perdido Fold Belt –  where the discovery was made – could amount to as much as 10 billion  barrels.

The oil discovery – which was made with the Bicentenario rig and is the first  in Mexico’s deep-water region – is an “important achievement” that “further  strengthens” Pemex, Calderon said in a ceremony at the Los Pinos presidential  residence.

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