Mexico Finds Second Oil Deposit in Deep Waters of Gulf

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MEXICO CITY – Mexico’s state-owned oil company Petroleos Mexicanos, or Pemex, has found a second significant crude-oil deposit in the deep waters of the Gulf of Mexico, President Felipe Calderon said Friday.

With the new “Supremo” deposit, Pemex expects to book new oil reserves of up to 125 million barrels, using the broadest measurement of proven, probable and possible, or 3P, reserves, Mr. Calderon said at a press conference.

The Supremo exploratory well is 250 kilometers east of the Gulf port of Matamoros on the border with the U.S. and 40 kilometers south of Mexico’s maritime border with the U.S., Mr. Calderon said.

Read the entire article at Rigzone.

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