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Mexican President Calderón announces a major onshore Navegante oil discovery

VERACRUZ -- During the inauguration of a cryogenic gas processing complex in Poza Rica, President Felipe Calderón detailed the progress of oil production in Chicontepec and announced the discovery of a major onshore oil field in Pozo Navegante in Tabasco state.

Calderón announced the discovery of a 315-m column of light crude oil in the drill holes in Pozo Navegante I, located 20 km from Villahermosa and forming part of the Comalcalco project in the geological province of the Southeast Banks. The hydrocarbon formation is located at a depth of approximately 6,500 m and is estimated to contain between 50 and 500 million barrels of reserves, a major oil field and one of the largest discoveries on the mainland in the past decade.

The president remarked that during course of his administration, daily production in Chicontepec has risen from 20,000 to 70,000 barrels. It now has over 17 billion probable barrels, representing 40 per cent of 3P reserves in Mexico. It is Pemex’s third major find in past months, following two deepwater discoveries in the Gulf of Mexico, where it estimates 26.5 billion barrels of crude reserves.



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