Mexico places hopes in reform to boost oil and gas production ///

Less than a year after the enactment of Mexico’s new energy reform law, which was promulgated in June 2014, the Director General of national oil company Pemex, Emilio Lozaya, announced significant new oil and gas discoveries in the country. Considering the short time span and the size of the reservoirs discovered, the largest since Tsimin-Xux and Ayatsil in 2010-2011, this marks a great success for Pemex. These major new discoveries include four new fields with great production potential in Tabasco, near Cantarell. The fields are expected to begin production in about 16 months and reach full production within 20 months. Production is forecast at about 200,000 bpd of crude oil and 170 MMcfd of natural gas. Additional discoveries off the coast of Tabasco should add another 100,000 bpd of light crude oil and 90 MMcfd of gas to production totals. Studies estimate total reserves of up to 350 MMboe.

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