Friday, May 22, 2009

Pemex Finds Fair Heavy Oil Find

Pemex hit a 100 million barrels oil/gas prize near the Ayatsil Field.

Pemex, as the company is known, is ramping up exploration spending to correct decades of underinvestment and stabilize production, which has fallen by a fifth since 2004.

One of the discoveries, the Tekel-1 well, found heavy oil near Ayatsil, a field discovered last year that Pemex expects to produce around 150,000 barrels a day by 2012.

During a meeting with journalists, Pemex CEO Jesus Reyes Heroles said
the well, by itself, will add 100 million barrels of oil and natural gas reserves.

"It confirms the extension of the Ayatsil field," he said. "Ayatsil is very promising."

- Brewskie

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