|
|
MEXICO CONFIRMS DISCOVERY OF VAST OIL FIELD DEEP IN GULF OF MEXICO.
- Article from:
-
SourceMex Economic News & Analysis on Mexico
- Article date:
-
March 22, 2006
|
Copyright informationCOPYRIGHT 2006 Latin American Data Base/Latin American Institute. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
In early March, the state-run oil company PEMEX confirmed the discovery of a vast reserve of crude oil in the deep waters of the Gulf of Mexico.
President Vicente Fox's administration was quick to promote the new discovery, given the name Noxal, as a possible substitute for the Cantarell oil field, whose production is projected to decline rapidly in the next several years.
"Noxal begins a new stage of petroleum exploration in our country," Fox said during a visit to the industrial port city of Coatzacoalcos in Veracruz state.
The new oil reserve would not be productive, however, for at least 10 years and possibly longer, depending on whether the Mexican ...