Mexico’s Pemex said a new shallow water discovery at several offshore Mexico fields is its largest find in five years.
The state owned company found three light oil fields and one heavy crude field off the coast of Tabasco and Campeche states, Reuters said.
The fields could come onstream within 16 months although peak production could take up to three years to achieve.
Pemex estimates that reserves at the finds could be as large as 350 million barrels of crude equivalent.
The discoveries are expected to produce about 170 million cubic feet of gas per day with a peak production rate of 200,000 barrels per day.
According to Reuters, the fields are located near the super giant Cantarell field and the Ku Maloob Zaap field, Pemex’s most productive field.
Pemex said it has grouped the discoveries into two categories.
One of the groups is located near existing infrastructure in Campeche Sound and should produce 100,000 barrels a day and 80 million cubic feet a day of natural gas in the short-term, while the second group is a find in the Litoral de Tabasco that will add another 100,000 barrels a day of oil and 90 million cubic feet of gas in production, the Wall Street Journal said.