Pemex hopes new Gulf discoveries reverse Mexico’s decline

Mexico’s state-run oil company Pemex announced two new discoveries in the shallow Gulf of Mexico that it hopes will reverse its decade-long decline in oil production.

Pemex said its new discoveries offshore of southeastern Mexico near Tabasco are named Manik and Mulach and – combined with other recent finds in the region – should provide a big boost to oil and gas production volumes in the coming years.

Pemex is learning to operate as a global energy company, rather than a state-run monopoly, since Mexico constitutionally reformed its oil and gas laws to allow international operators…

 

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