Mexico’s oil reserves overstated

Pemex: Reserves overestimated

The national petroleum giant reports that deepwater deposits in the Gulf of Mexico may be half of what was initially predicted.

BY NO

According to a new study published on Sunday by state oil monopoly Petroleos Mexicanos, the potential for oil exploration in the Gulf of Mexico has been greatly overestimated.

Petroleos Mexicanos, or Pemex, revealed that terrain in waters deeper than 3,000 meters in the Gulf of Mexico an area known as the Abyssal Plain were “not suitable for oil exploration.” The statement represents a serious setback for future drilling in the area, and, according to petroleum analysts, jeopardizes any possible collaborations with foreign investors.

Guillermo P