Oil Find in Mexico Far From Success

Mexican President Vicente Fox announced Tuesday that state-owned oil giant Pemex had hit serious pay dirt in the Gulf of Mexico: A deep-water exploration known as Noxal had tapped a field off the coast of the southern state of Veracruz that could contain as many as 10 billion barrels of oil. If the field pans out, it would be one of the largest in the nation’s history and go a long way toward bolstering Mexico’s rapidly declining petroleum reserves, which some experts have warned could run out in as little as 11 years.

..But the undersea riches won’t come quickly, easily or cheaply. Not only could it take a decade for the new field to begin producing, but officials also acknowledge that the undertaking could push Mexico’s engineering and financial capabilities to the limit.

Los Angeles Times