Mexico's Pemex Unveils Large Oil Find

The Mexican state oil company Pemex has announced one of its biggest discoveries in years, unveiling new shallow water oil fields in the southern Gulf of Mexico that it says could produce 200,000 barrels per day by mid-2018. Pemex’s chief executive officer, Emilio Lozoya said, the total proven, probable and possible reserves of the fields could be as high as 350m barrels of crude-oil equivalent. Pemex said, the new fields off the coast of Tabasco and Campeche states comprised three of light crude and one of heavy crude, and could start coming onstream in 16 months.