PEMEX to Increase Gulf of Mexico Portfolio

Mexican oil company Petróleos Mexicanos (PEMEX) aims to multiply its presence in the Gulf of Mexico but needs better resources to do so, the company announced at the Offshore Technology Conference (OTC) in Texas, Houston.

Speaking at an OTC awards lunch, PEMEX Director General Jesús Reyes Heroles discussed his company's initiatives and objectives for replacing declining reserves, including focusing on deepwater exploration in the region.

"We must multiply our presence in the Gulf of Mexico since 55 percent of our total prospective resources are deep in the [area]," says Heroles.

To reach these production goals Heroles adds that PEMEX "needs greater flexibility, enhanced capacity and sufficient resources".

PEMEX currently estimates proved reserves of 14.7 billion barrels of oil equivalent, of which 71 percent consists of crude oil.

Figures released at the OTC this week reveal offshore oil and natural gas leases in the Gulf of Mexico attracted more than US$3.7bn in high bids in two federal sales.

By Ozge Ibrahim