Petroleos Mexicanos (Pemex) has made a new oil discovery in a deepwater well in the Gulf of Mexico.

The initial tests gave a preliminary estimate of reserves in the deposit amounting to between 400 billion and 600 billion cubic feet.

The Piklis 1 well is located in the southern Gulf of Mexico and was drilled to a maximum depth of 5.4km using a semi-submersible platform leased from Gremsa for five years.

Pemex had contracted another offshore drilling platform under a five-year lease from a Mexican consortium to conduct exploration in the Gulf of Mexico.

The company is also preparing a new flexible contract model to attract oil majors into the Mexican side of the Gulf, and expects to have a first round of tenders on some areas by the year’s end or early in 2012.