Mexico’s state-owned oil giant just announced a major discovery that could transform the country’s struggling industry

Google Maps; Business Insider

  • Mexico’s state-owned oil producer, Pemex, announced Tuesday that it had discovered roughly 180 million barrels of oil in the Gulf of Mexico.
  • The so-called proven, probable, and possible, or 3P, reserves could support Mexico’s oil output, which has been in decline since 2004.
  • Mexico would need $7 billion to $10 billion in capital, including investments in oil rigs and pipelines, to develop the newly announced discovery and other nearby sources, Reuters said.

Mexico’s state-owned oil producer, Pemex, on Tuesday said it had discovered about 180 million barrels of oil offshore.

The reserves could boost Mexico’s oil output, which has been in decline since 2004.

See the rest of the story at Business Insider

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