Pemex announces gas field discovery in Gulf of Mexico

Petroleos Mexicanos (Pemex) said Wednesday it has discovered a natural gas field in the deep waters of the Gulf of Mexico, with an estimated reserves of 11.3-17 billion cubic meters.

The Mexican state-run oil company said the finding was made after tests in the rocks of the Piklis 1 Well, located 144 kilometers off the Mexican coast and already drilled to the depth of 5.4 kilometers, the deepest ever drilled by the company.

The new discovery was hailed as a boon in Mexico, which is the world's seventh-largest oil producer. The country's oil output has been on a decline over the past few years, along with the size of its proven oil reserves. Pemex, which contributes to one third of the government's revenue, says it produces approximately 2.6 million barrels of oil per day.

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