Mexican Oil Reserves May Double

The deposits may increase Mexican reserves to 102 billion barrels, "on par with reserves levels of Iraq, United Arab Emirates, Kuwait or Iran..."

Published: 31-Aug-2004

oleos Mexicanos, Mexico's state- owned oil company, said it found oil deposits in the Gulf of Mexico that may double the country's reserves, the Washington Post reported.

The deposits may increase Mexican reserves to 102 billion barrels, ``on par with reserves levels of Iraq, United Arab Emirates, Kuwait or Iran,'' the newspaper said, citing Luis Ramirez, the company's head of exploration and production.

President Vicente Fox will mention discovery in his state-of- the-nation speech on Wednesday, the Post said, citing an unidentified Pemex official. Mexico produces about 3.3 million barrels a day.

U.S. oil industry experts questioned whether Pemex's claim, ``based on scientific estimates, not actual drilling,'' was exaggerated, while a Mexican political analyst said Fox could be announcing the claim in his speech in an effort to boost his popularity, the Post reported.

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