Mexico announced major oil discoveries offshore

The first discovery — by a consortium of Talos Energy, Sierra Oil & Gas and Premier Oil is being described as one of the largest shallow-water oil finds of the past 20 years.

2017-09-26 views 1135

Mexico announced major oil discoveries offshore

Talos has indicated that the field holds a massive 1.4bn to 2bn barrels of oil. To put that in context, the entire stock of Mexico’s “proven and probable” oil reserves was 12.8bn barrels in June 2017. At the same time Italian oil major Eni announced it had struck yet more oil and was upping its reserve estimates of a previous discovery. The shallow-water Amoca field, Eni notes, now holds at least 1.3bn barrels of oil equivalent, about 90 per cent of which is crude oil.

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