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Mexico Confirms Discovery Of Vast Oil Field Deep In Gulf Of Mexico, Sourcemex

NotiEn: An Analytical Digest About Energy Issues in Latin America

In early March, the state-run oil company PEMEX confirmed the discovery of a vast reserve of crude oil in the deep waters of the Gulf of Mexico. President Vicente Fox's administration was quick to promote the new discovery, given the name Noxal, as a possible substitute for the Cantarell oil field, whose production is projected to decline rapidly in the next several years. The new oil reserve would not be productive, however, for at least 10 years and possibly longer, depending on whether the Mexican government is able to obtain the financing and expertise necessary to begin developing the new …