A Big Oil Find May Derail Reforms in Mexico

A Pemex discovery lowers the political pressure to change
Mexican President Felipe Calderón Photograph by Ariel Guiterrez/EPA/Newscom

When Mexican President Felipe Calderón turned 50 last August, the head of the state oil company called with what he labeled “a great gift.” After years of deep exploration and almost $10 billion in investment since 2009, Petróleos Mexicanos (Pemex) made a big oil find in the ultradeep waters of the Gulf of Mexico. A week later, Calderón appeared at a press conference holding a flask of crude from the new site, the Trion field. Pemex is preparing to announce a second deepwater discovery in coming days, according to company executives.

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