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Pemex Reports Its Largest Oil Find in 5 Years in Gulf of Mexico

Petroleos Mexicanos, the world’s ninth-largest oil producer, announced its biggest discovery in five years as the state-owned company seeks to reverse its decade-long decline in production.

Pemex, as Mexico’s sole oil producer is known, discovered four new fields in shallow water in the Gulf of Mexico with the potential for daily production of at least 200,000 barrels of oil and 170 million cubic feet of gas, Chief Executive Officer Emilio Lozoya said at a conference in Guadalajara. The wells, forecast to begin production within 16 months, are located close to the Cantarell field, one of the world’s largest when discovered in the 1970s.