Mexico

1 billion barrels of oil have been discovered in the Gulf of Mexico

oil rig
REUTERS/Jim Urquhart

About 1 billion barrels of oil have been discovered off Mexico’s coast, amid a glut of global supplies.

Premier Oil, a UK oil and gas company, said Wednesday that its Zama well was the first offshore exploration drilled by a private company in Mexico. Premier Oil partnered with Talos Energy and Sierra Oil & Gas.

The Mexican government in 2013 began constitutional reforms that ended the decades-long monopoly that the state-owned oil company Pemex had held, opening up the industry to foreign investors.

Last week’s discovery capped a big day for Mexico’s oil…

Categories