Mexico oil finds could yield 2 billion barrels

MEXICO CITY

Mexico's state-owned oil company said Thursday it has found deposits of up to 2 billion barrels of super-light and super-heavy oil in shallow waters of the Gulf of Mexico.

Mexico's proved, probable and potential reserves previously stood at 43.6 billion barrels.

The director of Petroleos Mexicanos, Juan Jose Suarez, said the Ayatzil-Tekel and Tsimin-Xux fields were discovered over the last 2 years.

Suarez said Ayatzil-Tekel contains a total of 1 billion barrels of proven, probable and potential reserves of super-heavy crude. Tsimin-Xux contains a similar amount of super-light crude, he said.

Oil fields off Mexico's largely Mayan-speaking southern Gulf coast are given Mayan names.

Suarez spoke at a ceremony marking the 72nd anniversary of the 1938 expropriation of Mexico's oil industry.

Officials said the new discoveries and increasing production at some existing fields will help stem the decline in Mexico's oil output.

Mexican production fell from 3.4 million barrels a day in 2004 to 2.6 million a day last year.