Pemex
ORG
Pemex
Jaime Brito, an analyst at PFC Energy in Washington and a former Pemex executive, said that this was part of an overall lobbying effort from the administration. Mr. Fox and Luis Ramírez Corzo, Pemex's director general, flew about 60 miles offshore to the exploratory well to announce the discovery. Mr. Ramírez Corzo said that they recognized that we needed to establish new mechanisms of collaboration with other oil companies who have experience in deep water. Pemex officials warned that its figures on the discovery were preliminary. Petróleos Mexicanos, or Pemex, says that early indications suggest that the field could be as large as 10 billion barrels. Mr. Fox and Luis Ramírez Corzo, Pemex's director-general, flew about 60 miles offshore to the exploratory well to announce the discovery. In its official report of reserves, the company said it was possible to infer that the new reserves could reach 10 billion barrels. The company estimates that production there will fall by 6 percent this year, and the decline is projected to accelerate.