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Economy & Business - September 2004
OIL: Petróleos Mexicanos recants on mega discovery
On 30 August, Mexico's state oil company, Petróleos Mexicanos, announced that it had found a vast new oil field in the Gulf of Mexico. The field could double the country's oil reserves, Pemex said. A week later, the company issued a clarification: it admitted that it had not actually found any oil, only that its seismic surveying had suggested that there was a high probability of a lot of oil lurking in the depths of the Gulf.
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