Pemex discovers two new water oil deposits

Mexico's state-owned oil company Pemex has discovered two new shallow water oil deposits that will eventually produce 40,000 barrels per day, the company's top executive said on Tuesday.

Pemex CEO Emilio Lozoya said the discoveries were made during the second half of this year, adding 180 million barrels of oil equivalent to the company's proven, probable and possible reserves.

Lozoya did not detail the exact location of the discoveries, the type of crude oil found or how long it will take to bring the deposits into commercial production.

Pemex currently produces about 2.27 million bpd, down by about a third compared to peak production of 3.4 million bpd in 2004.