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Mexico finds natural gas reserves

Deep-water drilling in the Gulf of Mexico has revealed reserves that could multiply Mexico's production of natural gas, according to the country's state oil company.

Petroleos Mexicanos said the Nen 1 exploratory well found a deposit estimated to hold 400 billion cubic feet of gas.

It said that could lead to production of 27 million cubic feet a day. This year's daily average is 6.64 billion cubic feet.

The company said the gas deposit is 14,270 feet deep, including 4,898 feet of water.

The well is 68 miles north east of Coatzacoalcos in an area that does not yet have a pipeline to shore.

Because natural gas cannot be shipped like oil, Pemex would have to build a pipeline in order to develop the newly found gas.

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