Pemex and Petrobras Launch High-Risk Drilling Campaign in Mexican Gulf Waters
Source Summary
Mexico's Pemex and Brazil's Petrobras are partnering to explore deep Jurassic formations in the Campeche Bay of the Gulf of Mexico. The drilling targets source rock formations miles deeper and eight times older than currently producing U.S. Gulf formations, presenting significant exploration risk but potentially enormous rewards if successful.
Why it matters
Success in these deep Jurassic formations could unlock substantial new oil resources for Mexico and Brazil, while failure represents significant capital risk in an increasingly competitive energy market.
