OREANDA-NEWS. Mexico's state-run Pemex says it has made its biggest commercial discovery in five years, the first since the company lost its upstream monopoly under a landmark energy reform of December 2013.

Four shallow water fields in the Gulf of Mexico hold a total of up to 350mn bl of oil equivalent (boe) and have a potential to produce at least 200,000 b/d of crude and 170mn ft3/d (4.76mn m3/d) of natural gas, the company says.

Production from the offshore cluster could begin within 16 months, and reach stable output four months later.

Batsil-1, Xikin-1, Cheek-1 and Esah-1 lie off the coast of Tabasco and in Campeche bay.

The structure discovered in Campeche bay can produce 100,000 b/d and 80mn ft3/d, which should be retrieved faster than the other structure because of its proximity to existing infrastructure, Pemex said.

The remaining 100,000 b/d and 90mn ft3/d are located off the Tabasco coast. Pemex specified the crude discovered in this area is light quality.

The new complex was unveiled on the eve of a 15 July deadline for bids to explore 14 shallow water blocks, the first package to be offered in the country?s inaugural licensing round launched in December 2014. Some of the blocks lie in the same general area as the discovery.

Pemex crude production has been falling steadily since reaching a peak of 3.5mn b/d in 2004. In recent months, it has repeatedly sunk to record lows, reaching 2.201mn b/d in April.