MercoPress. South Atlantic News Agency

Mexico celebrates 100 years of oil industry.

Mexican government owned oil corporation Pemex is planning to drill its first deepwater well this year to commemorate the 100th anniversary of the first well drilled in San Luis de Potosi making Mexico one of the world's leading producers.

Pemex CEO Raul Muñoz Leos said that the new well would be developed "taking advantage of state-of-the-art technology with support from international petroleum consortiums."

A century after the start of the oil industry in Mexico, production last year reached 3,37 million barrels per day (bpd), the highest ever in Pemex's history and "an unimaginable figure a century ago" said Mr. Muñoz.

Crude exports last year totalled 1,86 million bpd, or 145,000 bpd above 2002 levels, and natural gas production reached 4,5 billion cubic feet per day.

In 2004 Pemex has plans to invest the equivalent of 13,64 billion US dollars mainly to maintain the level of reserves.

"Petroleum activities that began in San Luis de Potosí have spread across to the whole country as can be seen by the number of exploration and production projects all over Mexico" underlined Mr. Muñoz.

Oil prospecting in Mexico dates back to 1903 when 20 dry wells were drilled but on April 3, 1904 oil gushed 15 meters into the air.

"Seven years later, the first crude exports were shipped from Tampico in 1911", highlighted Mr. Muñoz.