Oil discovery in the gulf of Mexico - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Oil discovery in the gulf of Mexico

(NBC) - Mexico's state owned oil company has announced it has found deposits of up to two billion barrels of oil in the Gulf Of Mexico.

The deposits are made up of super-light and super-heavy oil and are located under shallow waters in the Gulf of Mexico. The director of petroleos mexicanos said the fields were discovered over the past two years.

The new oil fields have been named the Ayatzil-Tekel and Tsimin-Xux fields. Oil fields off the country's largely Mayan speaking Southern Gulf coast are given Mayan names.

Mexican President Felipe Calderon said the new discoveries and increasing production at some existing fields would help slow the decline in Mexico's oil output.

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