"President Felipe Calderón of Mexico announced Wednesday that the national oil company, Pemex, had struck oil in deep water, its first success after years of exploration in the deeper reaches along the bottom of the Gulf of Mexico."

"The find, deep below the gulf’s floor and more than 8,200 feet below the surface of the water, could add as much as 400 million barrels in potential reserves to Mexico’s overall reserves, Mr. Calderón said at a ceremony at Los Pinos, his official residence.

But perhaps even more important than the amount is the fact that Pemex, a monopoly, found the oil on its own.

Mexican law prevents Pemex, which is officially called Petróleos Mexicanos, from forming partnerships with outside companies. Critics have argued that the company lacked the experience to successfully explore in deep waters."

Elisabeth Malkin reports for the New York Times' Green blog August 29, 2012. [2]