Mexico's Pemex reports huge new oil finds

MEXICO CITY, Aug 30 (Reuters) - Mexico's Pemex has detected vast new oil deposits in the Gulf of Mexico that could double the country's total reserves and boost its oil output to rival Saudi Arabia's, the state oil monopoly said on Monday.

The deposits -- located mainly in deep waters for which Pemex will need hefty investments and technology-sharing agreements to access -- could total about 54 billion barrels of crude equivalent (bce), which would boost Mexico's total reserves to 102 billion bce.

"This is what exploration and prospecting studies have found," Pemex communications head Sergio Uzeta said.

"It's important to be clear that we are talking about the probability of finding large quantities of oil and gas. The existence of this oil wealth is very probable but we have to confirm it so that it will be a proven matter."

That's good news on the discovery front, but it is still not a proven reserve . Keep your fingers crossed.