In early March, the state-run oil company PEMEX confirmed the discovery of a vast reserve of crude oil in the deep waters of the Gulf of Mexico. President Vicente Fox's administration was quick to promote the new discovery, given the name Noxal, as a possible substitute for the Cantarell oil field, whose production is projected to decline rapidly in the next several years. The new oil reserve would not be productive, however, for at least 10 years and possibly longer, depending on whether the Mexican government is able to obtain the financing and expertise necessary to begin developing the new reserve. The major problem is that the oil is located deep in the ocean, which would make extraction very costly. A test well was dug at 950 meters below sea level, with the oil reserves located another 3,000 m to 4,000 m under the surface of the sea bed.
SourceMex. "Mexico Confirms Discovery of Vast Oil Field Deep in Gulf of Mexico." (2006). https://digitalrepository.unm.edu/la_energy_notien/12