Mexican President Vicente Fox, has announced the discovery of a new deep-water oil reserve that he claims could eventually yield 10 billion barrels of crude oil.An exploratory well dubbed Noxal 1 was drilled at a depth of 3,070 feet below the water, and is seeking a depth of 13,125 feet. Speaking aboard the, "Ocean Worker 6 Britania" platform, the President said, "With Noxal we will begin a new era of oil exploration in our country."
