BY Houston Chronicle,

Mexico's state-owned oil company says it is developing its deepest underwater natural gas field ever.

Developing the Holok-Temoa hydrocarbons complex will involve drilling for new fields under 3,240 feet of water in the Gulf of Mexico, Petroleos Mexicanos, known as Pemex, said in a news release issued Monday.

Pemex discovered the complex in 2006 with an exploratory well. The company plans to drill new fields to determine the size of the complex, and will begin building infrastructure to transport the gas from the ocean floor to processing plants along the coast.

Since 2004, Pemex has made four discoveries in deep waters of the Gulf. The company plans to spend $300 million this year on two additional deep-water exploration wells.

Pemex is still behind other companies in its efforts to develop projects in deep waters. Major oil companies already are operating in waters up to 9,000 feet in the U.S. Gulf of Mexico.

Pemex needs to develop higher-cost oil projects as its traditional fields, such as the giant Cantarell oil field, run dry.

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