75602
The field’s proven, probable and possible reserves are  350 million barrels.
The field’s proven, probable and possible reserves are  350 million barrels.

Mexico Announces Biggest Onshore Oil Find in 15 Years

Mexico Announces Biggest Onshore Oil Find in 15 Years

Mexican President Enrique Pena Nieto said on Friday state oil company Pemex has made a "major" oil and gas discovery with an estimated 1.5 billion barrels of crude equivalent, its largest onshore find in 15 years. The new field, dubbed Ixachi-1, is located in the eastern state of Veracruz near Pemex infrastructure, meaning it can be tapped "relatively soon, and at low costs", Pena Nieto was quoted as saying by AFP.
The estimated volume makes it "the largest onshore find the company has made in the past 15 years", he said to applause from invitees at an event in the central state of Hidalgo.
The field's proven, probable and possible reserves—an estimation of the amount of oil and gas that can be brought to market near-term—are 350 million barrels, the president said.
Pemex said the size of the find may prove to be larger and even double. Industry experts urged caution, however.
"It's very early to talk about reserves ... More work needs to be done to see how big it is," said Gonzalo Monroy of Mexico City energy consultancy GMEC. But he said any new find is good news for Pemex, Mexico's largest company, which has struggled with declining production in recent years.
"Pemex has discovered there is still considerable exploration potential" in Mexico, he told AFP. "That's good news for private industry and for the country."
Mexico enacted a landmark energy reform in 2014 that reopened the oil and gas sector to foreign investors after 76 years of state monopoly, seeking to breathe new life into it.
As a result, Pemex now faces private competition. It reported a loss of $5.3 billion in the third quarter, as production fell by 12% from the same period of last year, to 1.9 million barrels per day.

 

Short URL : https://goo.gl/6fKuWH
  1. https://goo.gl/EGVyCs
  • https://goo.gl/S6bofn
  • https://goo.gl/GQbA7Y
  • https://goo.gl/KA2SxD
  • https://goo.gl/ve3m4m

You can also read ...

Norway Intends to Build First Offshore Floating Wind Farms
Norway’s Petroleum and Energy Minister Terje Soviknes will...
Venezuela Oil Production May Soon Sink to 1m bpd
Venezuela’s plummeting oil production is nearing the...
GAP envisages the construction of 22 dams and 19 power plants.
Turkey is taking advantage of its abundant supply of ...
OPEC+ to Discuss Q3 Output Surge
The planned increase of crude production by OPEC+ nations of 1...
Egypt Hikes Fuel Prices by 50 Percent
Egypt has raised gasoline prices by up to 50%, its oil...
US-Saudi  Oil Increase  Plan a Ploy Against OPEC
The US political pressure on Saudi Arabia to boost oil output...
Oil Ministry to Modify Contracts With Domestic Parts Producers
The Oil Ministry plans to modify the contracts it had earlier...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus