Pemex makes Mexico's biggest onshore oil find in 15 years: president

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Pemex makes Mexico's biggest onshore oil find in 15 years: president

The President of Mexico, Enrique peña Nieto, announced on 3 November that Pemex found the most important and largest in the last 15 years land oil and associated gas in the Veracruz state, reports RIA Novosti.

"The extraction of that petroleum can be done relatively quickly and, moreover, at very low cost, due to its location", Efe news quoted Nieto as saying on Friday in a speech to Pemex employees in the central state of Hidalgo.

Pena Nieto said Pemex made the discovery by drilling its onshore Ixachi well, near the municipality of Cosamaloapan, and that the overall field is believed to hold some 350 million barrels of proven, probable and possible reserves. But he said any new find is good news for Pemex, Mexico's largest company, which has struggled with declining production in recent years. The onshore field's original volume in place is estimated at 1.5 billion barrels of oil equivalent. Mexico is counting on an energy reform approved in 2013 to help revive the ailing industry and the state-owned oil company.

Pemex has yet to determine the amount of investment needed to develop the discovery or whether the company will seek partners, according to Gonzalez Anaya. It reported a loss of $5.3 billion in the third quarter, as production fell by 12% from the same period of a year ago, to 1.9 million barrels per day.

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