Mexico makes biggest onshore oil, gas find in 15 years

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Friday, November 3, 2017

Mexico has made its largest onshore light crude oil and gas discovery in 15 years, according to state-run oil company Pemex.

The announcement was made Friday afternoon by President Enrique Peña Nieto.

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The discovery was made at the Ixachi-1 well, 72km south of the port of Veracruz, capital of the Gulf coast state with the same name. It has an original volume of more than 1.5Bboe, meaning it could render reserves of up to 350Mboe, similar to the volumes encountered at the Zama-1 by Talos Energy in July of this year.

The find has a large economic value and has the strategic advantage of being close to existing E&P infrastructure, both at wells in production, pipeline infrastructure, and close to wells that could be brought into production rapidly.

Based on exploration so far, Pemex believes the discovery could extend further and even double in size.

SOURCE: Pemex