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Mexico makes its biggest oil discovery in more than three decades

Mexico makes its biggest oil discovery in more than three decades
Mexican state oil company Pemex has announced the biggest oil discovery in the country since 1987. The deposit in the southeast of the country may have reserves of 500 million barrels of crude.

The giant Quesqui site in the Gulf Coast state of Tabasco was discovered several months ago, with the first well, which is now producing 4,500 barrels per day, drilled in June. However, after studying the potential of the field, the company announced that the deposit is one of the most important discoveries in 30 years.

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“With the analysis of information provided by this well and seismic data in the area, we can confirm today the existence of a giant deposit equivalent to 500 million barrels of crude oil in a 3P reserve,” Pemex Chief Executive Octavio Romero Oropeza said in a statement on Friday.

The so-called 3P reserve means that it has deposits considered proven, probable and possible.

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The head of Pemex also revealed development plans for the 34-square-kilometer field. Up to 11 wells are set to be drilled at the site to reach daily production of 69,000 barrels of oil and 300 million cubic feet of gas next year. By 2021, output is set to reach 110,000 barrels per day (bpd) and 410 million cubic feet of natural gas per day.

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