Mexico Announces Largest Oil Discovery in 30 Years

RIO DE JANEIRO, BRAZIL – Mexico‘s state-owned oil company Pemex announced on Friday, December 6th, the discovery of a reserve that could yield 500 million barrels of oil, according to Reuters.

According to the company, it is the largest discovery of its kind in the country in over 30 years.

The well was found in May in the southern Mexican state of Tabasco. The state-owned company claims to have proved, through studies, the feasibility of extraction at the site.

Pemex plans to extract 69,000 barrels a day by next year and reach 110,000 barrels a day by 2021, according to executive president Octavio Romero Oropeza.

The revitalization of Pemex, which has seen a steady decline in production for over a decade, is considered one of Mexico‘s current president Andrés Manuel Lopez Obrador’s priorities.

Source: G1

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