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Mexico announces its biggest oil discovery in three decades

Mexico City: Mexico said Friday that it has made the biggest oil discovery in the country since 1987 at the Quesqui field in the Gulf coast state of Tabasco.

Octavio Romero, head of the state-owned oil company Petroleos Mexicanos, said the on-shore field has proven, probable and possible reserves of 500 million barrels of crude equivalent.

Romero said the first well was drilled at Quesqui in June and is now producing 4500 barrels per day.

The 34 square-kilometer field is planned to have 11 wells and a production of 69,000 barrels per day in 2020 and 110,000 barrels of oil and 410 million cubic feet of natural gas per day in 2021.

The oil field will add to Mexico's significant off-shore oil deposits.

The oil field will add to Mexico’s significant off-shore oil deposits.Credit:Bloomberg

AP

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