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Pemex Discovers Its Richest Oil Field in 15 Years

Sputnik News
go to original
November 4, 2017

Mexico's Pemex Company reported that the new oil field is of great economic importance due to its location next to the existing oil production infrastructure (Reuters/Henry Romero)

Mexican President Enrique Pena Nieto said that Pemex has discovered an oil field that "initial research provides the first reserves estimate of over 1.5 billion oil barrels of oil equivalent, which may mean that the 3P reserve [proven, probable and possible] is 350 million barrels."

Pena Nieto added that the new field was Pemex's largest onshore discovery in 15 years.

The level of Pemex oil production has fallen to its minimum value in more than 20 years. This month, it averaged 1.7 million barrels per day.

According to the Pemex energy company, the field is of enormous economic importance, because it is located next to the existing oil production infrastructure, which will help to develop the field faster.

The President of Mexico also stated that fuel production will be cheap due to the convenient location of the oil field.

Read the rest at Sputnik News

Related: Threats to NAFTA Cast Doubt Over Mexico's Oil Tenders, Investment (Reuters)

Related: Mexico’s New Oil Tender Contracts to Bring $34 Billion Investments (Sputnik)

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