Mexico Announces Biggest Onshore Oil Discovery in 15 Years
- Discovery of as much as 1.5 billion barrels in Veracruz
- Follows first major Mexico oil discovery by foreign companies
A taxi cab exits a Petroleos Mexicanos (Pemex) gas station in the city of Puebla.
Photographer: Cesar Rodriguez/Bloomberg
This article is for subscribers only.
Petroleos Mexicanos announced its biggest onshore discovery in 15 years, just three months after Mexico reported the first major find by private companies, bolstering the nation’s efforts to revive its oil industry.
The Ixachi-1 well that lies 72 kilometers (45 miles) south of the port of Veracruz is believed to contain 1.5 billion barrels of oil in place, or about 350 million in proven, probable and possible reserves.