Mexico’s state oil company has made it biggest onshore oil discovery in 15 years, President Enrique Peña Nieto announced this afternoon.
Pemex estimates that the Ixachi-1 field, located in Veracruz, holds some 350 million barrels of 3P reserves — proven, probable and possible.
The field’s original volume is estimated to be more than 1.5 billion barrels of oil equivalent.
Peña Nieto said the discovery is similar in size to the Zama-1 field announced in July. Reserves at the time were estimated to be at least 1 billion barrels.
The president said the field would go into production soon and has the advantage of being located near existing infrastructure.
Pemex said in a statement that the field has “great economic value,” and strategically located.
The company also said its studies show the field could be larger than currently thought, with twice as much oil as estimated.
Ixachi-1 is located in the municipality of Cosamaloapan about 70 kilometers south of the city of Veracruz.