Tuesday, July 1, 2025

Pemex announces huge 500-million-barrel oil deposit, biggest find in 30 years

Pemex announced on Friday that it has discovered a huge oil deposit in Tabasco that could yield 500 million barrels of crude.

State oil company CEO Octavio Romero said Pemex could confirm the existence of a “giant deposit” at the Quesqui field, located in Huimanguillo.

“With the analysis of information provided by this well and seismic data in the area, we can confirm today the existence of a giant deposit equivalent to 500 million barrels of crude oil in a 3P reserve,” he said. A 3P reserve is made up of deposits that are proven, probable and possible.

Speaking at the Quesqui field alongside President López Obrador, Romero said that the discovery was the largest since 1987 when a 536-million-barrel deposit was found in Tabasco.

He also said another well is being drilled at Quesqui that could contain an additional 200 million barrels of crude.

The Pemex chief said Pemex is aiming to extract 69,000 barrels per day (bpd) of crude and up to 300 million cubic feet of gas from the site in 2020. Romero predicted that yields will increase to 110,000 bpd of crude and 410 million cubic feet of gas in 2021.

The large oil find is welcome news for the government, which has pledged to revive the heavily indebted state oil company.

López Obrador said on Friday that Pemex, which has seen its oil output decline for more than a decade, was in “a very bad state” when his government took office but claimed that it is now “bouncing back because there is no corruption and it is being managed very well.”

Source: Notimex (sp), Reuters (en) 

Have something to say? Paid Subscribers get all access to make & read comments.
Mexico's budget deficit

Mexico slashes budget deficit by US $8.5B as tax collection surges 8.9%

6
A 38.4% boost in revenue from import taxes and a 5.3% decrease in public spending from January-May helped to majorly reduce Mexico's budget deficit.
the commute from Tijuana to San Diego

Number of cross-border workers from Baja California drops 20%

0
INEGI data showed that Baja California residents who commute regularly to work in Southern California stood at 70,642 in Q1 of 2025, down from 87,190 in the first quarter of 2024.
Sinaloa violence

20 killed in gruesome massacre attributed to ‘Los Mayos’ in Culiacán

0
The massacre of 20 people, five of whom were decapitated, is the deadliest single episode of violence of what has widely been described as a "war" between "Los Chapitos" and "Los Mayos."