Pemex has nearly tripled its estimate of the reserves in a recently discovered onshore oil field in Veracruz, making it the biggest discovery in 25 years, a Pemex official said.

The Ixachi field, located 72 kilometers south of the city of Veracruz, was discovered in November last year, when its 3P reserves (proved, probable and possible) were estimated at 366 million boe (barrels of oil equivalent).

But the state oil company said at the time of its discovery that reserves could be larger. Today it revised the figure to more than one billion boe after drilling two new wells.

Source: Milenio (sp)