MEXICO has made the biggest oil discovery in 32 years after finding the equivalent of 500 million barrels of oil in a field in the Gulf coast state of Tabasco.

The first well was drilled at Quesqui in June and is now producing an astounding 4,500 barrels per day.

NINTCHDBPICT000546213489 - Mexico makes biggest oil discovery in 32 years as ‘500 MILLION barrels found in field’
Getty – Contributor

Mexico has made the biggest oil discovery in 32 years after finding the equivalent of 500 million barrels of oil in a field in the Gulf coast state of Tabasco[/caption]

NINTCHDBPICT000546213584 - Mexico makes biggest oil discovery in 32 years as ‘500 MILLION barrels found in field’
Getty – Contributor

Octavio Romero, head of the state-owned oil company Pemex, said the on-shore field reserves the equivalent of 500 million barrels of crude oil[/caption]

Mexican state oil company Pemex discovered the deposit which has the potential yield 500 million barrels of crude.

Octavio Romero, head of the state-owned oil company Pemex, said the on-shore field reserves the equivalent of 500 million barrels of crude oil.

She said: “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.”

The 34 square-kilometre field is planned to have 11 wells and a production of 69,000 barrels per day in 2020.

In 2021, 110,000 barrels of oil is planned to be produced, as well as 410 million cubic feet of natural gas per day.

President Andres Manuel Lopez Obrador has made it a top priority to revive Pemex, which has seen production steadily decline for more than a decade while its debt has grown dramatically.

NINTCHDBPICT000546213491 - Mexico makes biggest oil discovery in 32 years as ‘500 MILLION barrels found in field’
Getty – Contributor

The 34 square-kilometre field is planned to have 11 wells and a production of 69,000 barrels per day in 2020[/caption]


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