Mexico makes its biggest oil discovery in more than three decades

Mexican state oil company Pemex has announced the biggest oil discovery in the country since 1987. The deposit in the southeast of the country may have reserves of 500 million barrels of crude.

The giant Quesqui site in the Gulf Coast state of Tabasco was discovered several months ago, with the first well, which is now producing 4,500 barrels per day, drilled in June. However, after studying the potential of the field, the company announced that the deposit is one of the most important discoveries in 30 years.

“With the investigation of data gave by this well and seismic information in the territory, we can affirm today the presence of a monster store identical to 500 million barrels of unrefined petroleum in a 3P hold,” Pemex Chief Executive Octavio Romero Oropeza said in an announcement on Friday.

The supposed 3P save implies that it has deposits thought about demonstrated, plausible and conceivable.

The head of Pemex additionally uncovered advancement plans for the 34-square-kilometer field. Up to 11 wells are set to be bored at the site to arrive at day by day creation of 69,000 barrels of oil and 300 million cubic feet of gas one year from now. By 2021, yield is set to arrive at 110,000 barrels for each day (bpd) and 410 million cubic feet of natural gas every day.