This afternoon, Nov. 3, 2017, Mexican president Enrique Peña Nieto announced the PEMEX’ “biggest onshore discovery in the last fifteen years.” The light-oil discovery was made in the Veracruz basin 40 kms northeast of Cosamaloapan, Veracruz, and represents 1,500 million bcoe while the field’s estimated reserves 3P are 350 million bcoe.
The Ixachi-1 well was approved by the CNH in September 2016 and represents a welcome success for PEMEX after it hit a production low in September. The oil company noted that one of the field’s economic advantages is that it is onshore and very close to existing production infrastructure.
Previous major onshore discoveries made by PEMEX were in the Southeast basin between 2002 and 2004, amounted a total of 506 million bcoe in estimated reserves.
The find took place in Mexico’s Faja de Oro, where Mexico’s oil production started at the beginning of the 20th century and which at that time was considered the world’s most important petroleum producing area.