Mexico announces its biggest oil discovery in three decades

December 7, 2019 / By Ian Hayden Parker

Mexico said Friday that it has made the biggest oil discovery in the country since 1987 at the Quesqui field in the Gulf coast state of Tabasco.

Pemex said it first discovered the field in Tabasco state in May, before beginning studies to evaluate its viability. The site, called Quesqui, is a so-called 3P reserve, made up of deposits considered proven, probable and possible.

“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,” Pemex Chief Executive Octavio Romero Oropeza said in a statement.

He added that Pemex aimed to extract 69,000 barrels per day (bpd) from the site by next year, and reach 110,000 bdp by 2021.

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.

Mexico said Friday that it has made the biggest oil discovery in the country since 1987 at the Quesqui field in the Gulf coast state . . .

Follow Us On Google News | Get Our Newsletter

Trending News on PVDN

Mexico City Protest on July 5 Challenges Gentrification and Airbnb’s Impact on Housing Residents of Roma and Condesa will gather at Parque México on July 5 to protest gentrification, rising rents, and Airbnb’s effect on local housing. This Saturday, July 5, Mexico City will witness its first organized citizen protest against gentrification—a peaceful but urgent gathering taking place at 3:30 p.m. at the Lindbergh Forum in Parque México,…
More Raw Sewage Dumping at Playa Los Muertos Appear to Come From Local Hotel Business owners in Puerto Vallarta are demanding action after raw sewage was discovered leaking onto Playa Los Muertos, raising public health and tourism concerns. A raw sewage leak at Playa Los Muertos in Puerto Vallarta has sparked outrage among local tourist service providers and business owners, who say the contamination is driving away visitors and…
Puerto Vallarta braces for torrential rains as Hurricane Flossie gains strength Puerto Vallarta faces a high risk of flooding as Hurricane Flossie intensifies in the Pacific. Torrential rains and overwhelmed drainage systems pose major challenges for the city. Puerto Vallarta, a city wedged between the Sierra Madre mountains and the Pacific Ocean, is no stranger to dramatic weather shifts—but this summer, the skies are testing the…
Puerto Vallarta needs a new image to create meaningful reasons for travelers to visit Business leaders at Jalisco Tourism Secretariat forums stressed the need for renewing Puerto Vallarta image and diversifying attractions to appeal to national and international markets. Local business leaders and tourism specialists agreed this week that Puerto Vallarta needs a fresh look and a broader range of attractions to compete at home and abroad. In a…
SEAPAL Official Reported Missing in Puerto Vallarta Authorities in Puerto Vallarta have launched a search for José Luis Velázquez Rodríguez, SEAPAL's head of transparency, who has been missing since June 30. Family and officials are urging the public to report any information. Local authorities and civil protection units have launched a search operation for José Luis Velázquez Rodríguez, head of the Transparency…
Gentrification in Mexico City is not the reason for the high cost of housing City housing shortage, not gentrification, drives prices skyward as planning lags behind demand and foreigner influence remains minimal. High real estate costs in Mexico City stem from a deep and persistent housing shortage—exacerbated by land constraints, tangled regulations and speculative investment—rather than by the presence of foreign residents. Despite headlines blaming “gentrification,” foreign-born residents make…
Mexico City Protests: There is a fine line between anti-gentrification and xenophobia The line between anti-gentrification and racism is clear if you choose to see it: genuine activism targets policy and practice, not nationality or ethnicity. I have lived in Mexico for two decades, and I have never witnessed the level of anti-American sentiment that exists today. All of it is tied to the buzzword "gentrification," a…
No Damage Reported in Jalisco as Hurricane Flossie Moves Away While Mexico's Weather Service predicted heavy rains, Hurricane Flossie causes no damage along Jalisco’s coast. The Category 3 storm brings light rain and moderate waves as it moves away from the region. The coasts of Jalisco remain calm and largely unaffected following the passage of Hurricane Flossie, a powerful Category 3 storm that is now…
Protest graffiti and smashed windows mars anti-gentrification rally in Mexico City Residents and activists joined an anti-gentrification rally in Mexico Park, but the anti-gentrification rally Mexico Park turned destructive as masked youths defaced local shops and broke windows. A rally against gentrification held yesterday in Mexico City’s Parque México drew residents from Juárez, Roma, Condesa and Hipódromo alongside local activists. Organizers billed it as the city’s…
Puerto Vallarta police chase ends in deadly collision in Bahía de Banderas A Puerto Vallarta police chase along Highway 200 ended in a deadly collision in Bahía de Banderas, leaving two people dead. A high-speed chase that began in Puerto Vallarta, Jalisco, and ended in Bahía de Banderas, Nayarit, left at least two people dead and raised new questions about police engagement and road safety in the…