9:46 a.m.
Friday, 21 July 2017

Felipe Calderón announced on Sunday the discovery of an onshore oil field in the state of Tabasco, Mexico

Villahermosa, México.- President Felipe Calderón announced on Sunday the discovery of an onshore oil field in the state of Tabasco, the country’s third crude find in the last three months.

“This is one of the biggest discoveries in the last 10 years, particularly onshore,” Calderón said at the inauguration of a cryogenic processing plant in Poza Rica, Veracruz.

The oil deposit, which was found at a depth of 3.7 miles in the Navigator 1 well 20 kilometers (12.4 miles) from Villahermosa, is expected to contain 50 to 500 million barrels of light crude, the president said. In August and October, Pemex announced the discoveries of its first two deep-water oil reservoirs in the Gulf of Mexico.

Mexico’s state-run oil company Pemex said its exploration department has begun drilling two exploratory wells to determine the extent of the deposit and plans to begin production at the site next month.

“Pemex has moved toward investing in exploration, and it’s showing results,” Calderón said. “If we continue to work … Mexico may ensure its oil production, not in 10 or 15 years, but permanently.”

Oil production in Mexico, the world’s seventh largest producer, has been on the decline since 2004, when it reached a high of 3.4 million barrels per day. Calderón boasted that since 2002, investment in oil exploration projects has quadrupled from 67 billion pesos to 300 billion pesos this year.

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