Mexico oil reserve is the largest in 30 years

Petróleos Mexicanos (Pemex) recently announced the the largest oil reserve in the last 30 years in the country. The well has ability to yield about 500 million barrels of oil and is located in the state of Tabasco, southeastern region of the country.

The feasibility of exploitation and extraction was proven after the Pemex conduct studies on site. According to the company, by 2021, they should be 110,000 barrels per day from the gigantic oil deposit.

According to the company’s director, Octavio Romero, three other new fields would be being developed in Tabasco, the so-called Cibix, Valerian and Chocol. Even with a debt that exceeds $100 billion, Pemex remains the largest Mexican company in the oil segment. Besides recently it has sought to reverse the drop in production by increasing its Investments.

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