Pemex discovers giant crude oil deposit in Tabasco

On Friday, Mexican state oil company Pemex said it has discovered a deposit in southeastern Mexico that could yield 500 million barrels of crude , calling it the largest such finding in more than 30 years .

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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.

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

According to Romero Oropeza, Pemex is also working in the drilling of the Quesqui 1 well where they expect to find an additional reserve of 200 million barrels of crude oil, so the field could yield up to 700 million barrels .

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President Andrés Manuel López 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 .

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