Mexico announces onshore oil discovery

Petroleos Mexicanos (Pemex) announced its biggest onshore discovery in 15 years, just three months after Mexico reported the first major find by private companies, bolstering the nation’s efforts to revive its oil industry.

The Ixachi-1 well that lies 72 km south of the port of Veracruz is believed to contain 1.5 Bbbl of oil in place, or about 350 MMbbl in proven, probable and possible reserves.

Pemex has yet to determine the amount of investment needed to develop the discovery or whether the company will seek partners. 
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