Mexico discovers oil
Mexico recently announced one of its biggest oil discoveries. The discovery is the biggest since the find in 1987. The oil was discovered in the Quesqui Field in the Tabasco state on the Gulf coast. It is an on-shore field with a reserve of 500 million barrels of crude deposits. This is a combined estimate of the proven, probable and the possible reserves. The field is now yielding 4,500 barrels per day from its first well drilled in June this year. The government is in plans to establish a 34 sq.km. oil field that is to yield 69,000 barrels of oil per day by 2020. The field is expected to yield 1,10,000 barrels per day of oil in 2021 in addition to 410 million cubic feet of natural gas.
Mexico is the 11th largest producer of oil in the world. The state owned oil company Petroleos Mexicanos is involved in the project.