The discovery by the Mexican state-owned petroleum company was made through the drilling of Ixachi-1 well, close to Cosamaloapan, 72km south of the port of Veracruz.
Pemex stated that it discovered the field with an original volume of over 1,500 million barrels of oil equivalent (boe). This, it says, represents total reserves of around 350 million boe which is almost the same as the findings reported recently by private companies at the Zama-1 well.
The company believes that the discovery will help cater to the domestic demand of wet gas and light crude oil for the short and medium term.
Pemex adds that this is the most significant onshore discovery it has made in the last 15 years.
The oil and associated gas field is anticipated to be brought into production in a shorter period of time at low costs owing to the location of the deposit, as per a statement from Mexican President Enrique Peña Nieto.
Besides, the reservoir is closely located to existing infrastructure of Pemex that includes production wells to the National Pipeline System, thereby having great economic value attached to it.
Preliminary studies indicate that the reservoir can be extended further, and could even double its initial estimated volume.
Peña Nieto said that the energy reforms brought in by the country are making it possible for Pemex to become a much more productive and efficient company that is able to compete on the global front.
The Mexican President further said: “Today, this whole process of transformation has made PEMEX worth more, be better appreciated in the financial markets, and that whoever has debt paper with PEMEX has a lower risk.”
Image: Peña Nieto says Ixachi-1 could represent total reserves of around 350 million barrels of 3P reserves. Photo: courtesy of Presidency of the Republic, Mexico.
