Mexico makes 'major' 1.5-bn barrel oil find: president

Mexico makes 'major' 1.5-bn barrel oil find: presidentMexican President Enrique Pena Nieto said Friday state oil company Pemex has made a “major” oil and gas discovery with an estimated 1.5 billion barrels of crude equivalent, its largest onshore find in 15 years. The new field, dubbed Ixachi-1, is located in the eastern state of Veracruz near existing Pemex infrastructure, meaning it can be tapped “relatively soon, and at low costs,” said Pena Nieto. The field’s proven, probable and possible reserves — an estimation of the amount of oil and gas that can be brought to market near-term — are 350 million barrels, the president said.

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