Learn about the largest Mexican oil field

Mexican President Enrique Peña Nieto announced the discovery of the largest oil field in the last 15 years, estimated at approximately 1.5 billion barrels.

“The extraction may start soon, the field is located near our infrastructure, which will make things easier,” the President of El Sol de Mexico said.

According to him, the oil was found by Pemex in the area of Tres Valles Veracruz.

In May, Colombian President Juan Manuel Santos announced the opening of the largest gas field in the country since 1989.

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The Mexican state oil and gas company Pemex had discovered an oil and gas field of about 1.5 billion barrels in the Cosamaloapan area of Veracruz.

As reported by the publication Oilcapital.ru, the new deposit is the most important finding on the mainland, where there are Tres Valles, for the last 15 years. According to the President of Mexico Enrique Peña Nieto, fuel production can begin in the very near future, as the discovered deposit is located near the areas where the company has gas pipelines. Supplying distribution centers are already located there.

A representative of the Pemex management, Jose Antonio Escalera, outlined the approximate timing of the start of production on the territory of Tres Valles. According to him, the work can begin in late 2018 or early 2019. He also noted that the company does not exclude the possibility of cooperation with foreign oil companies for the development of the field. At the same time, Pemex has everything it takes to cope with it on its own.

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Oil production

Currently, the level of oil production from the Mexican company has dropped to its minimum values for more than 20 years. In October this year, it averaged 1.7 million barrels per day.

Organization of oil-exporting countries improved the forecast of world oil demand by 2040. According to OPEC expectations, demand will increase to 111.1 million barrels of oil per day or 16.5%. This figure is 1.7 million barrels higher than the last year. Most likely, this will significantly improve the financial situation in the region, as the second largest Mexican state of Veracruz announced Monday its emergency financial situation due to the huge debt on its obligations.