Mexico’s Crude Oil Problem

Mexico’s economy has a high dependence on hydrocarbons. 89% of the country’s energy production is made from fossil fuels. It’s a large producer of oil, natural gas, and coal, however,…

Pemex adds 1B barrels of oil reserves in biggest onshore find in 25 years

Pemex triples estimate of Veracruz oil field’s reserves.

Pemex’s preliminary development plan includes drilling more than 40 development wells at a cost of more than $1.5 billion, Carlos Trevino, Pemex general director, said at an event Tuesday announcing Ixachi’s progress.

“The expected value of the total production of Ixachi is worth $40 billion,” Trevino said. “Based on these numbers, you can see how profitable this project will be.”