• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 19 hours Reality catching up with EV forecasts
  • 2 days Famous author Michael Crichton talks about the "Climate Change Religion" aka Feudalism 2.0
  • 7 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 13 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
Geopolitical Risks On The Rise In The Middle East

Geopolitical Risks On The Rise In The Middle East

Geopolitical risks appears to be…

Energy, Metals Investments To Boom In 2023

Energy, Metals Investments To Boom In 2023

This year, investment in supply…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Mexico’s Pemex Boasts Billion-Barrel Oil Discovery

Mexico’s Pemex has discovered a gigantic oilfield in the state of Tabasco that could hold as much as one billion barrels of oil, Octavio Romero Oropeza, chief executive of the state oil firm, said in an interview with the Mexican state broadcaster on Sunday.  

Pemex, the most heavily indebted oil company in the world, has been struggling to reverse the decline in its oil production, even after leftist nationalist Mexican President Andrés Manuel López Obrador came to power in 2018, offering increased support to the state oil firm and promising increased production for a Mexican ‘energy independence.’

The new discovery in Tabasco is a “gigantic field,” Pemex’s CEO told the state broadcaster, comparing the oil find with the giant oilfield in Quesqui, which Pemex said it had discovered in 2019. The Quesqui field is the most important discovery in the country since 1987, Pemex said at the time.


Details on the new discovery will be unveiled on March 18, Romero said on Sunday.

López Obrador came to power with the promise to increase state support for Pemex and make the state-run major the pillar of a turnaround for the country’s declining oil production.


López Obrador has also been a vocal critic of the energy reform of his predecessor Enrique Peña Nieto, who opened in 2013 Mexico’s oil and gas sector to private investment for the first time in seven decades.

The incumbent Mexican President seeks a greater role for Pemex in reversing the downward trend in Mexican oil production and is criticizing the energy reform and the foreign oil firms for failing to do so.    

Petróleos Mexicanos, as Pemex is officially known, will continue to focus on oil exploration and production as well as a future $8-billion refinery, Dos Bocas, which is planned for López Obrador’s home state of Tabasco.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • George Doolittle on March 16 2021 said:
    Not "reinventing the wheel" given the North American on shore shale boom. Plus massive US natural gas exports to Mexico and the building of an lng export terminal from South of San Diego by Sempra Energy says to me this is something totally do-able with obviously "the big bucks" being off shore GOM as oil prices soar on "never was a lockdown in the first place" news.

    Long $slb Slumberger
    Strong buy

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News