Mexico’s biggest onshore oil discovery in 15 years

Jose Antonio Meade, Mexico's finance minister, right, and Jose Antonio Anaya, chief executive officer of Petroleos Mexicanos (Pemex), applaud during the Mexico Business Summit in San Luis Potosi, Mexico, on Tuesday, Oct. 24, 2017.

MEXICO CITY: Petroleos Mexicanos announced its biggest onshore discovery in 15 years, just three months after Mexico reported the first major find by private companies, bolstering the nation’s efforts to revive its oil industry.

The Ixachi-1 well that lies 72 km south of the port of Veracruz is believed to contain 1.5 billion barrels of oil in place, or about 350 million in proven, probable and possible reserves.