December 03, 2018

Mexico’s state company Pemex has more than tripled its projection of estimated reserves from the Ixachi onshore field in the Veracruz Province. The company advised that there could be up to 1.3 billion barrels of oil equivalent in proven, probable and possible (3P) reserves.
Initial discovery of the Ixachi field – located in Tierra Blanca, 72km from the Port of Veracruz – was announced in November 2017. However recent analysis from the Ixachi-1DEL and Ixachi-1001 exploration wells has confirmed that the deposit is significantly larger than first thought, with the field extending to around 50km square with a 1km hydrocarbon column.
This is Mexico’s most important discovery for 25 years. Currently the company is producing around 2,000 bpd of condensate from the Veracruz Basin, having been operating in the area for more than 60 years. Pemex now expects the field to reach 80,000 barrels a day of condensate production and 720 million cubic feet per day of gas production by 2022.
Pemex Director of Exploration José Antonio Escalera, said: “The discovery of the Ixachi site is the result of an effort that began in 1948 and that 70 years later throws a great discovery, which is undoubtedly the product of passion, talent, creativity and deep love for Mexico that oilmen have and that will give value to those present and the next generations.” (Source: Pemex/Diario de MNexico – Image: Ixachi drilling site in Vera Cruz province/Pemex)