Petróleos Mexicanos reports that, after having completed all necessary technical assessments, it has now confirmed that the Ixachi field, located in the municipality of Tierra Blanca, 72 kilometers from the Port of Veracruz, is much larger than had been reported upon its discovery in November 2017, as its 3P reserves will exceed 1 billion barrels of crude oil equivalent.

Preliminary estimates indicate that, at its peak production stage, which has been calculated to be reached in 2022, the Ixachi field will yield around 80,000 barrels of condensate per day and over 700 million cubic feet of gas, which will help cover the gas and hydrocarbon liquids supply for the country for its short and medium term development.

This was validated with the geological information and field engineering assessments for the wells Ixachi-1DEL and Ixachi-1001 were completed, which confirmed that the Ixachi field is larger than originally proposed, covering an area of 50 square kilometers and a hydrocarbon column that exceeds one thousand meters.

This discovery is the biggest onshore field discovery made in the last 25 years, and the fourth largest worldwide in the last decade.

This is a highly valuable field, as it is located onshore and has the added strategic advantage of being close to currently operating infrastructure that includes working wells and an already operating pipeline system, which means it can begin production shortly.

In a press conference, Petróleos Mexicanos CEO Carlos Treviño Medina pointed out that the exploration campaign deployed over the last few months was launched to increase the gas and condensate reserves at a lower stratigraphic level of the Ixachi field that is encased in the Cretaceous limestone. The field is located on the eastern rim of the Cordoba Platform.

The amount of gas and hydrocarbon liquids identified in this field will allow the company to secure supply of these products for the short and medium term for the petrochemical complexes located in the southeast of the country.

During the event, engineer José Antonio Escalera, Director of Exploration, gave a historical account of the various exploration stages of the Veracruz Basin and highlighted the work of generations of geologists, geophysicists, oil engineers, specialists, researchers and workers of Petróleos Mexicanos who have contributed to the exploration of this field.

The Veracruz Basin is located to the west of the Gulf of Mexico, in an area spanning 39,000 square kilometers that has been a source of immensely valuable strategic resources for the development of our country and for the progress of the national oil industry.

The findings made in the Ixachi field are the result of a collective effort that began in 1948 and now, 70 years later, bring forth a great discovery that is undoubtedly the result of the passion, talent, creativity and the profound love for Mexico shared by all oil workers in the country, which will generate value for this and future generations.

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