Major oil find to boost Pemex growth

The gap between what the Mexican state-owned oil firm aims to produce and its president’s ambitious output targets could be partially plugged by material from new Tabasco discovery

Mexican president Andres Lopez Obrador marked his first anniversary in office with the revelation of a fresh oil discovery in his home state of Tabasco last month, purportedly the largest in the country in over three decades. Pemex, the state-owned oil and gas firm, says that seismic and well data collected in June from the Quesqui oil field indicated 3P deposits of around 500mn bl oe in place, with crude quality of 43.8° API. If confirmed, the discovery would be the most significant in Mexico since the Sen field, also in Tabasco, in 1987, which added 536mn bl oe to national oil reserves. “Quesqui is positive news,” says Edgar Cruz Borges, head of credit research at Spanish bank BBVA. “It co