[Editor's note: This article was updated at 1:20 p.m. March 12.]
Mexican President Andres Manuel Lopez Obrador said on March 12 a “very large” oil discovery had been made in Tabasco, his home state in southern Mexico, as the government tries to revive crude output at state oil company Pemex.
Lopez Obrador revealed the discovery during a regular morning news conference but gave no further details.
“We discovered a very large oil field in Tabasco,” he said.
A source at Pemex told Reuters that the find was both “new and important.”
Lopez Obrador said more details would come on March 18 in Tabasco, where he is due to mark the anniversary of the 1938 nationalization of the oil industry. The event would be held at the Dzimpona-1EXP onshore well in Tabasco, the source said.
In 2019, Pemex announced the discovery of a separate large oil field also in Tabasco.
Recommended Reading
Stonepeak Backs Longview for Electric Transmission Projects
2025-03-24 - Newly formed Longview Infrastructure will partner with Stonepeak as electric demand increases from data centers and U.S. electrification efforts.
More Players, More Dry Powder—So Where are the Deals?
2025-03-24 - Bankers are back and ready to invest in the oil and gas space, but assets for sale remain few and far between, lenders say.
RWE Slashes Investment Upon Uncertainties in US Market
2025-03-20 - RWE introduced stricter investment criteria in the U.S. and cut planned investments by about 25% through 2030, citing regulatory uncertainties and supply chain constraints as some of the reason for the pullback.
TXO Partners CEO Bob R. Simpson to Retire
2025-03-20 - Gary D. Simpson and Brent W. Clum will serve as co-CEOs, effective April 1. Bob R. Simpson will remain chairman of the board, TXO said.
US Oil Company APA Lays Off Nearly 15% of Staff, Bloomberg News Reports
2025-03-19 - The news comes days after APA and its partners announced a successful oil discovery on their shared acreage in Alaska's North Slope.