More than 500 million barrels of oil are estimated to lie beneath a newly discovered well site, with another 500 million barrels of oil expected to lie in surrounding areas, according to Consumer Energy Report.
Petroleos Mexicanos (PEMEX), the fourth-largest oil producer in the world, has announced that it has discovered a crude oil deposit that could provide as much as 1 billion barrels by the time exploration and extraction is complete.
More than 500 million barrels are estimated to lie beneath the original well site, dubbed Navegante 1, at a depth of nearly 4 miles, with another 500 million barrels expected to lie in surrounding areas. PEMEX, a state-run oil firm, has already spent more than $10 billion in exploration efforts, culminating in this, the largest solid-ground crude discovery made in the country in the past 10 years. (Read More: How Much Oil is Left in the World?)
That same $10 billion has also gone towards offshore exploration, leading to two other major reserve discoveries in the Gulf of Mexico over the past few months; combined, these three new reserves promise to add nearly 30 billion barrels to world reserves. The offshore discoveries, made via PEMEX ultra-deep wells Trion-1 and Supremus-1, ended a drought for the firm that saw them come up short in the drilling of their last 22 wells, and the company’s perseverance was praised by Mexican president Felipe Calderon.