President Enrique Peña Nieto declared that initial studies indicate that the Ixachi-1 Well could represent total reserves of approximately 350 million barrels of 3P reserves: proven, probable and possible,” he explained.
"This is the most important PEMEX find in onshore fields this company has made in the past 15 years”: EPN
He noted that it will be possible to extract this oil relatively soon, and at a lower cost due to the location of this oil field. It is close to where PEMEX already has infrastructure, which will enable us to process the oil that is extracted more easily.
“Energy Reform, one of those that was achieved and is in the process of being implemented, is enabling PEMEX to be a much more productive and efficient company that can compete with any other company worldwide.
“In other words, PEMEX competes with other oil companies with greater demands; and what has enabled PEMEX to achieve this condition is precisely Energy Reform”: EPN
The president declared that when production began to decrease, PEMEX worked to increase production. Today there are several onshore or shallow water oilfields that have increased their production by over 50 percent.
PEMEX has managed to stabilize its finances. Financial markets have a better perspective of the future of PEMEX as a result of its internal changes and its transformation process. The level of risk of having PEMEX bonds has decreased.
“Today, this whole process of transformation has made PEMEX worth more and more highly appreciated in the financial markets, meaning that whoever has PEMEX bonds is at a lower risk”: EPN
This Administration has experienced two major challenges: first, the drop in oil production, and second, the fall in oil prices.
“Oil prices fell yet Mexico did not stop growing. Mexico maintained its economic growth and economic development, and here we have to thank and recognize PEMEX workers for their commitment, for making this productive state company more efficient”: EPN