Mexico’s Pemex announces discovery of ‘giant’ crude oil deposit

Mexican state oil company Pemex said on Friday it has discovered a deposit in southeastern Mexico that could yield 500 million barrels of crude, calling it the largest such finding in more than 30 years.

Pemex said it first discovered the field in Tabasco state in May, before beginning studies to evaluate its viability. The site, called Quesqui, is a so-called 3P reserve, made up of deposits considered proven, probable and possible.

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