Mexico’s state oil company said Tuesday that it is tripling the reserve estimates for its biggest onshore oil and gas discovery in 25 years.

Pemex Chief Executive Carlos Trevino said exploration results at its Ixachi exploratory wells indicate the light oil and natural gas discovery near the eastern state of Veracruz holds more than 1 billion barrels of proven, probable and possible reserves. That’s up from the prior estimate of more than 350 million barrels announced a year ago. [read more]

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