Economy 03-11-2017

Mexico President will announce on Friday relevant hydrocarbon discovery in land field in Veracruz

The president of Mexico, Enrique Peña Nieto, will announce on Friday an "important discovery" of hydrocarbons in a land field in the state of Veracruz, said sources with state oil company Pemex. The discovery comes at a time when the company is reporting the lowest oil production levels in more than two decades, of 1.73 million barrels a day (bpd) in October. "The discovery is a land field in Cosamaloapan," said one of the sources. Cosamaloapan is a municipality of Veracruz, state that is to the southeast of the Mexican capital and has coasts in the Gulf of Mexico. Pemex said in its Twitter account that Peña will make "a very important announcement regarding exploration and production" from the Miguel Hidalgo refinery, with capacity to process 315,000 barrels per day. Reuters

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