Mexico's state oil company says it has made a significant onshore find in the Gulf coast state of Veracruz.
A statement from Petroleos Mexicanos says the field could represent total reserves of about 350 million barrels of crude equivalent, from an original volume of over 1.5 million barrels.
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Pemex says the location near Cosamaloapan is advantageous because it is close to existing production and pipeline infrastructure, allowing it to be exploited more quickly.
Pemex's production has been in a years-long slide. Beginning in July, average total crude production dipped below 2 million barrels per day, reportedly a 22-year low.
President Enrique Pena Nieto announced the find with fanfare Friday, flanked by state and federal officials at a Pemex coke plant being built in the central state of Hidalgo.