Mexico’s Pemex announced that the company has discovered a new field in Tabasco which is expected to produce around one billion barrels of oil helping to compensate for the production slump, Bloomberg reported.

Pemex CEO, Octavio Romero elaborated that this new field is located at the southern part of the Gulf of Mexico and when it is combined to the closure deposits, it is similar in size to other billion-barrel discoveries.

“Pemex will provide more details about the discovery on March 18, the nationally celebrated anniversary of Mexico’s 1930s expropriation of oil companies,” Oropeza said.

It is worth noting that the production of the company has sharply declined since the early years of this century that its debt reached $113 billion which is the highest among the other major oil companies.