Veracruz, Mexico - According to Petroleos Mexicanos (Pemex), an "active petroleum system" has been found off the coast of the Mexican Gulf state of Veracruz. It is not yet known how much oil is in the field.

The oil was found at the Puskon-1 well, located 61 kilometers (about 38 miles) east of the coastal city of Tuxpan. The presence of wet gas was detected at a depth of 7,200 meters (23,606 feet), Pemex officials indicated.

According to the statement released by the state-owned oil company, work is underway to try to determine the structure of the area “in an effort to determine the distribution and potential” of the hydrocarbons discovered there.

Pemex, Latin America’s largest corporation and the world’s third-largest oil producer, has a monopoly over the Mexican petroleum industry. The state-owned corporation is the biggest source of revenue for the Mexican Treasury.