MEXICO CITY (AP) — 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.

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.