Pemex invests US $ 10 billion for onshore and offshore field development

August 8, 2019

Pemex has received approval from Mexico’s National Hydrocarbon Commission (CNH) for a $ 10 billion investment to develop land and sea exploration opportunities.

Pemex will develop 22 new maritime fields in 2019, 18 of them in shallow waters of the Gulf of Mexico. On land, the commission’s approval extends to the Ixachi field, Pemex’s most significant land discovery in the last 25 years.

Under the plan, Pemex will invest $ 330 million in development and extraction operations at its 1,121 km 2 field at Octli. This project, the tenth development plan approved by CNH, includes drilling and completion of five additional development wells to be drilled in 2019 and 2020. The Octli field has 31.3 MMboe and 39.76 Bcfg recoverable strata reserves. Miocene and inferior pliocene.

Upon completion of Octli development, Pemex will add 232,000 bopd and 790 MMcfg to its annual output, equivalent to 13% of current oil and 16% of current gas production rates.

Source: O Petroleo

August 8, 2019

 

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