Pemex commits $10 billion to onshore and offshore field development

Pemex received approval from Mexico’s National Hydrocarbon Commission (CNH) for a $10-billion, 25-year investment commitment to develop onshore and offshore exploration opportunities.

Pemex will develop 22 new offshore fields in 2019, 18 of which are in shallow Gulf of Mexico waters. Onshore, the commission’s approval extends to the Ixachi field, Pemex’s most significant land discovery of the past 25 years.

Under the plan, Pemex is to invest $330 million for development and extraction operations in its 1,121 km2 Octli field. This project, the tenth development plan approved by the CNH, includes drilling and completion of five additional development wells to be drilled in 2019 and 2020. The Octli field has recoverable reserves of 31.3 MMboe and 39.76 Bcfg in lower Pliocene and upper Miocene strata.

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