In the July 2012 issue of E&P, Pemex CEO Juan José Suárez Coppel said, “People must think that we finally cracked the secret of exploration in Mexico, but the simple truth is that we finally started to invest in exploration.”
That investment is already paying dividends. The Mexican national oil company announced July 4 that it has discovered five wet-gas deposits in the Gulf of Mexico, expanding its portfolio of production opportunities in the Catemaco Fold Belt, according to latin.foxnews.com.
The Kunah-1 well was drilled to 2,157 m (7,070 ft) at a location about 125 km (77 miles) northeast of Veracruz, the site reported. The deposits are at depths of 2,845 to 4,103 m (9,327 to 13,459 ft).
Production tests indicate 345 MMcf/d with 110 bbl of liquids, various reports noted, and Pemex is quoting 3P reserves of 1.5 to 2 Tcf. The company also anticipates 30 to 40 MMbbl in oil reserves, though so far only gas has been discovered, according to reuters.com.
Having seen its output drop to about 2.55 MMb/d in recent years, Pemex managed to bring its IP reserve replacement to above 100% in 2011, a year ahead of schedule. Suárez Coppel said that this was an example of what Pemex can do under the right circumstances.
In June, the company awarded several contracts to boost production from its mature fields. And, candidates in the recent presidential election voiced their support for relaxing Mexico’s laws, which currently bar oil and gas concessions or risk contracts for private or foreign companies, according to Fox News.
Contact the author, Rhonda Duey, at firstname.lastname@example.org.
Magnolia Oil and Gas Announces 15% Increase to Quarterly Dividend
2023-02-01 - Magnolia Oil and Gas Corp.’s shareholder distribution increase reflects the company’s efforts to maximize shareholder returns.
Baker Hughes to Provide Equipment for Petronas Carbon Capture Project
2023-01-03 - Petronas' Kasawari offshore project is expected to be the largest carbon capture and sequestration facility in the world.
Ecopetrol Eyes Double-digit Permian Production Growth in 2023
2023-03-03 - Colombia’s state oil company Ecopetrol looks to report another year of double-digit production in the Permian, where it has joint operations with Occidental Petroleum.
Exxon Signals Strong Q4 Profit to Drive Annual Record
2023-01-05 - Preliminary operational results confirmed that 2022 was Exxon Mobil's best financial year, the company reported, with profits nearing $58 billion.
Forty Under 40: Danny Yick, ConocoPhillips
2023-01-06 - Today's featured Forty Under 40 honoree is Danny Yick, who serves as senior director of corporate A&D for ConocoPhillips in Houston.