Round One: Mexico Onshore Bidding Process Begins

Pemex said earlier this week that it had discovered six new deposits in the Gulf of Mexico, two of super light crude in deep waters, and four of light crude in shallow waters.

The company has been struggling with declining output for over a decade but plans to drill 30 exploratory wells in 2017, it said in a recent statement.  The discoveries were a made couple of months ago, but were not announced immediately in order to quantify the reserves and guarantee their commercial viability.

 

Pemex said that in the oil-rich Cinturon Plegado de Perdido area, which is in deep waters in the Gulf of Mexico, it had already drilled the Nobilis-1 well, located 220 kilometers (137 miles) off the coast of the northeastern state of Tamaulipas, at a depth of 3,000 meters to the ocean floor, and a total depth of more than six kilometers. The two deep-water discoveries, the crude had a super light gravity of over 40 degrees API. Pemex said the two wells could eventually deliver 15,000 barrels per day, and could have proven, probable and possible (3P) reserves of between 140 million to 160 million barrels of oil equivalent (boe).

The company also announced it had discovered light crude and gas in the Teca-1 well, located 30 kilometers off the Gulf coast at 44 meters below the surface. It estimated 3P reserves were between 50 million to 60 million boe.  Pemex, which has enacted major spending cuts due to the collapse in the oil price, said it would focus the majority of its investments toward areas where it thinks it has the highest probability of discovering crude.

Mexico Energy & Infrastructure Projects Forum Monterrey