Pemex will invest in international exploration

According to Mexico's 2018 Economic Package, the country will invest MXN$ 20,942 million between 2017 and 2020 on exploration specialized studies
Photo: File photo/ EL UNIVERSAL
26/09/2017
14:00
Noé Cruz Serrano
Mexico City
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Mexican National Oil Company, Petróleos Mexicanos (Pemex), will partner with multinational companies such as Shell, ExxonMobil, Chevron, Total S. A. and British Petroleum, among others, to participate in oil field bidding rounds offered internationally expecting reserves between 200 million and 300 million barrels over the next four years.

According to Mexico's 2018 Economic Package, the country will invest MXN$ 20,942 million between 2017 and 2020 on exploration specialized studies both in Mexico and abroad.

The investment scheme is part of a portfolio renewal that expects to restore the extracted reserve in a profitable and sustainable way incorporating reserves per 1,100 million crude oil barrels aligned with the average incorporation of the last five years. By 2020, 20% of the expected 1.5 billion barrels may be from reserves in other parts of the world.

To achieve this, in addition to the exploration studies in the allocations granted to Pemex, the Mexican National Oil Company will participate in international licensing rounds in a search for the strengthening and the diversifying of the exploratory portfolio.

Pemex Exploration and Production subsidiary (Pemex Exploración y Producción abbreviated PEP) proposes to allocate specific financial resources to accelerate the characterization and delimitation of the new discoveries reducing the periods between discovery and production in the short and medium term.

The immediate program contemplates the delimitation of important discoveries made in 2015 and 2016, as well as the delimitation in farm out agreements.

In addition, considering that 80% of the investment in exploration is related to the drilling-completion of exploratory wells and delimitation, it is essential to continue with an improved process for operational efficiency that will allow cost reduction.

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