PEMEX: Six new fields to increase Mexico’s crude oil production

The state-owned oil company Mexican Petroleums (PEMEX) will leave the country’s upcoming administration with six new oil fields with the potential of increasing domestic production to 210,000 crude barrels a day by the end of 2020 .

In this way, Mexico’s new government will hypothetically be able to bring PEMEX’s crude production level back to 2 million barrels a day starting their third year ( 2021 ), even though it dropped to 1 million 800 thousand barrels in 2018 .

Shortly after announcing the discovery of seven oil deposits located on two oil fields in shallow waters near the shores of Tabasco , PEMEX director, Carlos Treviño Medina indicated that the findings were added to four fields that are currently undergoing a frontier delimitation process and will soon be ready for production, with which the oil company expects to revert the downward spiral of the national oil production.

“ All six fields have the potential of contributing with up to 210,000 oil barrels and 350 million cubic feet of natural gas daily by the end of 2020 ,” claimed the director, adding that it would be up to President-elect Andrés Manuel López Obrador’s upcoming administration to decide whether the government would conduct the extraction exclusively or through mixed public-private investment.

The Secretary of Energy, Pedro Joaquín Coldwell , assured that these discoveries were among the 10 most important oil deposit discoveries in the past 15 years .

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“Added to the crude oil barrel recovery, estimated at around 70 dollars , as well as the country’s new private oil company climate, it is estimated that the downward trend of national reserves will be reverted in two years,” he stated.

José Antonio Escalera, director of PEMEX Exploration

, claimed that the six actives would require an investment of between 7 and 10 billion dollars , since the development of the two most advanced projects, Xikin and Esah , will require drillings on 20 oil wells , with a cost of 50 million dollars each , in addition to a new platform worth 150 million .

The discovery in shallow waters of the Mexican gulf was notified to the National Hydrocarbons Commission (CNH) .

The Manik and Mulach oil fields could provide an overall of up to 45,000 oil barrels a day starting the fourth trimester of 2020 .

It has been estimated that the Manik oil field, located 63 miles off the shore of Ciudad del Carmen, will provide 80 million crude barrels a day.

On the other hand, the oil company has already begun drilling a well in the Mulach oil field this year, located 11 miles northeast of Paraíso, Tabasco. The field is expected to render 100 million barrels a day.

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