CNH Approves PEMEX's Santiago 101-EXP Well Exploration Plan

CNH has greenlit the drilling of the terrestrial exploratory well Santiago 101-EXP for PEMEX Exploration and Production (PEP). The well is part of the Base Scenario of the Exploration Plan for Assignment AE.0387-5M-Humapa. Scheduled to commence on May 28 and conclude on Aug. 14, the well's drilling is estimated to cost US$10 million and span a duration of 79 days.

The primary objective of the well is to discover commercially viable light oil accumulation in the fractured limestones of the Middle Cretaceous, employing a J-type directional trajectory. PEP anticipates recovery of 1.8MMboe, with a geological success probability of 44%.

In a recent session, CNH also approved modifications to the Transition Program for the Parritas and Dieciocho de Marzo fields associated with Pantera Exploration and Production's contract CNH-R02-L02-A7.BG/2017. The program's validity will be extended for an additional two years, from March 2024 to Feb. 2026. Furthermore, the contractor will reschedule activities for static and dynamic model data collection in the mentioned fields. The anticipated recovery from these fields includes 4.216Mb of condensate and 790MMcf of gas.