Fieldwood Announces New Development Plan for Pokoch
Home > Oil & Gas > Article

Fieldwood Announces New Development Plan for Pokoch

Photo by:   pixabay
Share it!
Karin Dilge By Karin Dilge | Journalist and Industry Analyst - Fri, 04/14/2023 - 12:42

Fieldwood Energy has modified its development plan for the A4 area off the coast of Tabasco after experiencing a decline in production caused by a water flow issue in the Pokoch field. 

The company submitted a development plan to hydrocarbons regulator CNH to restore production to its previous levels by 2027, with an expected output of 100,000b/d of oil and more than 100Bcf/d of gas by that year. The field's peak output is expected to reach approximately 125,000b/d in 2028, which is higher than previous estimates. 

Ichalkil and Pokoch are only yielding less than 25,000b/d, which is approximately half of the expected output. Despite this setback, Fieldwood's investment plan has increased by US$62.5 million to US$3.08 billion, even though the actual investment so far has been lower than its previous plan. In addition, the company plans to spud one further well in the area than it had previously planned and build five pipelines to move the output, bringing the total to 19 wells and 11 pipelines. 

In the same session, CNH approved Capricorn Energy's updated budget for the A9.CS area in Sureste basin, with planned investments of between US$71 million and US$81 million for this year and the next.

As of November 2022, oil companies have invested US$12.43 billion in Mexico since the market opened in 2015. Almost 60% of this investment was made by PEMEX, ENI, Hokchi Energy and Fieldwood Energy.

In 2022, investment increased by a mere 0.56% from August to September. By November 2022 it increased by 1.28% compared to October. According to experts, investment rates decreased in the last few years due to a lack of new bidding rounds.

Until September 2022, Ek-Balam is the area with the highest amount invested so far with US$2.19 billion, while Eni’s Amoca, Teocalli and Miztón are in second place with an investment of US$2.14 billion. Finally, Ichalkil and Pokoch are in third place with a total investment of US$1.57 billion. The Hokchi field reports a total investment of US$1.53 billion and Woodside’s deepwater field Trion has an investment of US$640 million. 

Photo by:   pixabay

You May Like

Most popular

Newsletter