Light and Super Light Crude on the Rise

PEMEX reported an increase in light crude production during the current administration, driven by the contribution of new fields that primarily produce this type of hydrocarbons. 

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PEMEX Light Crude Production on the Rise
In 1Q24, the production of light crudes represented 47% of PEMEX's total production, marking a 9 percentage-point increase from the 38% recorded in the same period of 2019. Specifically, 23% consisted of light crude, 9% of super light crude, and 15% of condensates, while the remaining 53% was heavy crude.

Iklum Well: PEMEX's New Frontier in Deep Drilling
PEMEX has initiated the drilling of the Iklum well, aiming to reach a record depth of 8,240m. Located in Huimanguillo, Tabasco, the deposit has an average expected yield of over 80MMboe and is anticipated to become a significant reservoir, comparable to the Quesqui discovery, according to PEMEX, Director General, Octavio Romero.

CNH Reports Increase in Mexico’s Hydrocarbon Reserves
CNH reported marginal growth in Mexico's 3P (proved + probable + possible) oil reserves as of Jan. 1, 2024, of 65MMboe. According to the national reserves consolidation report presented on Tuesday, the total reserves to be certified by the Governing Body amounted to 23,146MMboe, a 0.28% increase compared to 2022 when the volume was 23,081MMboe.

The Business of Properly Abandoning Inactive Oil and Gas Wells 
The oil and gas industry has been a cornerstone of global energy production for over a century. However, as wells become inactive or reach the end of their productive life, the industry faces the critical task of proper well abandonment. Properly abandoning inactive oil and gas wells is essential for environmental protection, public health, and economic sustainability. In Mexico there are far more inactive wells (with their old infrastructure around it) than productive, active wells. César Hinojosa, Director General, SINS, explores the importance of plugging and decommissioning abandoned and obsolete wells and their infrastructure, and the important business around well abandonment.