New Discovery for Eni
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New Discovery for Eni

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Perla Velasco By Perla Velasco | Journalist & Industry Analyst - Thu, 03/23/2023 - 09:06

Eni reported the discovery of a 200MMboe deposit in the Southeast Basin. In other news, PetroBal shared that the lack of jack-up platforms in the world has affected production, while Fieldwood Energy plans to add 7Mb/d to the national production. 

Ready for more? Here is the Week in Oil and Gas! 

Eni Strikes Oil Once Again

Eni discovered a 200MMboe deposit in the Yatzil reservoir of Block 7 in the Southeast Basin offshore Mexico. The well was drilled to a total depth of 2,441m using the Valaris DPS5 semi-submersible drilling rig. The discovery is located 65km from the coast and 30km from other discoveries. ENI holds a 45% stake in the Block 7 exploration project, along with Capricorn (30%) and Citla Energy (25%). 

Lack of Jack-Up Platforms Hits Private Production

The industry’s lack of jack-up platforms has affected private operations in Mexico. The situation has impacted PetroBal and its partner Fieldwood Energy. The companies faced a decline in production toward the end of 2022 with a 27% drop reported from August to October 2022. Private production has fallen short of President López Obrador's target of 280Mb/d, with current estimates at just 105Mb/d. Fieldwood Energy plans to add 7Mb/d by repairing another well and drilling more wells at the Ichalkil field, as demand for jack-up rigs surges to 95% in 2023.

Offshore Operations to Witness Growth by 2025

Rystad Energy forecasted that offshore oil and gas operations will grow significantly by 2025 as it expects more than US$200 billion in greenfield investment. The company predicts significant growth, from 40% of all sanctioned conventional hydrocarbons activity observed between 2015 and 2018 to 68% in 2023 and 2024. The upsurge is due to increased demand for fossil fuels following the COVID-19 pandemic. 

LNG Industry Must Reinforce Emissions Mitigation Measures

Experts highlight natural gas as the go-to transition fuel. However, the impact along the value chain of liquified natural gas (LNG) is yet to be evaluated and improved. Mexico is set to become an important LNG re-exporting hub. Nevertheless, if the LNG industry is to grow stronger in Mexico, it is important to double efforts to reduce the environmental impact of these operations.

Nuevo Leon Threatens to Close PEMEX Refinery Following Thick Smog

Video footage captured by Samuel García, Nuevo Leon Governor, showcased thick smoke billowing from the Cadereyta refinery. García emphasized the need for strong sanctions and a possible closure of the refinery. García expressed serious concern about the incident and the pollution that the refinery caused. “I will never defend sources of pollution. On the contrary, I support renewable energy.”

PEMEX Aims to Increase Crude Processing to 1.2MMb/d in 2023

Rocío Nahle, Mexico's Minister of Energy, stated that she expects PEMEX refineries to reach a combined processing of 1.2MMb/d this year, up from the current 922Mb/d. The Ministry of Energy will inject MX$16.1 billion (US$852 million) this year to rehabilitate the National Refining System (SNR). Nahle also explained that this level will be reached by the six active Mexican refineries, the new Olmeca refinery in Dos Bocas and Deer Park, which is in Texas.

PEMEX’s Plan for the Campeche Bank

PEMEX announced that it is working on strategic projects to boost production and reduce flaring at its mature fields in the Campeche bank. PEMEX is facing oil production declines as it struggles with its large debt. Despite some efforts to develop deepwater projects, PEMEX has bet on its shallow-water activities, where it has the most experience. 

Baker Hughes Announces Digital Solution, Cordant

Baker Hughes’ new digital solution aims to enhance efficiency and performance, while reducing asset emissions, ultimately driving the long-term sustainability of its customers’ operations in the oil and gas industry. Cordant is a comprehensive suite of solutions aimed at optimizing industrial asset performance and management and process optimization.

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