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Spotlight

Onshore Farm-Outs Spotlight

Wed, 01/18/2017 - 13:43

CÁRDENAS-MORA FIELD

The Cárdenas-Mora block contains the Cárdenas and Mora fields, which together represent an area of 168.15km2. Located in the municipality of Cárdenas in Tabasco 62km from Villahermosa, the fields wells reach average depths of 5,500–6,200m, and contain light and extra light crude oil. Together they contain remaining reserves totaling 93.19 million boe, 55.68 percent are in the Cárdenas field and the other 44.32 percent in the Mora field.

As a mature, onshore field, PEMEX described the Cárdenas Mora field as needing “access to capital to accelerate hydrocarbons recovery” in 2015. There are 112 wells on the Cárdenas-Mora block. They include six exploration wells;

OGARRIO FIELD

The Ogarrio field is located in the Tabasco state’s Huimanguillo municipality, 90km from the major port city of Coatzacoalcos in Veracruz, and 100km from important oil town Villahermosa. Located in a block of 155.99km2, the Ogarrio field reaches average depths of 2600m and produces light oil and wet gas. As of January 1 2016 it had 54 million boe in place.

PRODUCTION HISTORY

Ogarrio has been in production since prior to 1957. It reached peak production in September 1960 when it produced on average of 30,260b/d. Since then production had dwindled to reach just 6,700b/d by March 2017. In October 2015 at an investor day in London, PEMEX described the Ogarrio field as a mature, onshore field requiring secondary and tertiary recovery methods.

As of April 2017, 530 wells had been drilled on the Ogarrio field; 525 development wells and five exploration wells. Thefive drilled between 1955 and 1980 and one drilled in 2011. The other 106 development wells, the most recent of which is the Cardenas-812A well, drilled in 2014.

PRODUCTION HISTORY

Production at the Cárdenas field began in March 1980 and reached a peak of 158,690b/d in December 1983. It has since fallen considerably, and the field produced only 4,290b/d on average in March 2017.

Beginning production one year later in 1981, the Mora field reached peak production in May 1984 when it produced an average of 30,000b/d. This has dropped to 1,710b/d in March 2017. Latest one was the Ogarrio-1526 well, which was drilled in 2015. The first 12 wells were drilled in 1957.

SEISMIC INFORMATION

Two 3D seismic studies have been carried out on the Ogarrio field. The first 3D data set was acquired between 1997 and 1998 and reprocessed in 2002, covering an area of 172.1km2. The second was acquired during 2004-2005, was reprocessed the following year and covered an area of 95.9km2.

EXISTING INFRASTRUCTURE

Since the Ogarrio field has long been in production, infrastructure already exists, a factor absent from the deepwater Trion farm-out and shallow water Ayín-Batsil farm-out. In its April 2017 report on PEMEX, international ratings agency Fitch highlighted existing infrastructure as a factor which could contribute to a short lead time before first oil is produced by whichever company wins this farm-out.