PEMEX Allotting US$186 Million for Exploration in Campeche
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PEMEX Allotting US$186 Million for Exploration in Campeche

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Conal Quinn By Conal Quinn | Journalist & Industry Analyst - Fri, 08/12/2022 - 15:26

CNH have granted authorization to PEMEX to modify the exploration plan for Assignment AE-0166-M-Campeche Oriente. The shallow-water prospect covers an area of 1,343km² and is located in the northeastern portion of the Pilar Reforma-Akal geological province and the western portion of the Yucatan Platform. 

 

CNH approved the NOC's initial exploration plan under resolution CNH.E.35.004/2020 on Aug. 11, 2020 with a validity of four years. PEMEX sought to modify the plan due to what it describes as “technical changes.” Nonetheless, the stated objective to incorporate hydrocarbon reserves by drilling exploratory wells in Tertiary and Mesozoic Plays remains the same.

 

The revised plan consists of both base and incremental operational scenarios. In the case of the former, PEMEX will carry out three exploratory studies, a visualization, conceptualization and definition (VCD) in the Mabalnak-1EXP well, two prospect tests in Akal-501EXP and Mabalnak-1EXP, as well as the drilling of the Mabalnak-1EXP prospect. 

 

During the Incremental scenario, PEMEX plans to conduct exploratory studies for the identification, evaluation and selection of prospects in the Leman-1EXP well. This includes the VCD design of the Akal-401EXP, Leman-1EXP, and Ek-301EXP wells, as well as the drilling of the Akal-401EXP, Leman-1EXP and Ek-301EXP wells.

 

The NOC estimates the volume of prospective resources to be 134 million boe on average. The total resources that could be added amount to 16 million boe in the base scenario, and 37 million boe in the incremental scenario. Considering both operating scenarios, the total investment set aside to facilitate the planned activity will vary between USD$43.96 to USD$186.49 million. Citing their own analysis of the field, CNH offered a favorable opinion of the exploration plan and the potential for PEMEX to maximize the strategic importance of the assignment and its potential resources.

 

This week, PEMEX also announced its plan to advance production at the Kuun onshore field in Veracruz where the NOC hopes to recover 95Mb. CNH approved the Kuun-1EXP field transition program, related to Assignment AE-0124-2M-Llave. Kuun is a mature field that covers an area of 1,790 km². With two wells drilled already, the site currently produces black oil of 25.9 degrees API.

 

The program presented by PEMEX proposes to continue with the operation of the Kuun-1EXP well and to carry out two deep well logs. Such activities will require an investment of US$6.75 million. Upon project completion, PEMEX expects to recover 95.12Mb and 600.44mcf of natural gas, significantly boosting the strategic value of the assignment area by the end of the initial exploration period.

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