PEMEX Expands Oil and Gas Prospecting in Veracruz and Tabasco

The National Hydrocarbons Commission (CNH) greenlighted PEMEX to commence preparatory drilling at Racemosa. The NOC hopes that the crude obtained will be extra-light 45° API. The geological probability of success sits at 68 percent, while current estimates place the site’s potential at a total volume of 3.46MMb and 10.44bcf of natural gas, which would greatly boost PEMEX’s production output.

The Racemosa field, located 35km east of Comalcalco, Tabasco, covers an area of over 1,000km². Drilling is expected to commence on April 25 and last over 100 days, until Aug. 2022, with well completion requiring a further month. With the CNH’s approval, drilling will follow a J-shape and measure a total depth between 5,553m and 6,225m. By April 2023, PEMEX hopes to have also conducted directional drilling as well as established a pipeline. Of the total US$113.7 million allocated to the project, US$89.91 million will go toward construction while US$23.70 million is to be spent on operational costs. 

On Tuesday past, PEMEX also announced that it is setting aside US$54.5 million to reassess the potential of the onshore discovery at Tum, Veracruz. In Nov. 2022, CNH ruled it was not in the national interest to pursue development at Tum following initial tests, due to NOC’s excessive gas flaring. However, PEMEX have now been allowed to recommence sampling. 

Forty-one km northeast of Tierra Blanca and next to a wealth of older onshore PEMEX fields, the appraisal of this site will be conducted via a series of pressure and production tests with an up-to-date study sampling 0.17MBOE of oil condensate. Construction of a new pipeline to transport the product is expected to begin this month, while spudding of the site is due to start in May 2022. Prospects for the Tum-1EXP well set the output of crude oil at 106b minimum, while PEMEX hopes that natural gas and condensate of 40.3° API will be encountered.

If successful, both ventures will greatly contribute to maximizing Mexico's oil and gas potential, as President López Obrador continues his push toward full fossil fuel autonomy. The states of  Veracruz and Tabasco have historically proven to be fertile terrain for exploration and production as home to some of the nation’s oldest and most lucrative oil fields. Now, PEMEX are once again returning to the well as the president seeks to fulfill his dream of energy sovereignty within his term in office.