PEMEX to Invest Sini Field; Chevron, PC Carigali Abandon Blocks
Home > Oil & Gas > News Article

PEMEX to Invest Sini Field; Chevron, PC Carigali Abandon Blocks

Photo by:   Twitter @CNH_MX
Share it!
Perla Velasco By Perla Velasco | Journalist and Industry Analyst - Fri, 11/25/2022 - 11:57

CNH approved PEMEX’s Extraction Development Plan to invest in the Sini oil field. It also approved Repsol to explore Cuenca de Burgos and Chevron and PC Carigali to abandon deepwater blocks.

PEMEX plans to drill and finish five new wells, a pipeline and carry out six major reparations at the A-0310-M-Campo Sini. Sini is the 19th national oil and gas producing field in the country and has a size of 12.95km², located to the southeast of Tabasco. The field is currently at its fourth exploitation stage, as the NOC extracts 21º API oil from Sini. PEMEX also requested an adjustment to investment for the operation of the field as well as an actualization of the projected extraction.

The NOC settled for a development alternative focused less on drilling and more on major repairs, as well as less investment to focus on greater economic results. CNH approved an investment of US$331.62 million, from which US$209.03 million will go to investment and the rest to operational costs. The development plan contemplates the extraction of 26.76MMb and 65.22Bcf from activities between November 2022 and 2034.

CNH also gave PEMEX Exploration and Production (PEP) the green light to drill two exploratory wells, one of which is the deepwater Nayu-1EXP at AE-0136-M-Cuichapa in Tabasco. PEP expects to find 5.2MMb of crude oil of 32º API. The company will also explore the k-1EXP in the area of AE-0175-M-Chuyan in Tamaulipas. The prospects for this project are 5.2MMb of 34º crude oil. These wells are expected to be finished by March 2023.

Furthermore, CNH approved Repsol’s production plan for 2023 for Cuenca de Burgos, corresponding to the assignation CNH-R03-L01-G-BG-07/2018 in the shared production modality. The field is in shallow waters on the coast of Tamaulipas. The budget approved was US$520,000. Earlier this month, CNH approved Repsol’s request to abandon several blocks to focus on more attractive ones.

PC Carigali and Chevron received the go-ahead to renounce two blocks. PC Carigali drilled the well Bacalar-1EXP at the coast of Tabasco. Because the field appears to be commercially unviable, the company requested to abandon it. So far in 2022, private companies have abandoned 11 blocks granted by the CNH for exploration.

PEMEX’s dwindling 3P reserves have caused concern in the oil and gas industry. The NOC has been investing in expanding its future production outlook via key fields like Lakach and Kayab, looking to offset declining production elsewhere.

Photo by:   Twitter @CNH_MX

You May Like

Most popular