PEMEX Launches US$80 Million Exploration Program for Ogachi-1EXP

PEMEX is set to execute a comprehensive Program of Evaluation with an investment of up to US$80 million for the Ogachi-1EXP discovery. The program includes drilling the delineation well Ogachi-1DEL in the AE-0153-M-Uchukil assignment. In CNH’s recent extraordinary session held this morning, the Evaluation Program was approved. It encompasses the update of the field characterization study, drilling the delineation well Ogachi-1DEL in the Base scenario, and includes Pressure and Production Testing.

According to CNH, an incremental scenario involves Extended Reach Testing. The aim of the Evaluation Program is to reduce uncertainty in the original volumes and hydrocarbon reserves of the PLCI-1 Reservoir in the Lower Pliocene. It also aims to generate the technical and economic elements necessary to determine its commercial viability through drilling and pressure-production tests, both conventional and extended reach.

Regarding investment, PEMEX stated that the expenditure from 2024-2025 would be US$36.91 million for a base scenario, reaching US$80.29 million, including the incremental scenario.

The Evaluation Program is projected to last up to three years. CNH, under the presidency of Agustín Díaz Lastra, authorized PEMEX Exploración y Producción (PEP) to drill the exploratory well Ogachi-1EXP on Nov. 10, 2022, through Resolution CNH.E.80.011/2022. On July 20, 2023, it approved the modification to the Exploration Plan for the Assignment.

On Feb. 3 of the same year, CNH received written notification from PEP regarding the Ogachi-1EXP discovery, ratified on March 6 for both the Ogachi-1EXP and Ogachi-1EXP Ventana wells. Finally, on Oct. 10 of the previous year, PEP submitted the Program of Evaluation for CNH approval related to this discovery.

Situated in shallow waters, 38.6km northwest of the Dos Bocas Port, Tabasco, in the Cuencas del Sureste petroleum province, the assignment area spans 1,144.68 km². The discovery in the Lower Pliocene was made through the drilling of the Ogachi-1EXP well, with the Evaluation Area covering 13.77 km².