Four new discoveries could generate 200 MBOPD
Petroleos Mexicanos (PEMEX) announced last week that the company made its largest discovery in the last five years. The four offshore finds are located in the southern Gulf of Mexico, in an area known as Litoral of Tabasco, according to a press release from PEMEX. The finds are located near the company’s most productive find, the Ku Maloob Zaap.
During the Mexican Petroleum Congress, PEMEX CEO Emilio Lozoya said that the new finds could start production within approximately 16 months and achieve a stable production platform in an additional 20 months. Lozoya said the company expects an incremental daily production of at least 200 MBOPD of crude oil and 170 MMcf of gas. PEMEX said three of the finds will produce light crude while the fourth will produce a heavy crude.
The total proven, probable and possible reserves of the fields could be as high as 350 million barrels of crude-oil equivalent, Pemex’s Chief Executive Officer Emilio Lozoya told an oil conference in Guadalajara, reports Reuters.
Mexico will auction 14 oil and gas exploration blocks near the finds next month. Energy minister Pedro Joaquin Coldwell said the finds would make the tenders more attractive, reports The Guardian.
Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. EnerCom, or its principals or employees, may have an economic interest in any of the companies covered in this report or on Oil & Gas 360®. As a result, readers of EnerCom’s reports or Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.