Thursday, March 5, 2009

Pemex Discovers "Significant" Oil and Gas Discoveries

Mexico's state-owned oil company, Pemex, reported "sigificant" oil and gas discoveries in the Gulf of Mexico. Details are sketchy, but info. is as stated (link):

Mexico's state-owned Petroleos Mexicanos, which has budgeted more than $12.2 billion for oil and gas exploration in 2009-12, has discovered "significant" amounts of natural gas and condensate with its Tsimin-1 wildcat well drilled in the Gulf of Mexico.

The Tsimin-1 well had initial production of 4,400 boe/d, Pemex said.

Meanwhile, the state firm also announced the onset of gas production of the Cali-1 well in its Burgos project, with production starting at 9.1 MMcfd of gas.

Pemex, which drilled the discovery well in August 2008 on Mision block in Burgos, said the development of the field will provide an additional 90-110 MMcfd of gas.

Pemex also listed four light oil discoveries in its fourth-quarter 2008 financial results, with the Xanab-DL1 offshore well being the most productive at 9,200 b/d of oil.

The discoveries coincide with a statement by Pemex Chief Executive Officer Jesus Reyes Heroles stating that the firm likely discovered 30-35% more oil and gas in 2008 than in 2007.

"It was a very good year in general terms and very important with respect to the previous year," Reyes Heroles said. During 2007, 1.053 billion boe were incorporated, he said. He said the firm, before making any more details public, is awaiting final certification of its reserves by independent consulting firms.

Last month, as part of its effort to boost production, Pemex Exploration & Production let a contract to J. Ray McDermott SA, Houston, to transport and install the Ixtal-B and Maloob-C drilling platforms in the Bay of Campeche, Mexico (OGJ Online, Feb. 11, 2009).

- Brewskie

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