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15th of October 2018

Economy



Pemex: Shallow water discovery may add 180 million barrels in reserves

Oct. 10 (UPI) -- Mexican state oil company Pemex has confirmed discoveries of light crude oil in the country's southeast basin that could add up to 180 million barrels to its proven, probable and possible reserves of barrels of oil equivalent.

The company's CEO, Carlos Trevino, confirmed on Tuesday the discoveries of two areas it identified as obtained through the wells Manik-101A and Mulach-1.

Trevino also said the development of two other fields, Xikin and Esah-1, will start production "in the near future," as well as the "delimitation" of two others named Kinbe and Koban.

"The combined peak production of the six fields Pemex is currently evaluating and developing could be up to 210,000 barrels and 350 million cubic feet of natural gas per day," the company said in a statement.

The discovery it identified as Manik-101A is located about 50 miles from the coast and resulted from drilling that started in April. It may add about 80 million barrels of oil equivalent to proven, probable and possible reserves.

As for Mulach-1, about ten miles north of Paraiso, Tabasco, it may add 100 million barrels of oil equivalent to reserves.

Trevino also said that two other fields, named Xikin and Esah-1, are "in transition to a production stage." Xikin, 14 miles offshore, will yield 70,000 barrels of crude oil and 91 million cubic feet of gas per day. It has estimated reserves of about 230 million barrel of oil equivalent, he said.

Esah-1, 42 miles offshore, may yield about 23,000 barrels of oil and nine million cubic feet of gas per day, with estimated reserves of 130 million barrels of oil equivalent.

As for the new developments in a "delimitation" process, Trevino described them as the Kinbe and Koban fields, discovered in 2011 and 2016, respectively.

He said that trials of Kinbe, about 17 miles from Frontera, Tabasco, yielded about 5,000 barrels per day and that the proven, probable and possible reserves are 120 million barrels of crude oil equivalent. The area is expected to yield 24,000 barrels of crude oil and 35 million cubic feet of natural gas.

As for Koban, Trevino said it is a "gas and condensate" discovery and that the estimated reserves are about 205 million barrel of oil equivalent. The field will yield 219 million cubic feet of natural gas and 46,000 barrels of oil per day.

The proven, probable and possible reserves assigned to Pemex as of January 1, 2018 were 21.09 billion barrel of oil equivalent, according to the Evaluation of the Hydrocarbon Reserves, which states that the data is not comparable with previous years as different data is used.

The reserves correspond to 15.7 billion barrels of crude oil and 26.4 billion cubic of natural gas. http://www.pemex.com/en/investors/publications/Reservas%20de%20hidrocarburos%20evaluaciones/20180101_rh_e.pdf

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