Pemex aiming for 2.75 mm bpd in 2009

Mar 03, 2009 01:00 AM

Mexico's state oil company Pemex aims to produce 2.75 mm bpd of crude in 2009, down from the 2.79 mm bpd average recorded in 2008, Pemex E&P subsidiary PEP's deputy director of planning and evaluation Vinicio Suro told.
Although the figure marks a decline from the full year 2008, it would be an increase from the 2.73 mm bpd produced in the fourth quarter 2008. Roughly 1.6 mm bpd, or 58.2 %, would come from Pemex's northeast marine region, where its Ku-Maloob-Zaap (KMZ) and Cantarell projects are located, Suro said.

KMZ has overtaken Cantarell as Pemex's most productive project as the latter field continues its natural decline. Production from the northern region fell from 1.86 mm bpd in 1Q08 to 1.66 mm bpd in 4Q08, with an annual average of 1.75 mm bpd, according to Pemex's 2008 production statistics.
Pemex aims to drill 16 wells at Cantarell in 2009 and carry out 51 major and 27 minor workovers, Suro said. The company also plans to complete construction of three platforms to drill additional Cantarell wells and install dehydration and desalinization infrastructure.

At KMZ, Pemex aims to complete 15 development wells, as well as five major and 36 minor workovers. Pemex's southwest marine region will account for slightly more than 500,000 bpd of the total output in 2009, flat from 2008. The area includes the Litoral de Tabasco and Ixtal-Manik projects.
The southern region, which features the Bermudez complex and the Jujo-Tecominoacan project, will provide 480,000 bpd in the year. The region produced 458,750 bpd in 2008, according to Pemex's statistics. The northern region, where Pemex's Chicontepec project is located, will make up another 145,000 bpd. The region accounted for 87,250 bpd in 2008.

Pemex aims to drill 1,079 wells in Chicontepec through 2009 and conduct 501 major and 274 minor workovers. Nationwide, the company plans to drill a total 1,700 new development wells and 86 exploratory wells in 2009, Suro said.
"Continuing with our exploration goals, we hope to have discoveries that exceed 2 mm boe [in 2009]," Suro said.

Pemex is struggling to maintain declining oil production and this year PEP will invest pesos 208 bn ($ 13.6 bn), up 17 % year-on-year.
PEP investment makes up the vast majority of planned investment companywide, at 87 %.

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