Released January 13, 2025 | SUGAR LAND
en
Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Mexico's National Commission of Hydrocarbons (CNH) has approved Pemex's (Mexico City, Mexico) new business plan to develop the Bacab field in shallow waters about 104 kilometers (65 miles) offshore Campeche state. The new plan contemplates increasing the field's output and investing US$1.86 billion.
The Bacab field began production in 1991, reaching a maximum output of 20,000 barrels per day (BBL/d) of oil in 1993. However, the field has faced the natural decline of its output, reaching volumes of 3,700 BBL/d between January and November last year.
However, after decades of operations, the state energy company seeks to boost the field's volumes by drilling 10 new wells, conducting large repairs on two existing wells and small repairs on another two wells. The plan also contemplates the construction of one platform and two pipelines.
With this investment, Pemex expects to extract 84.66 million barrels from the oil field between 2025 and 2040, reaching a peak output of close to 60,000 BBL/d between 2028 and 2029.
Under the administration of former President Andres Manuel Lopez Obrador, Pemex was able to arrest its production declines, closing 2023 with an output of 1.83 million BBL/d (including condensates, which account for 15%), while between January and November of last year the average was 1.73 million BBL/d (including 15% condensates).
In addition, Pemex is dealing with the natural decline of its Maloob-Zaap oil fields, the company's largest producing assets. Similar to what occurred to Cantarell, the largest of Pemex's oil fields, the lower yields from Maloob-Zaap will force Pemex to develop new fields, such as Bacab, to maintain production.
The new government of Claudia Sheinbaum has vowed to keep an oil output of 1.8 million BBL/d, though it is not clear if this includes condensates. Keeping a stable oil output will be key to feeding the nation's downstream sector, with an existing 1.64 million BBL/d refining capacity available and the startup of the new 340,000-BBL/d Dos Bocas Olmeca refinery.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
The Bacab field began production in 1991, reaching a maximum output of 20,000 barrels per day (BBL/d) of oil in 1993. However, the field has faced the natural decline of its output, reaching volumes of 3,700 BBL/d between January and November last year.
However, after decades of operations, the state energy company seeks to boost the field's volumes by drilling 10 new wells, conducting large repairs on two existing wells and small repairs on another two wells. The plan also contemplates the construction of one platform and two pipelines.
With this investment, Pemex expects to extract 84.66 million barrels from the oil field between 2025 and 2040, reaching a peak output of close to 60,000 BBL/d between 2028 and 2029.
Under the administration of former President Andres Manuel Lopez Obrador, Pemex was able to arrest its production declines, closing 2023 with an output of 1.83 million BBL/d (including condensates, which account for 15%), while between January and November of last year the average was 1.73 million BBL/d (including 15% condensates).
In addition, Pemex is dealing with the natural decline of its Maloob-Zaap oil fields, the company's largest producing assets. Similar to what occurred to Cantarell, the largest of Pemex's oil fields, the lower yields from Maloob-Zaap will force Pemex to develop new fields, such as Bacab, to maintain production.
The new government of Claudia Sheinbaum has vowed to keep an oil output of 1.8 million BBL/d, though it is not clear if this includes condensates. Keeping a stable oil output will be key to feeding the nation's downstream sector, with an existing 1.64 million BBL/d refining capacity available and the startup of the new 340,000-BBL/d Dos Bocas Olmeca refinery.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
