Mexican O&G regulator approves US$13bn Pemex plan

Mexican hydrocarbons regulator CNH held its first session in months on Tuesday after the appointment of Salvador Ortuño as its fourth active commissioner.

During the session, the commission greenlit a request by state-owned oil and gas giant Pemex to move its Pit heavy crude field in the Campeche basin into full development.

Through the plan, Pemex plans to extract 450Mb of oil and 56.6Bf3 of gas, starting in 2025 and ending in 2049. The investment plan involves an outlay of US$3.44bn, which would see Pit producing roughly 88,000b/d and 10Mf3/d at its peak in 2030. Operational expenses are expected to surpass US$10bn.

The plan involves spudding and completing 26 development wells, as well as building two platforms and five pipelines.

Pit is one of the large fields Pemex is making a priority over the next half-decade. Others include Pokche and Akal (with first oil expected this year), Macuil and Zama (2024), Kayab (2025), Tlaltivak (2026) and Niquita (2027).

During the same extraordinary session, CNH also allowed Eni México to continue exploring two areas off the coast of Veracruz, G-CS-01 and AP-CSG05, beyond their initial exploration period.