Mexico approves Pemex’s US$350mn plan for Xinich, Xanab fields

Mexico’s federal oil and gas company Pemex has been authorized to invest US$350mn in two development plans for the Xinich and Xanab fields located onshore and offshore Tabasco state, respectively. 

The approval was granted by hydrocarbons commission CNH on Thursday. 

For Xinich, the company’s E&P unit PEP will allocate US$133mn to extract up to 4.39Mb (million barrels) of oil and 11.35Bf3 (billion cubic feet) of gas by end-2045. The 8.10km2 field is located northwest of state capital Villahermosa in Jalpa de Méndez. 

Meanwhile, the regulator approved the operator’s development plan for Xanab which involves US$217mn to extract 22.1Mb of oil and 16.7Bf3 of gas by end-2038. The offshore field is in a 10.5km2 area about 14km from Dos Bocas port. 

CNH also approved a request from Eni Mexico to begin the early termination of its CNH-R03-L01-G-CS-01/2018 contract. The 808km2 contractual area is located in shallow waters off the coast of Veracruz and is currently in the initial exploration stage, according to the regulator.