Pemex to spend US$1.9bn to develop mature Bacab field

Mexico's hydrocarbons commission CNH has approved a US$1.86bn plan of state oil company Pemex to increase production at the Bacab field in the Gulf of Mexico.

Located in shallow waters off the coast of Campeche in southeast Mexico, Bacab is a mature field that is part of the large Ku-Maloob-Zaap complex. 

The field was discovered in 1977. 

Hydrocarbons output from Bacab peaked in 1993 at 20,000b/d.

Pemex aims to revive the field and increase production to around 40,000b/d by mid-2028.

CNH commissioners approved the company's development plan on Tuesday in their first public meeting of 2025.

In total, by 2040 Pemex aims to produce around 85Mb of oil from Bacab and nearly 30Bf3 of natural gas.

Capex is put at US$1.1bn and operating expenditures at US$795mn.

In August, Pemex signed a 15-year US$1.65bn contract with Mexican oilfield services provider CME to increase production at Bacab and the adjacent Lum field.

Pemex has reported falling crude oil output in recent months, casting doubt on President Claudia Sheinbaum's pledge to stabilize Mexico's oil production at current levels of around 1.8Mb/d.