CNH asks Pemex to clarify E&P strategy

MEXICO CITY, May 7, 2018 – Mexico’s National Hydrocarbons Commission (CNH) has asked NOC Pemex to clarify its E&P plans after a recent progress report showed the company is in danger of missing its drilling programme target, international media reported over the weekend.

Pemex has completed six out of the 56 wells in the first phase of its E&P plan, which ends in August, according to a progress report released on Thursday. The CNH has authorised 13 other wells, and eight are in the process of being drilled while two are in the process of being approved.

“The numbers we are seeing […] are not so encouraging, and the commitments that were established are difficult to comply with,” said commissioner Héctor Acosta Félix.

Due to its looming financial troubles, a reduced exploration budget and falling oil prices, Pemex has been experiencing difficulties in investing in many of its blocks.

The current plan has Pemex drilling 128 wells in the next two years and investing an estimated USD 1.6 billion.

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