more
news

From the Field

Oil prices stock picture

Pemex slashes Chicontepec investments

MEXICO CITY, September 20, 2018 – Mexican NOC Pemex will reduce its overall investments in several fields in the Chicontepec area by 41% through 2026, local media reported Wednesday.

 

The NOC submitted a proposal to the country’s National Hydrocarbons Commission (CNH), containing a total of USD 1.33 billion in investment cuts in the Agua Fría, Coapechaca, Coyula, Poza Rica and Huizotate fields. The CNH approved the proposal, but has said Pemex must submit new development plans for the areas.

The five Chicontepec fields have a combined output of 16,692 bopd. They were awarded to Pemex by the CNH in Round 0, under which the NOC was granted 83% of Mexico’s 2P reserves and 21% of 3P reserves.

Stay Informed