Pemex to invest USD 400 million in exploration offshore Veracruz

Mexico

MEXICO CITY, February 29, 2024 – Mexican state-owned oil company Pemex is set to invest more than USD 400 million towards exploration in the Holok-Han deepwater play off the coast of Veracruz in the Gulf of Mexico, Upstream Online reported Wednesday.

The company has received approval from Mexican hydrocarbons regulator CNH for an updated exploration plan which includes seven new wells targeting reservoirs estimated to hold about 1.7 billion boe. 

Pemex will initially invest USD 39.9 million towards geological studies and drilling at Belankil-1EXP, which is estimated to hold 249 million boe. An additional two prospects, Keelil-1EXP and Kaansaj-1EXP, and 3D seismic data processing over an area of about 737 square kilometres will be linked to the results of the studies, boosting initial investment to USD 121.7 million.

Further exploration plans include the Tabscoob-201EXP, Kuyah-1EXP, Holbe-1SON and Bukma-1001SON wells. Drilling is scheduled to commence in January 2025.

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