Pemex to invest US$834 million in Campeche

Pemex to invest US$834 million in Campeche

CAMPECHE – Petróleos Mexicanos (Pemex) will invest US$834 million in the Ek-Balam marine field, of which 67% will be disbursed this year.

The National Hydrocarbons Commission (CNH) approved to the subsidiary Pemex Exploration and Production (PEP) a change in the 2021 work program and associated budget in the contract CNH-M1-EK-BALAM/2017.

The field has an area of 64.37 square kilometers, Ek-Balam is located 94 kilometers northwest of Ciudad del Carmen, off the coast of Campeche.

The area has 62 wells drilled and produces black oil of 12 and 27°API, i.e. heavy and medium oil.

The modification of the program is based on strategic and operative needs, activity rescheduling, and time improvement.

PEP forecasts production of 29.3 million barrels of oil and 6.7 billion cubic feet of gas this year, almost 10% below the company's original projection.

Source: Forbes