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Mexico's Pemex deep water Noxal well produces 9 Mcf/D
Petroleumworld
CARACAS
Petroleumworld.com 06 14 06
Carlos Morales, head of Pemex's exploration and production unit, said the tests at the oofshore deep water Noxal well in the Burgos bassin showed a yield of natural gas output of 9 million cubic feet a day, the Reforma newspaper reported Tuesday.The Noxal well, announced earlier this year, is among the company first ventures into the deep waters of the Gulf of Mexico, where Pemex has estimated potential for billions of barrels in crude oil reserves.
However, the company estimate the need to invest about $12 billion a year,Morales said. That is close to Pemex's total annual investments of recent years.
Morales added economic feasibility studies still have to be completed, but that production in the area could start as soon as 2008.
Pemex's proved oil and gas reserves have been diminishing in recent years, and the company sees deep water exploration and exploitation as the answer to maintaining or increasing output in the long term.
Pemex 2006 production is 3.35 million b/d of crude oil, and 5.142 billion cubic feet a day of natural gas.
Petroleumworld 06 13 06
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