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Fieldwood wins approval to develop massive offshore field in Mexico, project may have higher output potential

 


 

By Daniel Rodriguez / Platts

MEXICO CITY

Petroleumworld 01 30 2019

Mexico's National Hydrocarbons Commission, or CNH approved Tuesday the development plan for Fieldwood's Ichalkil-Pokoch shallow water field in the Bay of Campeche.

Production from the project will reach 20,000 b/d in 2020, ramping up to 110,000 b/d and 145 MMcf/d by 2026-2027, the upstream regulator said.

Based on Ichalkil's proven and probable reserves reserves of 450 million barrels of light oil, the field is today Mexico's fifth largest field.

CNH commissioners said that the development of this area is proof of the benefit of the energy reform.

State-run Pemex previously discovered the area. However, the company didn't develop after estimating both areas only had 68 million barrels of oil in 2P reserves.

Fieldwood won the area in December 2016 during Round 1.2, finding it had seven times more oil reserves than Pemex's original estimates, CNH said.

The US oil independent company and its Mexican partner Petrobal will spend $7.6 billion to develop and operate the area up to 2041.

The project is going to be developed in two phases, allowing Fieldwood to obtain an early production.

The company will first install two light marine structures and connect them to an existing Pemex platform, allowing production to begin in 2020.

Two eight-legged platforms will also be built to allow the field to reach its full oil and gas production by 2023.

ICHALKIL MAY BE MORE PROLIFIC

According to CNH, the project's potential is based on conservative estimates.

Most of the area's resources are located in Ichalkil's Cretaceous horizon.

CNH estimates Fieldwood achieved a 24% recovery factor of this formation, producing 265 million barrels of oil through the life of the project.

However, this is much lower than other Cretaceous formation in Mexican shallow water fields such as Homol with a 60% recovery factor.

Also, this production projection only includes primary output estimates and does not consider any potential future enhanced oil recovery plans Fieldwood may implement, the regulator said.

Ichalkil-Pokoch has an estimated original volume in place of 1.65 billion barrels of oil and 1.9 Tcf of gas, CNH said.

 


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Edited by Daniel Rodriguez from Platts / SPGlobal.

spglobal.com
01 29
2019

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