Oil & Gas Innovation Summer 2020 Digital | Page 64

NEWS - LATIN AMERICA
PTTEP Announces New Oil Discovery Offshore
Mexico
PTTEP and its joint venture partners made two successful deepwater
oil discoveries in Block 29, offshore Mexico, with good quality
reservoirs. Commercial potential of the new discovery will be assessed
in the next phase.
Mr. Phongsthorn Thavisin, President and Chief Executive Officer of
PTT Exploration and Production Public Company Limited (PTTEP)
disclosed that PTTEP Mexico E&P Limited, S. de R.L. de C.V., a
wholly-owned subsidiary of PTTEP, together with its consortium
announced successful discoveries with two exploration wells in Block
29 located in the Salina Basin, offshore Mexico. The first exploration
well, “Polok-1”, was drilled to a depth of 2,620 meters and encountered
approximately 200 meters of net oil pay, followed by the second
exploration well, “Chinwol-1”, which was drilled to a depth of 1,850
meters and encountered net oil pay approximately 150 meters. Both
exploration wells show promising high potential. Together with its
joint venture partners, PTTEP will be working on obtaining approval
from the Mexican regulators and preparing appraisal as well as further
development plans.
The Polok-1 and Chinwol-1 wells are located in water depths of 583
meters and 464 meters, respectively. The two wells are around 88
kilometers from the Mexican coastline of Tabasco. The joint venture
partners of this project are comprised of PTTEP Mexico E&P Limited,
S. de R.L. de C.V. with 16.67% interest, Repsol Exploración México, S.A.
de C.V. (Operator) with 30% interest, PC Carigali Mexico Operations,
S.A. de C.V. which is the Mexican subsidiary of PETRONAS with
28.33% interest, and Wintershall Dea with 25% interest.
PTTEP invested in the Mexico since 2018, following the company’s
strategic move to expand its investment in petroleum prolific areas.
PTTEP currently holds two exploration blocks in Offshore Mexico;
Block 29 and Block 12 where it has also carried out exploration
activities. •
Pemex Celebrates 82 Years as a State-Owned
Company
On the 82nd anniversary of its creation as a State-owed productive
company, today, Petróleos Mexicanos (Pemex) is the largest oil
company in the country, source of national pride and one of the most
important oil companies in the world. On the 7th of June 1938, through
a Decree issued by Mexican President Lázaro Cárdenas del Río, Pemex
was created. This was a historically significant decision that has become
synonymous with development and progress in the country.
In spite of the difficulties that the year 2020 has wrought on Mexico
because of the current pandemic that has affected the entire world, in
addition to the historic drop in international oil prices, today Pemex
has a solid management and a new energy policy, spearheaded by the
current President of Mexico, Andrés Manuel López Obrador, who
has focused government efforts on bailing out the country’s energy
sector after an extended period of neoliberal governments riddled with
corruption that nearly sank the company in debt.
The current management at Pemex, with the unyielding support of oil
workers, is performing a series of management and operating changes
to take advantage of this crisis and reemerge as a more efficient, more
agile company, free from non-transparent practices and corruption.
There is a clear course towards the financial leveling-out of the
company, increasing crude oil production, as well as to attain energy
sovereignty through the rehabilitation of all six existing refineries and
the construction of a seventh in Dos Bocas, Tabasco. The company also
works closely with the armed forces to fight fuel theft, a crime that has
been reduced by more than 90 per cent, going from an average of 56,000
barrels per day to 3,000 over the past few months.
Pemex wishes to recognize the work of the oil workers’ community,
who, with their discipline, talent, and knowledge are working to bail out
the oil company that belongs to all Mexicans. •
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