Project Profile
Location: Istmo de Tehuantepec, state of Veracruz, Mexico
Value: US$500 million
Reserves: 2P Crude oil 5 mmb and gas 3.3 mmmcf, 3P Crude oil 49.8 mmb and gas 5.8 mmmcf
Production: 6,833 bdp of crude oil and 13.59 mmcfd of gas
Area: 169.06 sq km
Project duration: 25 years
The Magallanes block belongs to investment project Ogarrio-Magallanes of the Cinco-Presidentes Asset, in the Region Sur (RSUR) of Pemex Exploration and Production (PEP) and contains two fields the Otates and the Sánchez Magallanes. Geographically is located in southeast Mexico north of morphotectonic depression known as Istmo de Tehuantepec which is approximately at 50 km east of the city of Coatzacoalcos in the state of Veracruz.
The type of Hydrocarbon is Black oil (33° API). There are 775 wells being drilled. The reserves as of January 1, 2010 are: 1P crude oil 18.4 mmb and gas 21.9 mmmcf, 2P crude oil 30.8 mmb and gas 33.5 mmmcf, 3P crude oil 92.7 mmb and gas 93.4 mmmcf. The current production is estimated to be 6,833 bdp of crude oil and 13.59 mmcfd of gas.
In the 1st Mexican International Bid Round 2011 for exploration and production of mature fields, Petrofac won the Magallanes block. In October 2011, Petrofac Facilities Management Lt signed the contracts for exploration and production (E&P Integrated Contracts).
Operators:
Petrofac: 41% interest
Perenco: 49% interest
PEMEX: 10% economic interest
Contractors:
Valerus: Provide contract compression services