Project Profile
Location: Veracruz, Mexico
Area: 12km2
Reserves: 100Mb
Production: Oil - 800,000b of oil, Gas - 2Bf3
Pontón block is the onshore block located in Veracruz, Mexico. The block covers 12km2 and holds 7Mb of original oil in place and 6Bf3 of original gas in place. Accumulated production from the area amounts to 800,000b of oil and 2Bf3 of gas. The block\'s reservoirs are found in Jurassic-Cretaceous oolitic limestones. The block is part of 21 Type 1 blocks, which are expected to contain less than 100Mb remaining in their reservoirs.
On 26 August 2016, Canadian-based Renaissance Oil signed a sale and purchase agreement with Petróleos Mexicanos (Pemex) for the development of the Pontón block in Veracruz, Mexico. Renaissance plans to re-establish part of the contract and grow production on the block, which includes the complete stratigraphic column and was given to the company with an additional royalty of only 21.39%.
Operators:
Petróleos Mexicanos (Pemex): 78.61% interest
Renaissance Oil: 21.39% interest