The Altamira block, covering an area of 1,625 square kilometers, is located in the northern section of the Tampico-Misantla basin within the Chicontepec area. To date 87 wells have been drilled, of which 25 are operational, 18 have been closed off and 44 have been plugged. The block includes only one field, Altamira, and as of December 2014, production was at 1,510b/d. Altamira is one of six areas of mature fields included in Pemex's second round of incentive-based contracts. Egyptian firm Pico International Petroleum (PIP) was awarded the contract for the Altamira license in June 2012.