Backgroud

Pemex has made its biggest onshore oil discovery in 15 years with a find in the eastern state of Veracruz on November 4, 2017. Pemex made the discovery by drilling its onshore Ixachi well, near the municipality of Cosamaloapan, and that the overall field is believed to hold some 350 million barrels of proven, probable and possible reserves. 

December 03, 2018, Mexico’s state company Pemex has more than tripled its projection of estimated reserves from the Ixachi onshore field in the Veracruz Province. The company advised that there could be up to 1.3 billion barrels of oil equivalent in proven, probable and possible (3P) reserves.
Initial discovery of the Ixachi field – located in Tierra Blanca, 72km from the Port of Veracruz – was announced in November 2017. However recent analysis from the Ixachi-1DEL and Ixachi-1001 exploration wells has confirmed that the deposit is significantly larger than first thought, with the field extending to around 50km square with a 1km hydrocarbon column.

Brief Introduction

Location of oil field: eastern state of Veracruz

Block: Block AE-0032

Reserves: 750 million barrels of oil(2P)

Current Production: 3,900 barrels per day(oil), 30 million cubic feet(gas)

Expected Production(2023): 80,000 barrels per day(oil), 600 million cubic feet(gas)

Current rights and interests:

Pemex(Mexico): Operator with 100% interest

Expected workload:

Mexico’s state oil company Petróleos Mexicanos (Pemex) will invest 56 billion pesos or about $3 billion in the natural gas-rich Ixachi field in Veracruz with the aim of reaching production of 80,000 b/d of crude and 600 MMcf/d of gas by 2023.  The investment announced today includes the laying of more than 50 kilometers of pipelines, the drilling of 50 land wells, the construction of 11 platforms and a separation battery.

The field currently produces 3 thousand 900 barrels per day and 30 million cubic feet of gas, with this investment is expected to reach 80 thousand barrels per day and 600 million cubic feet of gas.