Monday, November 29, 2021

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Private companies extract oil in Mexican waters

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Private companies extract oil in Mexican waters

Mexico, Nov 23 (Prensa Latina) PetroBal, of the Bal-Fieldwood Energy E&P Mexico grouo, reported that it began the oil and gas commercial production in the Ichalkil and Pokoch fields off the coast of Campeche.
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The company issued a statement explaining that the group invested over 1.2 billion dollars in exploration, construction and reconditioning of required infrastructure during the first phase of the Project in order to secure production.

The commercial extraction became a reality once the safety requirements established by Petroleos Mexicanos (PEMEX) were implemented and fulfilled.

According to the statement, the reconditioning of the existing infrastructure was needed to launch the operation, which proves the good cooperation between PEMEX and private companies to the benefit of Mexico.

The National Oil Commission approved in mid-year its development plan for the abovementioned fields, which provides for the production of 455 million barrels and 567 billion cubic feet of gas in proven and probable reserves during the time the contract remains in force.

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