Pemex hits pay at GoM deepwater Leek-1

Mexican national oil company Petroleos Mexicanos (Pemex) has found oil in the deep waters of the Gulf of Mexico at the Leek-1well, the company says.

John Waggoner
Drilling Technology Editor


HOUSTON -- Mexican national oil company Petroleos Mexicanos (Pemex) has found oil in the deep waters of the Gulf of Mexico at the Leek-1 well, the company says.

This is the first deepwater discovery by Pemex this year.

Pemex has only one rig drilling in deepwater, although it intends to take delivery of two rigs next year. Recently the company hired CGGVeritas for Pemex’s largest ever deepwater seismic survey, estimated to cost $464 million.

With more than 75,000 sq km (28,958 sq mi) of 3D seismic data to be acquired, offshore service companies are encouraged that the new survey will set the stage for Pemex to launch its largest-ever foray into deepwater exploration and production.

Current estimates say the survey area could contain up to 30 Bboe which would represent more than half of the country’s current total estimated reserves.

A deepwater find and this year’s modest foray into deepwater drilling are likely to be stepped up in 2010 and beyond. Activity could mirror that on the US side of the Gulf, where Lower Tertiary plays remain key drivers, say analysts at Pritchard Capital Partners (PCP).

“We believe we will see a secular shift to deepwater in Mexico over the next 3-5 years and that demand for deep and ultra deepwater rigs will mirror that of the US GoM,” say the analysts.

The result could be “highly positive for all the players in the sector,” PCP says.

10/16/2009

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