Pemex increases Q1 well completion on ATG project

Monday, May 4, 2009

Mexican state oil company Pemex completed 227 development wells in the first quarter this year, 85 more than the year-ago period on increased activity at the Aceite Terciario del Golfo (ATG) project, also known as Chicontepec, company officials told a webcast.

Pemex completed 70 development wells in Q1 plus 63 major and 170 minor workover wells at ATG, Carlos Morales Gil, the director of Pemex's E&P unit PEP said in the webcast.

The company will increase activity at Chicontepec as it brings online additional rigs this year, the PEP director said. The rig count will increase at the project from roughly 40 today to 57 by mid-year and more than 80 by end-2009, he said.

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Pemex completed one development well at the KMZ project in the quarter plus one major and nine minor workover wells, Morales Gil said, adding the company started operations at the KMZ-50 nitrogen pipeline.

Meanwhile at the declining Cantarell project, Pemex completed three major and nine minor workovers in addition to installing compression equipment and well recovery platform Akal TE, Morales Gil said.

Cantarell's decline has met expectations of late, showing "only" a 3% deviation from the 1996 estimate of 8Bb in production, the executive said.

The field is largely responsible for Pemex's waning heavy crude output, which fell 13.9% in Q1. KMZ partially compensated with a 20% increase in year-on-year.