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CNOOC meets with Mexican energy minister on deepwater blocks

Bnamericas Published: Tuesday, February 22, 2022
CNOOC meets with Mexican energy minister on deepwater blocks

Chinese offshore O&G giant CNOOC discussed progress on two deepwater blocks in the Perdido Fold area during a meeting with Mexico’s energy minister Rocío Nahle.

Executives at the Chinese oil company met with Nahle to review CNOOC’s exploration work, following the 4Q21 discovery of oil by the Ameyali-1EXP well drilled in the assignment designated AE-0094-Cinturón Subsalino-12 off the coast of Mexico’s Tamaulipas state. 

The ministry reported on the meeting with Nahle and CNOOC via Twitter on Monday.

The administration of President Andrés Manuel López Obrador (AMLO) has been critical of private sector involvement in the upstream sector, committing major new investments to reinvigorate state-owned Pemex as the dominant player in the country.

Most analysts, however, see Pemex as broadly lacking the technology, expertise or financial muscle to go into deepwater development on its own, and even the president has acknowledged the need to maintain a handful of private sector partnerships, for deepwater projects in particular. 

When CNOOC confirmed the find to hydrocarbons regulator CNH, it estimated the discovery to be 110.9Mboe (million barrels of oil equivalent) with crude resources of 83.3Mb of API 38-degree oil and 164.5Bf3 (billion cubic feet) of gas.

CNH authorized the drilling of the Ameyali-1EXP well in 2020. 

CNOOC, in the meeting with Nahle, reviewed its exploration plan for the A1.CPP area awarded to the Chinese firm in 2016’s round 1.4 during Mexico’s brief opening of the sector.

CNH has also authorized CNOOC to drill the Xakpún-1EXP well, part of its evaluation plan for the A4.CPP area, also awarded in round 1.4. 

Xakpún is also located off the coast of Tamaulipas, at a distance of 115km in a water depth of 1,369 vertical meters in an area of the Upper Wilcox formation, where the objective is to find 38-43 degree API light oil resources.

The play is estimated to have a potential 993Mboe with a geological success rate of 42%.

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