Photo credit: Torre Pemex is easily visible from our terrace by Matthew Rutledge
It was March 18, 1938 when late President Lázaro Cárdenas expropriated all facilities and assets of the petroleum industry operating in Mexico. Since then, Petroleos Mexicanos (PEMEX) and contractors have been collaborating in some long-term projects, based on 2008 amendments.
Now, last August 18, 2011, PEMEX granted for first time groundbreaking “Integral contracts for exploration and production” in favor of British Company Petrofac Facilities Management Limited (Petrofac) and to Mexican Company Administradora en Proyectos de Campos (APC) for operating mature oil fields of over 200 sq. miles and 3P reserves of 207 million of barrels.
Petrofac won a bidding for oil areas of Santuario and Magallanes, State of Tabasco, with a production offer of 5.01 dpb. Petrofac shall invest around 500 Million USD in this Project.
APC won bidding in the area of Carrizo, State of Tabasco with a production offer 5.03 dpb.
On August 22, 2011, PEMEX confirmed a new oil field of light crude oil at Kinbe-1 well located 50 miles northeast of Ciudad del Carmen, Tabasco. PEMEX started to drill on May 2010 and ended last August 9 with an initial average of 5,600 barrels per day and 9 millions of square feet of gas.
As result of these Contracts, ongoing and forthcoming projects, petroleum industry in Mexico is becoming a fertile ground for investors and contractors creating a vast range of opportunities for doing business.