Everything about Chicontepec Field totally explained
The
Chicontepec Basin is a petroleum system in
Mexico located north-east of
Mexico City, covering an area of around 3,800 km² in the states of
Veracruz,
Puebla and
Hidalgo. Several oil fields have been discovered in that area since
1926. A major field was discovered in
1973 but contains extra heavy crude which due to special refining needs is considered unviable at this time. Since that time, tiny amounts of oil have been produced. While the reserves are overwhelmingly very heavy crude, pockets of lighter oil, as well as natural gas, are also found in the basin.
Overview
Chicontepec Basin contains Mexico's largest, certified hydrocarbon reserve, totaling more than 19Bboe with original oil in place of over 139Bboe; recovery is complicated by challenging, low recovery rate reservoirs, but is made more attractive due to the presence of light and super-light oil.
(External Link
). In
2003,
PEMEX said it could take total investment of
$30 billion over 15 years to fully develop Mexico's oil and gas reserves in the Chicontepec Basin. The project would require drilling 13,500 wells in the basin, much more than the total number of oil wells now producing in the country . This situation is interesting as the oil wells would be numerous and small. It would be necessary to get permission to drill from the communities that these wells would be in. Fortunes might be made by private firms in the pre-exploratory negotiating phase.
In
March 2006, Mexican President
Vicente Fox announced that Pemex would be investing $37.5 billion US dollars over the next 20 years on the oil fields of Chicontepec. It is hoped that this will boost the fields' output to 1 million barrels per day. Pemex's chief executive estimates that 20,000 wells are to be drilled in order to exploit this field.
In addition to being economically and technically challenging, the basin's development also faces political difficulty, because the areas overlapping it are quite densely populated, including by native Americans like the
otomi tribe. Despite these difficulties, Pemex urgently needs production from Chicontepec to offset the rapid production decline in its main offshore field,
Cantarell.
See also
Notes and references
Further Information
Get more info on 'Chicontepec Field'.
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