Page 7 - LatAmOil Week 09 2022

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Area 4 includes the Pokoch and Ichalkil flelds (Image: PetroBAL)

It will lead development operations at the block, fourth quarter of last year, after Lukoil arranged
which covers a 58-square km area that lies 42 to assume operatorship. The block is now yield-
km from the shore in waters ranging from 30 to ing around 25,000 barrels per day of oil and
45 metres deep. will eventually see output levels peak at around
Area 4 contains two oilfields known as 115,000 bpd.
Pokoch and Ichalkil. These fields are estimated Vagit Alekperov, the president of Lukoil,
to hold some 564mn barrels of oil equivalent said last year that he expected the Area 4 pro-
(boe) in recoverable reserves, with crude oil ject to benefit his company. “Lukoil considers
accounting for more than 80% of the total. Mexico a strategic region for the development
PetroBAL acquired the right to develop the of our international upstream operations,” he
block in 2016, when it signed a 25-year PSA commented. “The new project, where we will be
for the project with the option to extend for the operator, is notable due to its considerable
another 10 years. It has said it wants to develop explored reserves and significant production
the licence area in three stages and brought potential. It naturally complements our existing
the first of these stages into production in the portfolio of projects in the Gulf of Mexico.” ™

Consultant says Olmeca refinery in

Tabasco State is only half finished

MEXICO’S government may be overstating
the extent to which the national oil company
(NOC) Pemex has completed work on a new
refinery in now under construction in Tabasco
State, according to Gonzalo Monroy, the CEO of
GMEC energy consultancy.
Officials in Mexico City had declared late
last year that the plant, formerly known as Dos
Bocas but now called Olmeca, was around 74%
finished – far enough along, that is, to begin
production on schedule in mid-2022. However,
Argus Media quoted Monroy as saying last week
that this figure was inaccurate and that reports
from the site indicated that construction was The Olmeca refinery is still under construction (Photo: LopezObrador.org.mx)
about half finished.
The consultant did acknowledge Mexican its full capacity.
officials’ past statements to the effect that Pemex He raised the question, though, of whether
might classify the plant’s initial round of test the NOC might need even more time, perhaps
operations as its official launch, even if the plant as much as three years, to begin regular com-
took at least seven to 12 more months to reach mercial production.

Week 09 03•March•2022 www. NEWSBASE .com P7