Pemex Taps Private Sector for Gulf of Mexico E&P

Pemex has reached a deal with oilfield-services provider CME to drill in the Gulf of Mexico as it looks to revive its floundering production, World Oil said.

• The deal will revive the mature Bacab and Lum fields, part of the Ku-Maloob-Zaap play and boost production to 40k b/d by 2028. Output at both peaked over a decade ago, World Oil said.
• The project expects to ultimately pump 73.4m bbl.
• Pemex is trying to outsource some work on its ageing assets to the private sector to redevelop field and stem years of declining output.
• Pemex’s total production has dropped 1.8m bbl of oil and condensates, about half of its peak a decade ago, World Oil said.