Mexico's national oil company Pemex plans to triple the number of wells it ...
MEXICO CITY - Mexico’s national oil company Pemex plans to triple the number of wells it will drill this year, the company’s chief executive said on Monday, in a bid to grow crude output and reverse more than a decade of declining production.
The government-funded plan involves drilling 506 new wells spread across 20 recently-discovered fields, according to a presentation from Pemex CEO Octavio Romero. That would be more than three times the number of wells Pemex drilled in 2018. “In Petroleos Mexicanos’ entire history, it has perhaps never developed 20 new fields in one year,” he said at President Andres Manuel Lopez Obrador’s regular news conference.“We can expect this level of production to be maintained and that it will begin to grow from this year,” he said. By the end of Lopez Obrador’s six-year term in 2024, Pemex’s crude production was expected to average nearly 2.5 million bpd, he said. Last year, its output averaged 1.8 million bpd.
The offshore projects will be serviced by 14 new underwater pipelines covering some 109 miles to move the expected new streams of production.
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