Ulises Hernández Romano, president of the Mexican Oil Conference
«This is no longer a plan, it is a project that is being executed», Ulises Hernández Romano.
The director of Resources, Reserves, and Associations of Pemex Exploration and Production (PEP) reported that the State Productive Company has contemplated an investment of 270 billion pesos for exploration and production this year, 37.7% higher than disbursed in 2018.
«For 2019, we have more resources than we have had in previous years, and the trend is obviously growing to meet our production goals,» said the president of the Mexican Oil Conference.
Ulises Hernández Romano said that federal capitalization, fiscal benefit and cost reduction support growth, while 80% of investment is allocated to upstream. «Thus, an increase in exploratory activity is foreseen that will allow having a stock of commercial discoveries, which will become part of the development of between 20 and 40 fields per year,» he said.
The General Management of Pemex Exploration and Production assured that the planned investment, together with the execution of the infrastructure projects, both marine and terrestrial, as well as the arrival of four drilling pieces of equipment —with which the drilling of new wells will begin— will guarantee the development of the new plans. «We have discoveries that were made in recent years and that have not been pursued for lack of budget,» said Hernández Romano.
A production of 320 thousand oil barrels per day is expected, and of the order of 900 million cubic feet of gas in these fields. «We are on the road to achieving the goals set by the Federal Government of a projection of 1.8 million barrels per day by the end of the year,» he said.
Ulises Hernández Romano, who added that they are also on the right track to rescue the oil industry and the country’s energy sovereignty, shared that there are a significant number of fields within a broad portfolio, and in an advanced stage of exploitation, that require secondary or improved recovery processes.
Regarding the celebration of the 14th edition of the Mexican Oil Conference, Hernández Romano stressed that this event, the largest in Latin America, is essential for the exchange of ideas that contribute to the evolvement of the country’s oil industry. During this Conference, the technical program stood out, which showed new concepts and practices in boosting the country’s oil industry, the director pointed out.
Goals to increase production
- Increase the recovery factor of mature fields.
- Implement secondary and improved recovery processes.
- Complement field growth in development and/or production.
- Reactivate gas production.