Pemex to drill Chauk exploratory well 4 months behind schedule

Mexico City — Mexico's Pemex is roughly four months behind its exploration plans at one of its onshore mature fields in the Sureste basin with huge potential reserves of much-needed light crude.

Pemex on Dec. 1 received approval from the National Hydrocarbons Commission, or CNH, to drill Chauk, an exploratory well part of the company's broad $230 million plan for area AE 0140, located in the state of Tabasco.

According to the company's plan approved by the commission in July, Pemex was expected to begin drilling Chauk in August, but instead Pemex will begin drilling Dec. 9 to the end of March, CNH said during a webcast session.

A Pemex representative did not respond to requests for comment.

Chauk, where Pemex has identified potential resources of over 60 million barrels of oil equivalent, sits next to other blocks operated by the company currently producing around 2,000 b/d of crude, a considerable decline from their 2011 peak of over 17,000 b/d, CNH data shows.

At Chauk, Pemex will be evaluating the continuity of those deposits between 1-2 miles of depth, spending $13.1 million, CNH data shows.

During its last report to investors, Pemex said it has had to neglect some areas and prioritize others where it can find more cheaper-to-get resources that allow it to reach its ambitious production goals of 1.9 million b/d by the end of the year. Pemex crude production was 1.572 million b/d in October, according to CNH data.