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Mexico's Pemex to develop six new offshore fields by 2020: CEO

Houston — Mexican state oil company Pemex expects to add 210,000 b/d and 350 MMcf/d of new production by the end of 2020 from the development of six shallow water fields in the Gulf of Campeche, CEO Carlos Trevino said Tuesday.

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The development budget of these fields still pends congressional approval, Trevino said at a webcast event from Mexico City.

"As we say in Mexico, these are fields that are at a nougat point, ready to be exploited," he said. The development of this wells is highly likely as President-elect Andres Manuel Lopez Obrador seeks to boost Mexico's oil production. "We expect these six fields will begin production soon, giving the incoming administration a good platform to recover the declining production," Trevino said.

The six fields, Trevino said, are at different phases: Xikin and Esah are in development, Koban, and Kinbe are being assessed; and Mulach, and Manik are in the early stages of exploration. The combined proven, probable and possible reserves of the fields are 865 million boe, he added. All these fields are located near existing infrastructure, speeding their development, Trevino said.

Mulach and Manik are two new discoveries Pemex made public on Tuesday. Both are located in Campeche Bay, and their combined 3P reserves are 180 million BOE.

Manik was discovered in April. It has a total depth of 4,800 meters with a water depth of 90 meters. It is 102 kilometers from Ciudad del Carmen, Campeche state. It is between the Ixtal and Ixtoc fields. Manik has heavy oil with a 20 API and could produce between 10,000 and 15,000 b/d according to Pemex's estimates.

Mulach was recently discovered. It is 17 km away from Paraiso, Tabasco State. Its total depth is 4,000 meters with a water depth of 21 meters.

The field follows the same geological formations where the Xanab and Yaxche fields, easing its characterization and assessment, Trevino said.

Mulach has a light oil with an API close to 40. It has reserves above 100 million BOE with a potential production peak of up to 30,000 b/d.

Xikin and Esah are in the early development stage. Xikin is expected to produce 70,000 b/d, while Esah could produce 23,000 b/d.

Kinbe and Koban are in the evaluation phase and could produce 24,000 b/d and 46,000 b/d of crude oil, respectively. -- Daniel Rodriguez, daniel.rodriguez@spglobal.com

-- Edited by Richard Rubin, newsdesk@spglobal.com