Mexican state-run oil and gas company Pemex has doubled the proven, probable and possible (3P) reserve estimates of its Ixachi onshore oil and gas field in the state of Veracruz (Mexico). The company believes that the asset will reach plateau production of 700 mcf/d (19.8 mcm/d) of natural gas and 80,000 bbl/d of condensate in 2022.
The Ixachi field was discovered in November 2017 and is considered to be Pemex's most significant onshore oil discovery in the last 15 years. Its initial 3P reserves reached 350 mboe. It currently produces 2,000 bbl/d of condensate and expects to deliver 5,000 bbl/d of condensate and 30 mcf/d (0.8 mcm/d) of natural gas by the end of 2019.
In the last decade, Pemex has been struggling to sustain its crude production levels, which are declining due to the natural depletion of oil fields and a lack of investment. Mexico's crude oil output is flagging and declines to 1.8 md/d in the first half of 2018 down from 3.4 mb/d in 2005. However, the government plans to reverse the trend and to add 600,000 bbl/d in the next two years to reach 2.5 mb/d.