Mexican state-owned oil company Pemex has unveiled its 2019-2024 strategy. The group aims to increase oil and gas exploration and to accelerate the development of new discoveries, in order to reverse its declining crude oil production (from 2,788 kb/d in 2014 to 2,071 kb/d in 2018) and reach 2,480 kb/d on average in 2024 and 2,654 kb/d at the end of 2024.
The group will focus on the development of 22 fields, including the Onel and Yaxché fields, and plans to start production at 12 of these fields in 2019. The production of the Ixachi field will increase from the current level of 3,900 bbl/d of oil and 30 mcf/d (0.8 mcm/d) of gas to 80,000 bbl/d of oil and 600 mcf/d (17 mcm/d) of gas in 2022. Pemex expects Ixachi and other fields currently under development to produce around 320,000 bbl/d of oil and 900 mcf/d (25 mcm/d) of gas at the end of 2021.
By 2024, Pemex will also develop 20 to 40 fields every year and will drill around 500 wells. The company expects the incorporation and reclassification of new reserves to reverse the declining trend in hydrocarbon reserves.