Discovered in the early 1900s, the Pánuco Contract Area contains four PEMEX-operated mature onshore fields, with original oil in place of approximately 6.8 billion barrels.
Petrofac as the lead operator along with Schlumberger will develop the fields, which have about 1,600 wells of which around 200 are currently producing a total of approximately 1,500 barrels of oil per day.
The contract, which is expected to be signed in the end of August 2012, will run through 30 years, and operations are expected to start around the beginning of 2013.
As per the contract, Petrofac will initially invest about $17.5m for the first two years on the Pánuco fields, while capex has been committed on a per barrel basis for the remaining 28-year period, contingent on the quantum of remaining undeveloped 2P reserves.
Integrated Energy Services chief executive Andy Inglis said this contract is the first example of the company’s agreement with Schlumberger to work together to deliver integrated and high-value production projects.
"I believe that our complementary skill sets and proven execution capability will maximise the potential of these fields for PEMEX," said Inglis.
PEMEX, in August 2011, awarded two integrated services contracts to Petrofac to develop the Magallanes and Santuario blocks in central Mexico.
