Fieldwood Energy and its Mexican partner PetroBAL could start production as soon as 2019 on the two shallow water oil fields it won at an auction last year in Mexico’s newly opened oil & gas sector, Fieldwood’s CEO Matt McCarroll told Bloomberg News in an interview this week.
The Ichalkil Pokoch fields’ potential appears to be even greater than anticipated as the company is rushing its three to five years’ timeline and are now expecting to start drilling operations in 2017, less than two years since they were awarded the Ichalkil Pokoch fields, McCarroll added.
In an interview with 2016’s Mexico Oil & Gas Review, McCarroll had stated his enthusiasm about entering the Mexican oil market after being awarded the fourth block during Round One. “We will be finalizing an appraisal plan that will outline our plans to drill two or three wells. Once those wells are successfully drilled and tested, we will commence an aggressive drilling and development program over the next three to five years, depending on the field’s potential.”
McCaroll’s new ambition is for Fieldwood Energy and PetroBAL to be the first private operators to produce oil in a Mexican offshore field in over 80 years, he told Bloomberg. The Energy Reform was just implemented in 2013 with the first public oil tender beginning the year after.
Fieldwood’s local partner PetroBAL had the two fields in its crosshairs from the beginning, McCarroll said. The Mexican company’s director, is Carlos Morales Gil, PEMEX’s former chief of exploration and production, and it is safe to say he is one of the most qualified actors to recognize a field’s potential.
The block contains two of the most promising offshore fields in Mexico. According to PetroBAL´s report, both fields contain 1P reserves for 41.4 mbpce, 2P reserves for 85.4 mbpce and 3P reserves for 190.6 mbpce, which makes it extremely attractive for production.
Despite being relatively new companies, with Fieldwood Energy being formed in 2013 and PetroBAL in 2015, both have the expertise required to develop such a challenging project. Fieldwood Energy is currently the largest shallow-water oil producer in the US and PetroBAL’s Director has almost 40 years of experience in PEMEX. The joint-venture expects to continue exploring possibilities in the Mexican oil & gas market over the upcoming Round 2.