Pemex to Find Ultra-Deep Water in Gulf

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Pemex to Find Ultra-Deep Water in Gulf

Mexico's State-run Oil Producer Is Optimistic of a Crude Discovery at the Vasto-1 Ultra-deep Water Exploratory Well by Year-end

Pemex, as the Mexico City-based producer is known, has found "evidence of hydrocarbon content" at the Vasto-1 well and hopes to announce an ultra-deep water find by year-end, Hernandez said today in a phone interview from Mexico City. If confirmed the discovery would be the latest in the Perdido area, where the company estimates that as much as 10 billion barrels of potential reserves can be pumped.

"We are working on the well and if it turns out to be as satisfactory as we hoped, I think we will be making another announcement in the near future," Hernandez said of the Vasto-1 well. "It has shown good results that are going to allow us to determine and evaluate the economic potential."

Drilling at the Vasto-1 well started on April 11 with the Bicentenario rig, according to a company presentation in July. Pemex is "practically done" drilling, having reached a depth of 6,500 meters (21,326 feet), 600 meters shy of a 7,100-meter goal, Hernandez said.
Maximino

Pemex is also drilling an exploratory well 17 kilometers from the U.S-Mexico border at Maximino to determine the size of the field, Hernandez said. The company announced its third ultra-deep water discovery at the Maximino field last year.

Source: Hellenic Shipping News

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