Mexican state energy company Pemex plans to produce 116.9 million barrels of oil and 124.4 billion cubic feet of natural gas from the Tupilco Profundo field during its lifespan, the oil regulator said on Thursday.
Tupilco Profundo is one of the biggest finds made during the government of President Andres Manuel Lopez Obrador as Pemex continues struggling to offset its declining production from older fields - particularly in the Gulf of Mexico.
Pemex had presented a modified development plan for the field in the southeastern state of Tabasco, which it has in the past described as its new "star producer", before the regulator.
Between November 2023 and October 2024, the field is forecast to produce 42.5 million barrels of oil - equivalent to some 116,500 barrels per day (bpd), the plan showed.
"It really is a good field but it will decline quickly," one source familiar with the plan said. "The other advantage is that the quality of the hydrocarbons is high because it doesn't have many impurities - so the commercial value increases."
Pemex plans to finish drilling three existing wells, drill three additional ones and add 12 pipelines.
The overall cost for the development, production and abandonment of the field for its lifespan between 2024 and 2046 was put at just under $1.5 billion.
