Pemex Boosts Onshore Drilling with $1.991B Deal, Aims for Self-Sufficiency
Mexico's state-owned oil and gas company, Pemex, has signed a significant contract with a private firm to boost its onshore drilling operations. The agreement, worth US $1.991 billion, involves drilling up to 32 wells in the Ixachi field in Veracruz over the next three years.
The contract was signed between Pemex and Grupo Carso, owned by Mexican billionaire Carlos Slim. Grupo Carso will drill the wells, bringing its extensive experience in onshore and offshore drilling to the project. The company has 19 land drilling rigs and three offshore drilling rigs, including a platform and two state-of-the-art semi-submersibles.
The Ixachi field, located in the north-east of Veracruz, is a major gas and condensate field discovered and developed by Pemex. It currently produces around 93,000 barrels of oil per day and 715 million cubic feet of gas. Pemex will make 21 monthly payments for the drilling of these wells, starting in January 2027, provided 12 wells are in production. The full amount will be paid if all 32 wells are producing by the end of the three years.
This contract reflects President Claudia Sheinbaum's strategy to nudge Pemex towards self-sufficiency by seeking more private partnerships. It is expected to increase exploration and exploitation of hydrocarbons and natural gas in the region. The project is set to begin in 2027, with potential significant impacts on Mexico's energy sector.
