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State Oil Regulator Wants PEMEX To Suspend Chincotepec Work After "Disappointing" Results

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hatrack Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-08-09 12:27 PM
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State Oil Regulator Wants PEMEX To Suspend Chincotepec Work After "Disappointing" Results
Mexico's recently formed oil industry regulator wants state energy company Pemex to suspend work at its technically complex Chicontepec oilfield due to poor results, local reports said.

Pemex has spent more than $3.4 billion so far on Chicontepec, whose large reserves promised to lift Mexico's oil output from near 20-year lows, but production has lagged its targets.

Juan Carlos Zepeda, head of the National Hydrocarbons Commission, told an industry event the field needs a new and exhaustive development plan to improve drilling techniques and boost output, dailies Reforma and El Universal reported.

He said the commission is talking to Pemex about the issue. Neither Pemex nor Zepeda were immediately available to comment on the media reports, Reuters said.

EDIT

http://www.upstreamonline.com/live/article195235.ece
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