Mexico could mass develop its shale resources by 2023-24

Highlights

20 shale wells expected by the end of the next year

Company expects to ease fracking concerns of incoming president

Acapulco, Mexico — Mexico’s Pemex expects to explore and assess its shale oil and gas portfolio with the hope of starting mass development in 2023-2024, the company’s exploration director said Friday.

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

The company is currently drilling its first two shale exploration wells since the energy reform was approved, Juan Antonio Escalera told S&P Global Platts at the sideline of the Mexican Petroleum Congress in Acapulco."I don’t want to speculate on output numbers, but without a doubt, we have the potential to increase production in the midterm and long-term," Escalera said.Shale is key for Mexico future oil and gas production as half of the country’s prospective resources, over 60 billion boe, are locked in shale formations.The executive declined to comment on a recent comment from Mexico’s National Hydrocarbon Commission that shale oil could boost output at the Tampico-Misantla Basin (TMB) to 775,000 b/d by 2032 from less than 90,000 b/d in 2018."We are talking about 12 years, but we need for the stars and planets to align to reach that scenario," he added. 22nd Annual Mexican Energy Conference | November 8-9, 2018 | Mexico City, Mexico The conference brings together the leading organizations and government institutions in Mexico’s energy industries, delivering critical information about the transformation of Mexico’s energy markets. If you work in energy in Mexico, this is the […]

This story is part of our ‘News from Around the Web’ publication, continue reading the story here: Mexico could mass develop its shale resources by 2023-24