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Mexican developments. Pemex’s Noxal-1 exploratory well should have achieved its 13,100-ft TD objective by the time you read this. Located in 3,000-ft deep water, about 64 mi northeast of Coatzacoalcos, offshore the state of Veracruz, it is the company’s fourth deepwater exploration well. On reaching a 10,500-ft depth, wireline logs indicated substantial pay had been found. The company is claiming a potential of 10 billion boe has been discovered. In proved reserve terms at this point, all of this is sketchy and speculative.
Pemex Chief Executive Luis Ramírez Corzo, who has run Pemex since November 2004, commented on the significance, “The Noxal-1 well has discovered a new oil province in the Gulf of Mexico in deep water.” Ramírez said it will take another five to seven delineation wells to get good estimates, which will take about two years.
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