Fianzas y Seguros CRYA
CNH Hits the Ground Running in 2022
In the first two weeks of 2022 CNH has already completed three sessions, filing a total of 14 resolutions predominantly concerning PEMEX exploration plans.
This follows another busy year given that CNH completed a total of 93 sessions in 2021, averaging between seven and eight sessions each month (to read MBN’s summary of 2021’s last session, click here). CNH celebrated its first session of 2022 on January 4, the second on January 11 and the third on January 13. The entirety of the first and second sessions were concerned with exploration and field development plans filed by PEMEX, while the third session concerned private operators by approving exploration plans filed by Jaguar and its subsidiaries. The full video recordings of these three sessions, along with their summaries, have been uploaded and made available through CNH’s Youtube page.
CNH’s analysis in regards to PEMEX’s plans dealt with fields in the Uchukil block, famous for being the NOC’s stake within the rich Zama reservoir originally discovered by American private operator Talos. A number of new investments were approved in this area, including the transition plan for the Pokche field within the Uchukil block, in which four new wells are expected to be drilled in 2022 with the objective of reaching an early production start date before the end of the year. Four additional exploration studies were also approved. Depending on the success of these endeavors, investment received by the Uchukil block could vary greatly, from US$182.3 to US$731.5 million. Commissioners stated during the first and second sessions that this upscaling in PEMEX’s plans for this block was technically feasible, especially because developments in Uchukil could easily be connected to existing offshore infrastructure in the Campeche basin. If early production was achieved in 2022, the Dos Bocas port could be ready to process and commercialize the crude and its associated gas at any time.
During the third session activities of private operators were addressed through the approval of two exploration plan extensions for Jaguar and three exploration plan extensions for Jaguar’s subsidiary Pantera. For each one of these extensions, the operator will have to drill one additional exploration well in addition to their previously established minimum work plans.