Ichalkil

Ichalkil Oil and Gas Field Profile

Location and Geology

The Ichalkil Oil and Gas Field is located in the Cuencas del Sureste basin, offshore Mexico, specifically in the Gulf of Mexico. The field is situated approximately 42 kilometers offshore from Ciudad del Carmen, Campeche, in a northwestern direction, with a water depth ranging from 30 to 45 meters (or about 107 feet).

Project Details

• Field Name: Ichalkil Oil and Gas Field
• Part of: Ichalkil-Pokoch; Integral Crudo Ligero Marino complex
• Operator: Fieldwood Energy E&P México, though Lukoil acquired a 50% operator interest in 2021.
• Ownership: Lukoil (50.0%) and PetroBal (50.0%).

Discovery and Production

• Discovery Year: 2004
• Production Start Year: 2021
• Production Phases: The project is developed in three phases, with peak daily production estimated to be more than 115,000 barrels of oil equivalent.

Reserves

• Crude Oil: 2P reserves estimated at 534.48 million barrels (as per 2023 data) or approximately 445 million barrels of light oil.
• Gas: 2P reserves estimated at 13,943.37 million cubic meters (as per 2023 data) or about 450 billion cubic feet.

Production

• Current Production: As of 2022, the field produces approximately 3.52 million barrels of crude oil per year and 150.71 million cubic meters of associated gas per year.
• Future Targets: The medium-term targets include reaching 100,000 barrels of oil per day (bopd) and 130 million cubic feet (mcf) of natural gas per day by 2026.

Contract and Licensing

• Contract: The project is under a production sharing agreement signed in 2016 for a period of 25 years, with the option for two extensions of five years each.
• Contractual Area: The contract includes two blocks covering 58 square kilometers in Contractual Area 4.

Operations and Infrastructure

• Drilling and Wells: The fields involve drilling in deep, high-temperature formations, with an average drilling depth greater than 5,500 meters. As of 2022, four wells were completed, with plans to drill additional wells.
• Infrastructure: The project includes the reconditioning of Pemex’s Tumut-A platform for separation and metering. Additional infrastructure plans involve wellhead platforms, pipelines, and facilities for processing and separating oil, gas, and water.

Environmental and Sustainability Practices

• Technologies: Fieldwood Energy has adopted technologies to reduce environmental impact, such as reel-lay technology for subsea pipeline installation and measures to minimize venting and flaring of natural gas to less than 1%.
• Compliance: The project adheres to international standards, including those of the International Finance Corporation (IFC), the Equator Principles, and the UN Sustainable Development Goals.

Partnerships

• PetroBal: Fieldwood Energy has a partnership with PetroBal, which brings local expertise and complements Fieldwood’s technological capabilities.
• Pemex: Fieldwood Energy has a long-term agreement with Pemex to recondition and operate the Tumut-A platform, enhancing Pemex’s facilities reliability and capacity utilization.

Economic and Investment Aspects

• Investment: Over $1.2 billion has been invested in the project as of November 2021. The budget authorized by CNH for 2022 was $478 million.
• Transaction Value: Lukoil’s acquisition of the 50% operator interest was valued at $435 million plus expenditures incurred in 2021.