Pokoch

Pokoch Oil and Gas Field Profile

Location

The Pokoch Oil and Gas Field is located in the Cuencas del Sureste basin, specifically in Tabasco, Mexico. The field is situated within the concession/block AE-0021-3M-Okom-04, with precise coordinates of 19.1687, -92.431 (WGS 84).

Ownership and Operation

The Pokoch Oil and Gas Field is owned by two companies:

• Lukoil Oil Co. (50% ownership)
• PetroBal Upstream Delta 1 SA de CV (50% ownership), which is the oil and gas subsidiary of the Mexican conglomerate GrupoBAL.

Despite some sources indicating different operators, the field is primarily operated by Lukoil Oil Co..

Discovery and Production

The field was discovered in 2004. Production at the Pokoch Oil and Gas Field began in the fourth quarter of 2021.

Reserves

As of 2023, the field's reserves are:

• Crude oil: 38.31 million barrels (2P reserves)
• Condensate: 0 million barrels (2P reserves)
• Natural gas: 1,808.3 million cubic meters (2P reserves).

Production

The current production levels from the Pokoch Oil and Gas Field are:

• Crude oil: approximately 4.02 million barrels per year (2022 data)
• Associated gas: approximately 187.93 million cubic meters per year (2022 data).

Development and Expansion

The project is being developed in multiple phases. The initial phase involved the drilling of several wells, with two new wells drilled in 2021 despite the challenges posed by the COVID-19 pandemic. Additional wells are planned for future phases to increase production.

The medium-term targets include reaching production levels of 100,000 barrels of oil per day (bopd) and 130 million cubic feet (3.68 million cubic meters) of natural gas per day by 2026. This will involve the engineering and implementation of Phase 2, which includes additional wellhead platforms, pipelines, and other necessary facilities.

Infrastructure and Technology

The development of the field involves advanced technologies to minimize environmental impact. For example, reel-lay technology was used for the installation of subsea pipelines, which reduced the impact on the marine environment during installation. The project also aims to reduce venting and flaring of natural gas to less than 1% during normal operations.

Partnerships

The development of the Ichalkil and Pokoch fields is a result of a successful partnership between Fieldwood Energy (initially involved in the project) and PetroBal. Fieldwood Energy brought new technologies and best practices in drilling, completion, and production, while PetroBal contributed significant local expertise. There is also a collaborative agreement with Pemex, involving the reconditioning and operation of Pemex’s Tumut-A platform.

Financial and Regulatory Aspects

Lukoil acquired a 50% operator interest in the Area 4 project, which includes the Ichalkil and Pokoch fields, for $435 million plus additional expenditures of $250 million. The project received approval from local authorities and has a budget authorized by CNH (Comisión Nacional de Hidrocarburos) of USD 478 million for 2022.

Production Projections

The field is expected to continue production until it reaches its economic limit in 2044. Peak production is anticipated in 2028, with the field currently accounting for approximately 1% of Mexico’s daily oil output.