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Oil & Gas

Egypt's Cheiron wins bid for development of Cárdenas-Mora oil field in Mexico

Posted: October 5, 2017 at 6:52 pm   /   by   /   comments (0)

Pemex

The Egyptian company Cheiron Holdings Limited was awarded the winning bid during the process of the Cárdenas-Mora onshore block, by making an offer consisting of an initial payment of 125 million dollars, which acknowledges previous investments made by Pemex, as well as additional royalties of 13% and a cash payment of 41.5 million dollars (md), which guarantees that the Mexican State will receive the value of the rent of the oil field.

The Cárdenas-Mora block covers a surface of 168 km2 and is located approximately 62 km from Villahermosa, in the state of Tabasco. It contains proven (1P) reserves of 93 million barrels (MMbpce) of light, high-quality crude oil equivalent (39°API).

Participation in this block will be divided between Pemex and Cheiron, with 50% each, including some parts of the existing infrastructure, as has been established in the Bidding Terms. Cheiron, which will be the operating company, is a global enterprise with its headquarters in Cairo.

It is estimated that the production in the Cárdenas-Mora field will increase by at least 30% through secondary recovery processes.

(Pemex Press Release)

 

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