Pemex Starts Up Tajin Oil Complex to Process Chicontepec Oil, Gas

Mexico's state oil company Pemex started operations on Wednesday of its 470mn-peso (US$44.3mn) Tajin oil processing complex in Veracruz state, which will be supplied from the onshore Chicontepec oil and gas project, a presidential house spokesperson told BNamericas.

Tajin will initially process 20,000 barrels of crude a day and 20 million cubic feet of gas a day, according to the spokesperson.

Chicontepec has some 18 billion barrels of estimated crude reserves, which represent 40% of Mexico's total crude oil reserves.

The project covers 3,800 sq km in 12 municipalities of Veracruz and Puebla states and is expected to be producing 1 million barrels of crude a day and 1.5 billion cubic feet of gas a day within eight years.

Chicontepec will require investments of some 400bn pesos (US$37.7bn) to drill 20,000 wells and will help replace Cantarell's production, which is declining after 25 years of exploitation, the spokesperson added.

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