Pemex Plans US$14bn Burgos Investment 2007-21

Mexico's state oil company Pemex plans to invest US$14bn in Burgos basin's natural gas project from 2007-21, a Pemex report said.

Pemex will produce 1.26 billion cubic feet a day (Bf3/d) of natural gas and add 498 trillion cubic feet of reserves to Burgos gas during 2006, the report said.

In 2007, Pemex expects to produce 1.33Bf3/d from the Burgos project, rising to 1.92Bf3/d in 2011.

In 2006, Pemex will drill 38 exploratory wells and will finish drilling works at 321 developed wells in Burgos project. It is also expected to repair 215 wells in the same region, Pemex said.

Pemex will also purchase 1,460km of 2D seismic information on the Burgos basin project as well as 547 sq km of 3D seismic information.

Pemex spokespeople were not available to comment on when multiple services contracts (MSCs) for natural gas exploration in Burgos basin project could be re-launched.

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