Attempts At Increasing Output
In March 2006, Mexican President Vicente Fox announced that Pemex would be investing $37.5 billion US dollars over the next 20 years on the oil fields of Chicontepec. It is hoped that this will boost the fields' output to 1 million barrels per day (160×103 m3/d). Pemex's chief executive estimates that 20,000 wells are to be drilled in order to exploit this field.
Intensive drilling has taken place in Chicontepec in recent years, starting with a contract for 500 new wells offered in December 2008. However, results in terms of output have been disappointing, with the field still yielding a modest 68,000 barrels per day (10,800 m3/d) in May 2012.
Read more about this topic: Chicontepec Formation
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