Mexico’s state energy company, Pemex, expects its Tupilco Profundo field to have a production capacity of 116.9mbbl of oil over its lifespan, reported Reuters.

The field, which is also expected to produce 124.4bcf of natural gas, will contribute to the country’s oil and gas production, according to the oil regulator’s statement.

Located in the south-eastern state of Tabasco, Tupilco Profundo represents one of the most substantial discoveries under President Andres Manuel Lopez Obrador’s administration.

This comes as Pemex faces the challenge of replenishing its output amid waning production from older fields, especially those in the Gulf of Mexico.

According to the country’s oil regulator, the National Hydrocarbons Commission (CNH), Pemex had submitted an updated development plan for Tupilco Profundo, which has been previously hailed as the company’s new “star producer”.

The field’s production is projected to reach 42.5mbbl of oil – equivalent to some 116,500 barrels per day (bpd), between November 2023 and October 2024.

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To achieve these targets, Pemex intends to complete three existing wells, drill three new ones and install 12 pipelines.

The expenditure for developing, producing and eventually decommissioning the field from 2024 to 2046 is estimated to be $1.5bn (24.7bn pesos).

One source familiar with the plan said: “It really is a good field but it will decline quickly. The other advantage is that the quality of the hydrocarbons is high because it doesn’t have many impurities – so the commercial value increases.”

Last month, Reuters reported that Pemex was in talks with Mexican business investor Carlos Slim’s companies pertaining to the revival of the Lakach deepwater natural gas field, which has been shelved twice previously.

The company is looking to develop the offshore field, which is estimated to hold 900bcf of gas, through a service contract model where partners finance projects upfront.