State-run Petroleos Mexicanos, or Pemex has successfully brought Kinbe-1 well in the southern Gulf of Mexico to production after an year long drilling. The initial flow rate of the well is 5,600 barrels of light crude per day and its gas production is estimated at 9 million cubic feet per day on average, the company revealed.
Pemex said, "this new discovery increases the petroleum potential of the zone comprised by the fields Tsimin, Xux and Kab."
According to a Wall Street Journal report, the current production results of Kinbe-1 well comes as a welcome relief for the company that has been struggling with the slide in yield following Cantarell offshore fields decline in production that has significantly brought down the output levels to less than 2.6 million barrels a day from 3.4 million barrels a day in 2004.
This article is for information and discussion purposes only and does not form a recommendation
to invest or otherwise. The value of an investment may fall. The investments referred to in this
article may not be suitable for all investors, and if in doubt, an investor should seek advice from
a qualified investment adviser. More