Pemex Plans $1.65 Billion Gulf Oilfield Redevelopment

Mexico’s state-run oil and gas giant Pemex has signed a deal to redevelop Gulf of Mexico oilfields in a $1.65-billion investment plan that aims to increase output 10 times in the next 3.5 years. Citing unnamed sources close to the deal, Pemex (Petroleos Mexicanos) has struck a deal with CEM Oil and Gas, a Mexican private-sector player, to redevelop the Bacab and Lum fields in the Gulf of Mexico. The Bcaba and Lum oilfields produce heavy oil in shallow water at a depth of around 200 feet; however, according to data from Offshore Technology,…