Pemex Said to Announce Maximino Deepwater Results Next Month

Petroleos Mexicanos, the world’s fourth-largest crude producer, expects to have results next month on the potential reserves of its third ultra-deepwater exploration well on the Mexican side of the Perdido basin, according to a person with knowledge of the offshore well.

Final tests at Maximino-1 will be completed in April, one month later than planned, said the person, who asked not to be identified because the matter is confidential.

Maximino, referred to by the company and analysts as “the jewel in the crown” of Mexico’s deepwater portfolio, is in the Perdido area, about 200 miles (320 kilometers) east of the Texas-Mexico border in the Gulf of Mexico. The area is where the state-owned producer last year found its first two commercially viable deepwater crude discoveries after 23 attempts.

Maximino is at a depth of 2,900 meters (9,515 feet), the deepest ever for the Mexican oil producer.

A Pemex press official confirmed the new timeline on Maximino’s results. The official asked not to be identified, citing company policy.

Pemex, as the company is known, is expected to announce today the 2012 proven crude reserves and the number will reflect two previous discoveries in Perdido, at the Supremus and Trion wells, the person said.

Another large discovery by the Mexican oil producer last year, in the Navegante onshore field, showed mechanical problems and its potential may have been reduced to 100 million barrels from the 500 million barrels estimated in November, the person said.

The state-owned company, which is constitutionally banned from having partners for exploration projects, has invested almost $10 billion in exploration since 2009.

To contact the reporter on this story: Carlos Manuel Rodriguez in Mexico City at carlosmr@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net

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