Oil and Gas Exploration and Production

in Northern Mexico

Oil and Gas Exploration and Production

in Northern Mexico

EXPLORACIÓN Y PRODUCCIÓN

REGIÓN NORTE

Alfredo E. Guzmán Pemex Exploración y Producción

Contents

Introduction

Gas Business

Oil Business

Conclusions

Gas

Fold and Thrust belt

Sabinas

Burgos

Sierra Madre Oriental

Extensional Faults Belt Extensional Faults Belt

Chihuahua

Gulf of CaliforniaGulf of California

CaliforniaCalifornia

Macuspana

ReformaChiapas

LitoralTabascoLitoral

Tabasco

Mexico´s oil and Gas BasinsMexico´s oil and Gas Basins

Oil

Veracruz

Tampico

Misantla

Salinadel

Istmo

Gulf ofMexicoGulf ofMexico

Sonda de CampecheSonda de Campeche

Originaldiscovered

volumes

RemnantReserves

3P

Unrecoverable Volumes

Cumulativeproduction

225.8

106.9

69.148.5

49%

21%

30%

Gas (tcf)

Oil (bbo)279.6

212.628.7

38.3

76%76%

10%14%

Discovered Oil and Gas (01/01/02)Discovered Oil and Gas (01/01/02)

Source: E&P Planning

Reserves bboe (01/01/02)Reserves bboe (01/01/02)

Source: E&P Planning

52.9 10.2

11.9

30.8

Total, 3P Possible Probable Proven, 1P

Crude oil

38.3

* includes condensates and plant liquids

6.9

8.9

3.0*

22.4

7.5

Gas 14.6*3.3*

8.4*

• Oil mbod

0

500

1,000

1,500

2,000

2,500

3,000

3,500

1998 2000 2002 2004 2006 2008 2010

0

1,000

2,000

3,000

4,000

5,000

6,000

1998 2000 2002 2004 2006 2008 2010

• Natural gas mmcfd

México´s Oil and Gas Production (9/2002)México´s Oil and Gas Production (9/2002)

Heavy 2,141Heavy 2,141Light 1,028Light 1,028 3,1693,169

Heavy 2,141Heavy 2,141Light 1,028Light 1,028 3,1693,169

Assoc. 3,133Assoc. 3,133Non asso. 1,306Non asso. 1,306 4,4394,439

Assoc. 3,133Assoc. 3,133Non asso. 1,306Non asso. 1,306 4,4394,439

In 2003: 3,550In 2003: 3,55082% Offshore82% Offshore

In 2003: 3,550In 2003: 3,55082% Offshore82% Offshore

In 2003: 4,820In 2003: 4,82066% Onshore66% Onshore

In 2003: 4,820In 2003: 4,82066% Onshore66% Onshore

Source: E&P Planning

Gas Production 2001 - 2010 (mmcfd)Gas Production 2001 - 2010 (mmcfd)

Source: E&P Planning

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

New developments

BaseCantarell BurgosGrijalva Delta

Demand

0

1,000

2,000

3,000

4,000

5,000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Oil Production 2001 - 2010 (mbod)Oil Production 2001 - 2010 (mbod)

New developments

Source: E&P Planning

Base

Cantarell

2001 2002 2003

Annual Budget – PEMEX E&PAnnual Budget – PEMEX E&P(million DLS)

5,111

1,938

7,049 9,437 12,699

10,417

2,282

2,389

7,048

OPEX

CAPEX

TOTAL

Northeast Offshore

• The North Region covers more than 50% of the national territory

North

South

Southwest Offshore

PEMEX OrganizationPEMEX Organization

Pemex Internacional

Pemex Internacional

Pemex Corporativo

Pemex Corporativo

Pemex Pemex Exploración y Exploración y ProducciónProducción

Pemex Pemex Exploración y Exploración y ProducciónProducción

Pemex Refinación

Pemex Refinación

Pemex Gas y Petroquímica

Básica

Pemex Gas y Petroquímica

BásicaPemex

Petroquímica

Pemex Petroquímica

Oil and Gas Reserves:

The North Region The North Region

21,043 MMBOE (39% of total).

39,798 BCF of Natural Gas, (First Place).

1.238 BCFD of Gas (27%)

78.5 MBD of Oil (2.5%)

2001 Production:

2002 Investment:1,659 MMUSD (16%)

2001 Revenue:

2,077 MMUSD (8%)

1993-2001 National Growth: 1.1 BCFD (23%)

North Region Growth: 825 MCFD (75% of total)

By 2005 the North Region will have the largest participation

REGIÓN NORTE REGIÓN SURREGIÓN MARINANORESTE

REGIÓN MARINASUROESTE

2,583 2,154

1,6741,2381,2661,2251,038773643548479441

93 94 95 96 97 98 99 00 01 02 03 04 05

3,576 3,625 3,7594,195

4,4674,791 4,796 4,679 4,511

5,0805,363

6,001

6,8341993-2001

(38%)

(36%)

(13%)

(13%)

(27%)

(38%)

(16%)

(18%)

1,743

718

812

1,300

Gas Business

Where is the growth coming from?

Where is the growth coming from?

Projects

5 On-shore

4 Off-shore

VeracruzBasin

Reynosa

Veracruz

Tampico

Lamprea

Tamuín

Mecapalapa

Delta del Bravo

BurgosBasin

Lankahuasa

San José de las Rusias

Veracruz Marino

Poza Rica

VeracruzBasin

Reynosa

Veracruz

Tampico

Lamprea

Tamuín

Mecapalapa

Delta del Bravo

BurgosBasin

Lankahuasa

San José de las Rusias

Veracruz Marino

Poza Rica

Gas Business

Burgos Basin ProjectBurgos Basin Project

Laredo

Area 49,000 Km2Area 49,000 Km2

Reynosa

Production History

1945 First Production Mision Field

1970 Max production, 620 MMCFD

76-79 Sabinas Basin development

1993 Minimum production 215

Gas Business

MMCFD

0

200

400

600

800

1,000

1,200

45 52 59 66 73 80 87 94 1

94-95 Feasibility Study, doubled production to 420 MMCFD.

1997 Burgos Basin Project

1999 Reached 1.0 BCFD

Burgos Basin ProjectBurgos Basin Project

Current Production 1,010 MMCFD

Laredo

Reynosa

Gas Business

MMCFD

15,000 km2

Resources 7 TCF Reserves 1.9 TCF Tertiary and Mesozoic opportunities Low production costs

Veracruz Basin ProjectVeracruz Basin Project

* Conservative

0

100

200

300

400

500

600

2002 2003 2004 2005 2006 2007 2008

Production Profile *

Field Development

New Fields(Exploration

)

Base

615 MMCFD

Gas Business

Mirador

Veracruz

Golfo de M

éxico

Angostura

Cópite

M.Pionche

Mecayucan

Novillero

San Pablo

Cocuite

M.Violín -1M.Violín -1

Cosomapa -1 Cosomapa -1

Camaronero -1ACamaronero -1A

Chalpa -1Chalpa -1

Tejeda -1Tejeda -1Aliento -1Aliento -1

Palmichal -1Palmichal -1

Guinea -1Guinea -1

Chilpaya -1Chilpaya -1

Cardúmenes -1Cardúmenes -1

Perdiz -1Perdiz -1

Cuatas -1Cuatas -1

Acagual -1, DL1Acagual -1, DL1Playuela -1Playuela -1

Lizamba -1Lizamba -1

30 km

17 km

Campo CocuiteCampo Cocuite

Loc. Playuela-1

Program

Drill 17 Exploratory wells

300 Development wells

Reach 600 MMCFD

Veracruz Basin ProjectVeracruz Basin ProjectVeracruz

Golfo de M

éxico

R.Pacheco

San Pablo

Alvarado

C. Cocuite

Chalpa -1Chalpa -1

Perdiz -1Perdiz -1

Playuela -1Playuela -1Mecayucan

Cópite

M.Pionche

Novillero

ZAFIRO-PERDIZ1510 KM2

ALIENTO1100 KM2

Lizamba -1Lizamba -1

Acagual -1Acagual -1

CAMARONERO300 KM2

Cosomapa -1

Tejeda -1Tejeda -1

COSOMAPA302 KM2

In acquisition

Mesozoic Area

Tertiary Basin

Gas Business

Playuela Field

Success Ratio: 65%

LOC. ACAGUAL-1Mesozoic folded belt-1

LOC. ACAGUAL-1

-1

Veracruz Basin ProjectVeracruz Basin Project Gas BusinessWell: Playuela-301

1,845 m

,2,010 m

Upper MioceneUpper Miocene

14 MMSCFD

1900

1850

1950

2000

ILDGR RHOBNPHI DT DTSM

Efecto de Gas

4040

88

2727

(BCF)

Initial rate:

Amplitude driven Sand gas effect (DHI)

Reserves

3P

2P

1P

Lankahuasa-1

Reynosa

Veracruz

Tampico

Poza Rica

Reynosa

Veracruz

Tampico

Poza Rica

32

Off-shore ProjectsOff-shore Projects

81

31

10

Delta del Bravo

Lamprea

Lankahuasa

Veracruz Marino

Lankahuasa-1

Shallow water dephts Near facilities High quality sands Extensional faults structures

Shallow water dephts Near facilities High quality sands Extensional faults structures

Gas Business

More than 150 exploratory opportunities

Tecolutla

GUTIERREZZAMORA

TUXPAN

Barra de Tenixtepec

BARRA BOCA DE ENMEDIO

BARRA BOCA DE LIMA

IslaTorre Blanca

Barra Riachuelos

Guadalupe Palmar

Los Esteros

L. Grande

BARRA DE CAZONES

Pedernales

Bobo

s

Estero

Bocas

A. Negro

Bobo

s

Tres

A. Negro

BAR

RA G

ALIN

DO

ISLAEL IDOLO

EnsenadaMartφnez

PUNTAARENAS

ISLALOS PAJAROS PUNTA

AGUA DULCE

PUNTA MATA CA╤A

BOCA TANCONCHIN

PLAYA CHACHALACAS

PUNTA ZEMPOALA

PUNTAMANCHA

L. La Mancha

L. Farallon

PUNTAVILLA RICA

L. E Llano

L. Verde

PUNTA LOMA

BARRASANTA ANA

BARRASAN AGUSTIN

L. San Agustin

BARRA DE TUXPAN

BARRA NUEVA

BARRA DE PALMAS

Miraflores

Colid

a

BARRA DE NAUTLA

BARRA DOMINGAL

Colid

a

Rio Tecolutla

BARRA TECOLUTLA

PUNTA

E. Carranza

Vega de Alatorre

G o l f o d e M é x i c o

LOC. KOSNI-1

LANKA-DL1

LANKA CENTRO

LANKA NTE.

LOC.CAHUIN-1

KAYAN 1

LOC. SIHINI-1

CHIHUIX 1

MALHATEN

NACÚ

SKO

XOKE

LACATZU

LOC. CAÑONERO-1

LOC. CALLIMAXTLA 1

IXCATAN 1

HUAPA 1

KOYUTIXPIYUT 1 SEKNA

SILAKNI

TAXTUNU

CAXTUM

TUMIN-1

LOC. CHICINI-1

LOC. TICU-1

PULAKTUMIN 1

CHULUX

JILI

QUITXCA

CHUN-1

LITAY

PULHMAN

CHULA 1

ACUNCALIN

LIMETA

KOTAN-1

MISIN-1

JACAN

STAPUTAKANU

KOLOTZIN

PATUX-1

PUXKA-1

XANAT-1

HUATIC-1

LOKO-1

SKATA-1

STAYAN-1

TUCAYAN-1

UXPI-1

XTAN-1

CANATLA-1

MAGNI-1

MUNTZAYA-1

CUXI-1

PUYU-1

PIXCAL-1

CHAUN-1

JINK-1

TAXCAT

CHACAN-1

TAMAKNI - 1

PUZMAN-1

AKACHOC-1

AXIT-1

JUN-1

AXCUT-1KAXAK

UXUM-1

REMORA-1

MATANCU - 1

AKZUYUT - 1

LOC. CAHUAN-1

HUAYA-1

LICHANAT-1

TAZIOL-1

GASODUCTO 48"

Nautla

FAJA DE ORO

LANKAHUASA

CAÑONERO

Lankahuasa-1

LANKAHUASA NORTE

LANKAHUASA SUR

POZA RICA

LANKAHUASA PROFUNDO

Target depths: 1500-3000 m. Pliocene - Miocene shelf plays Amplitude driven ?

Lankahuasa-1 discovery wellLankahuasa ProjectLankahuasa Project

Gas Business

Lankahuasa structureLankahuasa structure45 Km

Lankahuasa-1Prospect

Lankahuasa CentroProspect

Lankahuasa Norte

Productive zone

N S

Potential zones

Northward continuity of producing horizons from Lankahuasa-1

Gas Business

2086-2099

2115-2125

2135-2149

2163-2182

2238-2244

2380-2390

2533-2542

2558-2568

2622-2633

1938-1950

1970-1985

2722-2732

2496-2507

Qg= 2.0 mmscfd

Qg= 15.4 mmscfd

Qg= 22.6 mmscfd

Qg=26.5 mmscfd

Qg=3.4 mmscfd

Lankahuasa-1 discovery wellLankahuasa-1 discovery well

• 6 producing sands • 20 additional sands

• Sweet Dry Gas

• Low resistivity sands

TD 3,139 mbrt

Tested

Pending

Gas Business

-

-

-

-

-

-

-

-

P90 : 0.7

Pm : 1.6

P10 : 2.7

Lankahuasa Field

P90 : 0.8

Pm : 5

P10 : 11

Lankahuasa Complex

Lankahuasa Cube (1,800 Km²):

P90 : 2

Pm : 14

P10 : 14

Xoke Complex

Xoke Complex

Kosni Complex

Kosni Complex

Lankahuasa

Lankahuasa

Com

plex

Com

plex

10,800 Km²

Lankahuasa’s potential resources (tcf):

Litay Complex

Litay Complex

Chihuix Complex

Chihuix Complex

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Tecolutla

GUTIERREZZAMORA

TUXPAN

Barrade Tenixtepec

BARRA BOCA DE ENMEDIO

BARRA BOCA DE LIMA

IslaTorreBlanca

Barra Riachuelos

Guadalupe Palmar

Los Esteros

L. Grande

BARRA DE CAZONES

Pedernales

Bobo

s

Estero

Bocas

A. Negro

Bobo

s

Tres

A. Negro

BA

RR

A G

AL

IND

O

ISLAEL IDOLO

EnsenadaMartφnez

PUNTAARENAS

ISLALOS PAJAROS PUNTA

AGUA DULCE

PUNTA MATA CA?A

BOCA TANCONCHIN

PLAYA CHACHALACAS

PUNTA ZEMPOALA

PUNTAMANCHA

L. La Mancha

L. Farallon

PUNTAVILLA RICA

L. E Llano

L. Verde

PUNTA LOMA

BARRASANTA ANA

BARRASAN AGUSTIN

L. San Agustin

BARRA DE TUXPAN

BARRA NUEVA

BARRA DE PALMAS

Miraflores

Col

ida

BARRA DE NAUTLA

BARRA DOMINGAL

Col

ida

Rio TecolutlaBARRA TECOLUTLA

PUNTA

E. Carranza

Vega de Alatorre

LOC. KOSNI-1

LANKA-DL1

LANKA CENTRO

LANKA NTE.

LOC.CAHUIN-1

KAYAN 1

LOC. SIHINI-1

CHIHUIX 1

MALHATEN

NACÚ

SKO

XOKE

LACATZU

LOC. CAÑONERO-1

LOC. CALLIMAXTLA 1

IXCATAN 1

HUAPA 1

KOYUTIXPIYUT 1 SEKNA

SILAKNI

TAXTUNU

CAXTUM

TUMIN-1LOC. CHICINI-1

LOC. TICU-1

PULAKTUMIN 1

CHULUX

JILI

QUITXCA

CHUN-1

LITAY

PULHMAN

CHULA 1

ACUNCALIN

LIMETA

KOTAN-1MISIN-1

JACAN

STAPUTAKANU

KOLOTZIN

PATUX-1

PUXKA-1

XANAT1

HUATIC1

LOKO1

SKATA1

STAYAN1

TUCAYAN-1

UXPI1

XTAN1

CANATLA-1

MAGNI1

MUNTZAYA1

CUXI1

PUYU1

PIXCAL-1

CHAUN-1

JINK1

TAXCAT

CHACAN1

TAMAKNI 1

PUZMAN1

AKACHOC1

AXIT1

JUN-1

AXCUT1KAXAK

UXUM1REMORA-1

MATANCU - 1

AKZUYUT -1

LOC. CAHUAN1

HUAYA1

LICHANAT1

TAZIOL1

Nautla

Lankahuasa-1

POZA RICATecolutla

GUTIERREZZAMORA

TUXPAN

Barrade Tenixtepec

BARRA BOCA DE ENMEDIO

BARRA BOCA DE LIMA

IslaTorreBlanca

Barra Riachuelos

Guadalupe Palmar

Los Esteros

L. Grande

BARRA DE CAZONES

Pedernales

Bobo

s

Estero

Bocas

A. Negro

Bobo

s

Tres

A. Negro

BA

RR

A G

AL

IND

O

ISLAEL IDOLO

EnsenadaMartφnez

PUNTAARENAS

ISLALOS PAJAROS PUNTA

AGUA DULCE

PUNTA MATA CA?A

BOCA TANCONCHIN

PLAYA CHACHALACAS

PUNTA ZEMPOALA

PUNTAMANCHA

L. La Mancha

L. Farallon

PUNTAVILLA RICA

L. E Llano

L. Verde

PUNTA LOMA

BARRASANTA ANA

BARRASAN AGUSTIN

L. San Agustin

BARRA DE TUXPAN

BARRA NUEVA

BARRA DE PALMAS

Miraflores

Col

ida

BARRA DE NAUTLA

BARRA DOMINGAL

Col

ida

Rio TecolutlaBARRA TECOLUTLA

PUNTA

E. Carranza

Vega de Alatorre

LOC. KOSNI-1

LANKA-DL1

LANKA CENTRO

LANKA NTE.

LOC.CAHUIN-1

KAYAN 1

LOC. SIHINI-1

CHIHUIX 1

MALHATEN

NACÚ

SKO

XOKE

LACATZU

LOC. CAÑONERO-1

LOC. CALLIMAXTLA 1

IXCATAN 1

HUAPA 1

KOYUTIXPIYUT 1 SEKNA

SILAKNI

TAXTUNU

CAXTUM

TUMIN-1LOC. CHICINI-1

LOC. TICU-1

PULAKTUMIN 1

CHULUX

JILI

QUITXCA

CHUN-1

LITAY

PULHMAN

CHULA 1

ACUNCALIN

LIMETA

KOTAN-1MISIN-1

JACAN

STAPUTAKANU

KOLOTZIN

PATUX-1

PUXKA-1

XANAT1

HUATIC1

LOKO1

SKATA1

STAYAN1

TUCAYAN-1

UXPI1

XTAN1

CANATLA-1

MAGNI1

MUNTZAYA1

CUXI1

PUYU1

PIXCAL-1

CHAUN-1

JINK1

TAXCAT

CHACAN1

TAMAKNI 1

PUZMAN1

AKACHOC1

AXIT1

JUN-1

AXCUT1KAXAK

UXUM1REMORA-1

MATANCU - 1

AKZUYUT -1

LOC. CAHUAN1

HUAYA1

LICHANAT1

TAZIOL1

Nautla

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gulf of Mexico

Lankahuasa field reserves (2P): 683 BCF

Gas Business

Oil ProjectsOil Projects

Arenque (off-shore) Golden Lane (off-shore) Poza Rica San Andrés Tamaulipas-Constituciones Tres Hermanos

Field Optimization Projects

Off-shore Exploratory Projects

Sardina Cazones Deep GoM Perdido Area

Development Project

ChicontepecÁrea

Perdido

ChicontepecCazones

Sardina

Golfo de México Sur

San Andrés

Tamps-Constituciones

Arenque

Poza Rica

Tres Hermanos

Bagre-Atún-Marsopa

Área Perdido

ChicontepecCazones

Sardina

Golfo de México Sur

San Andrés

Tamps-Constituciones

Arenque

Poza Rica

Tres Hermanos

Bagre-Atún-Marsopa

Oil Business

Poza RicaMECAPALAPA

CHIC020

CHIC030

CHIC036

CH

IC039

CH

IC040

AGFRA 813 -D

AGFRA 868 -D

COSMS 1

GALLO 1D

GALLO 2

OVEJS 1

Tuxpan

25

134

Poza RicaMECAPALAPA

CHIC020

CHIC030

CHIC036

CH

IC039

CH

IC040

AGFRA 813 -D

AGFRA 868 -D

COSMS 1

GALLO 1D

GALLO 2

OVEJS 1

Tuxpan

0

100

200

300

400

500

600

700

800

900

1,000

'02 '04 '06 '08 '10 '12 '14 '16

Área 5

Área 4

Área 3

Área 2

Área 1

Production Profile

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

'02 '04 '06 '08 '10 '12 '14 '16

Área 5

Área 4

Área 3

Área 2

Área 1

Oil (MBD)

Gas (MMCFD)

Mexico’s largest oil reserves (3P): 12,189 MMB

OOIP: 139,163 MMBOE

Natural Gas Reserves: 31.3 TCF

3,731 km2

952 wells

Chicontepec ProjectChicontepec Project Oil Business

Golfo de México

1816

2

3

4

5

1

Gulf

of Mexico

DENSIDAD DE ACEITES

Oil Quality Map

Discordance

Chicontepec play

Upper Cretacic

Upper Jurassic

Basament

Reef.

Low permeability Sandstones Large sand bodies Low Recovery Factors

Oil 7 -10%Gas 60 - 70%

Oil densities: 18- 45° API

Oil quality mapOil quality map

Chicontepec ¨basin¨

Chicontepec ProjectChicontepec Project

W E

44

42

40

38

36

34

32

30

28

26

24

22

20

44

42

40

38

36

34

32

30

28

26

24

22

20

Superlight

1

2

Light

Oil Business

Chicontepec ProjectChicontepec Project Oil Business

Thickness > 100 m

Area (Km²)

Depth (m)

°API

Development wells

Reentries

1,655

1,600-2,000

26-45

12,375

170

Whole Project

3D seismic (Km2)

Approved Wells/prog.

Work overs

Drilling

Facilities

Others

Total

2002

270

11/18

8

33.7

3.7

25.0

62.4

2003

1,180

91/363

134

511.9

184.1

45.0

741.0

2004

105/619

134

835.6

310.5

55.0

1,201

2005

93/555

76

755.5

285.9

56.3

1,097.7

2006

427

50

575.2

241.2

45.3

861.7

2007

503

50

706.8

197.0

51.2

955.0

T o t a l

1,450

300/12,367

732

16,842.0

5,966.7

4,223.8

27,032.6

2008

705.9

147.6

49.5

903.1

525

50

2009

755.5

262.0

59.2

1,076.7

560

50

2010

759.9

274.7

65.9

1,100.5

560

50

2012-28

10,440.7

3,768.3

3,717.9

17,926.9

7,680

80

2011

761.2

274.7

70.5

1,106.4

560

50

Investment Strategy

Approved Capex 2002-2006: 5,820

MM$

Development Plan:

Capex required (MMUSD)

Shallow water depths More than 50 opportunities Light oilÁrea

Perdido

Sardina

Golfo de México Sur

Cazones

Área Perdido

Sardina

Golfo de México Sur

Cazones

Sardina - Cazones

Water depths up to 10,000 ft. 126 opportunities Turbidites, minibasins and salt

related plays

Deep GoM and Perdido Area

Off-shore Exploratory Projects Off-shore Exploratory Projects Oil Business

SW NE

Carpa-101

San Andrés

Tamaulipas-Constituciones

Arenque

Poza Rica

Tres Hermanos

Bagre - Atún- Marsopa

San Andrés

Tamaulipas-Constituciones

Arenque

Poza Rica

Tres Hermanos

Bagre - Atún- Marsopa

Field Optimization ProjectsField Optimization Projects

Infield and extension drilling

Artificial systems

Water flood systems optimization

RemnantReserve

(MMBOE)

System °API

Poza Rica 869 Water injection 32

Arenque 141 Water injection 34

San Andrés 133 Water injection 28

Tamps-Constituciones 128 Water injection 20

Golden Lane 44 37

Tres Hermanos 21 27

Oil Business

México´s oil and gas requirements will be met by the

North Region

Conclusions

Challenges: Capex Cycle times Capacity of execution Costs Technology Permitting Environment Safety Community relations Workers Union relations

EXPLORACIÓN Y PRODUCCIÓN