Mexico’s Grupo IDESA, along with its Canadian partner, International Frontier Resources Corporation (IFR), expect to start extracting barrels of crude from the Tecolutla field within months of signing a contract with Mexico’s oil regulator, IDESA’s Chief Executive Officer said recently.
Tecolutla, auctioned off during one of Mexico’s tenders under the new energy reform, is a mature on-shore field in Veracruz, Mexico, with proven, probable and possible reserves of 0.1 million barrels of crude oil equivalent. IDESA, which is focused on the petrochemical industry, and the Canadian company IFR initially came in second place in the auction. But the consortium that won did not comply with requirements, which meant the Tecolutla contract was reassigned to Tonalli Energia, a joint venture between IDESA and IFR.
IDESA expects to officially sign the contract with the oil regulator, the National Hydrocarbons Commission, in the second half of August.