Regulators in Mexico approved a modified development plan submitted by state oil company Petróleos Mexicanos (Pemex) for the Maloob shallow water field.

Pemex expects capital expenditures (capex) to total $9.8 billion between 2023 and 2034 at Maloob, which is part of the Ku-Maloob-Zaap complex. Operating expenditures are expected to reach $4.36 billion, bringing total investment to $14.2 billion. This ranks the plan third all-time in dollar terms among work programs approved by upstream regulator Comisión Nacional de Hidrocarburos (CNH).

Maloob was Mexico’s third-leading natural gas producing field at 333 MMcf/d as of July, CNH data show, and it was the No. 1 oil producing field at 294,000 b/d.

The modified plan calls for Pemex to drill 16 wells, and to conduct 39 major...