Mexico national oil company Petroleos Mexicanos (Pemex) said Wednesday it has drilled the deepest well in its history at the deepwater Lakach field in the Gulf of Mexico, and estimates the field may contain 400 to 600 Bcf in gas and condensates.

In a translated statement, Pemex said the Piklis-1 well is located about 144 kilometers (89 miles) northwest of the city of Coatzacoalcos in the state of Veracruz. The well was drilled to a water depth of 1,928 kilometers (6.33 million feet) and a total depth of 5,431 kilometers (17.8 million feet), both record depths for the company.

Pemex said Piklis-1 was the first well to be drilled using the sixth generation of the Centennial semi-submersible, dynamic positioning system. The system is owned by Gremsa, a Mexican company, and is being leased to Pemex’s exploration and production subsidiary for five years.

“Our exploration activities in the area of Piklis-1 are intended to investigate a deep structure of the field parallel to the Lakach, which contain rocks from the Oligocene and Miocene reservoirs and have been identified as hydrocarbon areas,” Pemex said. “The proximity of these deposits to the Lakach field makes the development of production infrastructure feasible.”

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