Mexico’s plans to develop its shale oil resources have finally taken a step forward following
years of largely fruitless efforts by the state owned company Pemex.
Canada’s Renaissance Oil and Russia’s Lukoil are joining forces to develop the Amatitlan
block of the Chicontepec region. They aren’t interested in the shallower tight oil, but in
the stack’s deeper Pimienta shale formation, which is what they consider Mexico’s Eagle Ford.
Renaissance and Lukoil agreed to a $60 million accelerated development plan for the Amatitlan
block for 2017, which will include workovers of existing wells, and the drilling of new wells.
The Pimienta formation is located in the Upper Jurassic layer of Chicontepec.