Cheiron Holdings Ltd. (CHL) is an affiliate of PICO International Petroleum, the leading Egypt-based independent E&P company with proven expertise in unlocking value by revitalizing and optimizing production at mature fields. CHL owns assets including the Amal Development Lease (offshore in the southern province of the Gulf of Suez approximately 15 km southeast of BP's Morgan Oil Field) and Zaafarana (also offshore, served by the only active FPSO vessel in the region).
In June of this year, Mexico’s state-owned oil company Petróleos Mexicanos (Pemex) underscored its belief in CHL as the right choice to get the most out of at least one maturing field when it chose CHL’s bid in a competitive process for the Altamira asset portion of Pemex’s 2012 bid round.
In late August, CHL announced the signing of a service contract for the Altamira asset, with an effective start date to the contract of 1 October 2012.
Altamira is a service contract for Pemex as field owner; the field’s current 2P reserves are estimated at c. 10 million barrels of oil with substantial upside potential. CHL is currently in process of preparing its Field Development Plan, which includes a major drilling program as well as several technological improvement pilots that, once successful, are expected to have strong impact on the current daily production levels.
Cheiron is also in the process of establishing an operating office in Tampico from which it plans to expand its operations in Mexico.
CHL is looking forward to helping Mexico, and specifically Pemex, deliver on the potential inherent in its Oil & Gas industry.