Mexico Oil Output Down 7.8% in First Quarter
Published at: www.rigzone.com
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Michael LynchConsultantMichael E. Lynch
Cantarell field in Mexico falling fast as gas cap expands down structure
April 24, 2009
The Rigzone Newsletter quoted the Xinhua News Agency on April 22 reporting that Petroleos Mexicanos (Pemex) said first quartet output was 2.667 million bbl/day, down 7.8%from the same period in 2008. Cantarell produced 787,000 bbl/day down 34% from last year. Cantarell is the largest producing region in Mexico. Ku-Maloob-Zaap is now the largest producer with production of 797,000 bbl/day. The Cantarell Complex which includes both offshore fields accounted for 60% of Mexico’s production. Pemex thought it would average 2.8 million bbl/day for 2009 but has now lowered that estimate to 2.6 million. Crude oil price averaged $38.92/bbl in the first quarter down from $83.94/bbl in first quarter 2008. During the quarter, Pemex sold nearly 1.3 million bbl/day in overseas markets.
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