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Friday, 05 December, 2008, 17:10 GMT | more >>

Mexico's oil output dips 5.3%



By Upstream staff 

Mexico's crude production fell by 5.3% last year versus the previous year, but natural gas output rose by 13%, state-run oil giant Pemex said yesterday.

Oil production fell by about 174,000 barrels per day to a daily average of 3.082 million barrels daily, mainly due to the expected decline at the Cantarell field, the company said.

The offshore Cantarell field has long been Mexico's biggest-yielding field, but recoverable oil there is now running out.

Bad weather in the Gulf of Mexico, including Hurricane Dean and other storms, also hurt production, accounting for about 40,318 barrels per day in average daily production losses. Accidents and bomb attacks directed at company pipelines also hit production, but did not quantify their effect, Reuters reported the company saying.

Though export volumes declined, total export revenues grew by 9.3% to around $38 billion in 2007 - the highest level in Mexico's history - largely because of a rise in prices. The average price for the market-basket of Mexican crude rose by $8.62 to $61.66 last year.

Crude export volumes ran at about 1.69 million barrels per day, the lowest since 2000.


Tuesday, 29 January, 2008, 02:12 GMT  | last updated: Tuesday, 29 January, 2008, 04:46 GMT

On the decline: time is running out for Cantarell, Mexico's biggest oilfield
 

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