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Tuesday, 02 December, 2008, 04:20 GMT | more >>

Pemex predicts production dip



By Upstream staff 

Mexico's Pemex is forecasting crude oil output in 2008 will fall 0.7% from current levels to 3.14 million barrels per day, according to a document being used to set the state oil monopoly's spending budget for next year.

The document forecasts production at Pemex's ageing Cantarell oil field falling to an average 1.312 million bpd over 2008 and ending the year with output of 1.155 million bpd, a Pemex spokeswoman said.

The spokeswoman was confirming the figures leaked in a Mexican newspaper, as lawmakers studied the document ahead of the upcoming national budget.

However, she said they were part of a working hypothesis and not definitive forecasts.

"It is a non-definitive document," she said.

"They are working documents. There are various versions. It is a draft."

The forecast is in line with recent guidance given by Pemex that its total oil production would remain at around 3.1 million bpd for the next few years.

It indicated that yields at Cantarell, once the source of some 60% of Mexico's oil, would keep declining at around 15%,

The field is on track for average production of 1.526 million bpd this year, down 15% from 2006 levels.


Friday, 07 September, 2007, 01:12 GMT  | last updated: Friday, 07 September, 2007, 02:09 GMT

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