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Pemex says the study's most pessimistic scenarios represent a "do nothing" approach and are highly unlikely as long as the company carries out the right maintenance work on the field to work around the spreading gas and water, which make extracting oil much more difficult. Pemex officials privately say the report was intended by senior engineers at the company as a wake-up call to management and Mexico's Congress, which approves Pemex's budget each year, to act quickly to prevent a steep decline.
Mexico's Cantarell field decline deferred to 2006
by Rigzone staffer
August 12, 2004
The head of exploration and production at Mexican state oil monopoly Petroleos Mexicanos, or Pemex, said Thursday that the decline of the country's biggest oil field has been delayed until 2006.
...Cantarell supplies about two thirds of Mexico's 3.4 million barrels a day in crude oil output, producing 2.2 million barrels a day of heavy crude...
Ramirez said Thursday that the decline in Cantarell, originally expected last year, has been delayed until 2006, when the deposits are expected to begin declining at a rate of 14% a year.
1/17/06 Latin Am. Mex. & NAFTA Rep. (Pg. Unavail. Online)
2006 WLNR 1040889
The next government will have to make some difficult decisions about the oil industry.
Mexican oil output could drop sharply - report (link)
LONDON (AFX) - Mexico's huge state-owned oil company, Petroleos Mexicanos, or Pemex, may be facing a steep decline in output that would further tighten global oil supply and add to global woes over high oil prices, the online edition of the Wall Street Journal reported.
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