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Page added on January 30, 2008

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Mexico sees big oil field’s output sliding further

MEXICO CITY (Reuters) – Crude oil reserves in Mexico’s huge but waning Cantarell oil field will continue to decline this year at around the same pace as in 2007, Pemex Director General Jesus Reyes Heroles said on Tuesday.

Reyes Heroles told Reuters average daily production at Cantarell, in the Gulf of Mexico, would drop by 200,000 barrels over 2008, increasing pressure on the state-owned oil monopoly to ramp up output at smaller oil fields.

The decrease would be a drop of 16 percent from Cantarell’s December 2007 output of 1.26 million barrels per day (bpd), its lowest level of the year. Yields at Cantarell declined 16 percent during 2007, slightly more than forecast.

Reyes Heroles told an engineering event Pemex aimed to keep its total crude output at around 3.1 million bpd by increasing production at other fields. But to maintain that level beyond 2012 would require higher investment over the next few years.


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