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Mexico: Cantarell Production Down 33% This Year

The Associated Press


Mexican oil production down nearly 10 percent

November 21, 2008

MEXICO CITY (AP) — America’s third-largest oil supplier has exported 17 percent less crude this year.

Mexico’s state-owned Petroleos Mexicanos company says daily production through October averaged 2.8 million barrels, down nearly 10 percent from the same period last year.

Pemex says production has dropped by a third this year at Mexico’s main Cantarell oil field.

An energy reform package approved by Mexico’s Congress last month aims to reverse declining production by giving Pemex more leeway to hire private companies and devote more revenue to explore for oil.

Pemex has said production could drop by more than 25 percent in three years without new discoveries.

More on this topic (What's this?)
Mexico’s Oil Production Continues to Collapse (Jutia Group, 6/26/09)
Rahm Emanuel Paging Oliver North (Zero Hedge, 6/13/09)
At the Intersection of Cantarell and HoweStreet (Red-Hot Energy and Gold at Money..., 9/4/08)
Read more on Investing in Mexico, Oil Prices at Wikinvest

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This entry was posted on Wednesday, November 26th, 2008 at 8:09 am and is filed under Mexico. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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