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lundi 25 mai Mexican oil exports plunged 18.2% in April to levels unseen since 1990 outside hurricane seasons, in more grim news for a key economic motor relied on for a major chunk of government revenues.
Crude export volumes tumbled to 1.177 million barrels per day as yields at Mexico’s aging Cantarell field continued to plummet, state oil monopoly Pemex said today.
Oil production declined 4.2% year-on-year to 2.642 million bpd in April, the fourth month in a row that it has been below a targeted level of 2.7 million bpd, according to a Reuters report.
Oil revenues are a key plank of Mexico’s economy and the slide in exports was the latest gloomy data for a country already knocked into recession by a drop in US demand for its factory exports.
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The government depends on oil earnings to fund more than a third of its budget.
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Cantarell, which was pumping more than 2 million bpd in 2004, yielded only 713,000 bpd in April, down more than 35% from a year ago, according to energy ministry data.
The latest fall at Cantarell was partially offset by increased output at the nearby Ku Maloob Zaap offshore heavy oil field.
Ku Maloob Zaap, which recently overtook Cantarell as Mexico’s biggest producer, yielded a record 814,000 bpd in April, near the maximum 820,000 bpd Pemex thinks it can produce.
Output at Ku Maloob Zaap is expected to begin to decline to 810,000 next year, however.
Pemex has vowed to end this year with oil output at 2.7 million bpd.
Executives say meaningful increases in production from the Chicontepec onshore project starting in July should reverse the trend of declining output in the first half of the year.
Analysts remain skeptical that Pemex will be able to achieve its production goals at Chicontepec, where billions of barrels of crude oil are tightly locked in isolated geological formations, making oil production costly and challenging.
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Sources upstreamonline
Crude export volumes tumbled to 1.177 million barrels per day as yields at Mexico’s aging Cantarell field continued to plummet, state oil monopoly Pemex said today.
Oil production declined 4.2% year-on-year to 2.642 million bpd in April, the fourth month in a row that it has been below a targeted level of 2.7 million bpd, according to a Reuters report.
Oil revenues are a key plank of Mexico’s economy and the slide in exports was the latest gloomy data for a country already knocked into recession by a drop in US demand for its factory exports.
...
The government depends on oil earnings to fund more than a third of its budget.
...
Cantarell, which was pumping more than 2 million bpd in 2004, yielded only 713,000 bpd in April, down more than 35% from a year ago, according to energy ministry data.
The latest fall at Cantarell was partially offset by increased output at the nearby Ku Maloob Zaap offshore heavy oil field.
Ku Maloob Zaap, which recently overtook Cantarell as Mexico’s biggest producer, yielded a record 814,000 bpd in April, near the maximum 820,000 bpd Pemex thinks it can produce.
Output at Ku Maloob Zaap is expected to begin to decline to 810,000 next year, however.
Pemex has vowed to end this year with oil output at 2.7 million bpd.
Executives say meaningful increases in production from the Chicontepec onshore project starting in July should reverse the trend of declining output in the first half of the year.
Analysts remain skeptical that Pemex will be able to achieve its production goals at Chicontepec, where billions of barrels of crude oil are tightly locked in isolated geological formations, making oil production costly and challenging.
...
Sources upstreamonline