UPDATE 1-Mexico sees oil output at 3 mln bpd in 2015
(Updates quote from Pemex director)
MEXICO CITY Jan 14 (Reuters) - Mexico's faltering crude oil output should recover to 3.0 million barrels per day in 2015, Energy Minister Georgina Kessel said on Wednesday.
Kessel told senators in a presentation that state oil monopoly Pemex expected to be producing between 2.7 million and 2.8 million bpd over 2009 and 2010, around the same level as today.
Mexican oil production has been falling for six consecutive months as output at the major Cantarell field has dropped far below Pemex's expectations.
Output from the Cantarell oil field fell 31 percent to average 1.028 million bpd between January and November 2008.
A legacy of underinvestment has left Mexico with few options to reverse the trend in the short term but Pemex head Jesus Reyes Heroles, speaking at the senate, said the company would develop other fields to offset losses at Cantarell.
"Pemex has a large portfolio of projects to gradually replace lost production at the fields in decline," Reyes Heroles said.
Last year Congress passed a package of energy sector reforms to allow for more private investment in the industry but implementation has gotten off to a slow start after the government has stalled on key appointments at Pemex. (Reporting by Luis Rojas; Editing by Christian Wiessner)
- Tweet this
- Share this
- Digg this