Pemex to Increase Oil Output 2.7% in 2006

Mexico's state oil company Pemex plans to increase crude production 2.7% to 3.42 million barrels a day (Mb/d) in 2006 from 3.33Mb/d in 2005, Pemex said in its February 2006 outlook report.

Pemex's crude production has remained relatively stable since 2003, reaching a peak of 3.38Mb/d in 2004, the report said.

Pemex's natural gas production fell to 4.5 billion cubic feet a day (Bf3/d) in 2002 from 4.8Bf3/d from 1998-1999, but recovered to 4.8Bf3/d in 2005 and could reach 5.2Bf3/d in 2006.

Pemex's production of refined products has remained steady at 1.6Mb/d since 2003 and is expected to be the same this year.

Pemex's production costs were US$3.80/b in 2004 compared to US$5.40 for US oil major Chevron (NYSE: CVX) and US$4.60 for ExxonMobil (NYSE: XOM).

Some 79% of Pemex's oil exports went to the US in 2004, representing 16% of US total oil imports.

Pemex's proved crude and gas reserves of 17.6 million barrels of oil equivalent (Mboe) at end-2004 represent 11 years of production based on 2004 production, while 3P reserves (proved, probable and possible) of 46.9Mboe represent 29 years of production.

Pemex was ranked as the ninth oil company in the world in Petroleum Intelligence Weekly's December 2005 ranking of the top 50 oil companies considering oil and gas reserves, production and refining capacity, the report said.

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