Mexico's Pemex Restarts Development of Mature Fields

MEXICO CITY Aug 24, 2006 (Dow Jones Newswires)

Mexican state oil monopoly Petroleos Mexicanos, or Pemex, said Thursday it has reactivated development of mature oil fields in the Gulf of Mexico.

Pemex said in a press release that it started producing oil at the Carpa field, about 27 miles from the Gulf coast city of Tuxpan.

The new field reactivates operations in the oil-producing area known as Faja de Oro Marina, or "offshore golden lane," discovered in the 1960s.

Pemex said that with the investment of 2.8 billion pesos ($260 million), it expects the Faja de Oro Marina zone to be producing 20,000 barrels a day of crude oil by the end of next year.

Pemex is undertaking a number of projects to counter the loss of output from Cantarell, its largest oil field in the southern Gulf of Mexico.

Production at Cantarell is expected to be down 8% at 1.86 million b/d this year, and decline further to 1.68 million b/d in 2007. In 2008, Pemex estimates Cantarell output to be 1.43 million b/d.

In the first half of 2006, Pemex's overall crude oil production was 3.34 million b/d, of which it exported 1.91 million b/d.

Copyright (c) 2006 Dow Jones & Company, Inc.

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