Mexico's Pemex Sees 07 Cantarell Crude Output at 1.53M b/d

Cantarell Oilfield
(Click to Enlarge)
MEXICO CITY Feb.8, 2007 (Dow Jones Newswires)

The chief executive of Mexican state oil monopoly Petroleos Mexicanos on Wednesday said the company expects its Cantarell oil field to produce an average of 1.53 million barrels a day of crude oil in 2007, down from 1.79 million barrels a day in 2006.

Jesus Reyes Heroles, at a press conference, said Cantarell production is declining as the company had expected and that part of that lost production will be replaced with expanded output at Ku-Maloob-Zaap, which should be producing between 780,000 and 800,000 barrels a day by the end of 2008.

Carolos Morales, head of Pemex's exploration and production division, said Pemex will invest about $14 billion this year, of which $1.7 billion will be for exploration.

Reyes Heroles said that ideally, Pemex needs to invest $15 billion a year in exploration and production to maintain a overall crude oil output platform of between 3.05 million barrels a day and 3.1 million barrels a day.

Copyright (c) 2007 Dow Jones & Company, Inc.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit

Our Privacy Pledge

Most Popular Articles
Related Articles

Brent Crude Oil : $50.47/BBL 0.98%
Light Crude Oil : $49.72/BBL 1.09%
Natural Gas : $2.76/MMBtu 1.09%
Updated in last 24 hours