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.
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