Pemex to Pump US$4.78bn into Cantarell, KMZ in 2007
Mexico's state oil company Pemex this year expects combined investment in its Cantarell and Ku-Maloob-Zaap (KMZ) fields to reach 51.7bn pesos (US$4.78bn), company E&P planning director Vinicio Suro said in a webcast.
Cantarell is the country's principal production field, accounting for roughly 60% of total crude output, followed by KMZ, which contributes 15%. Mexico's crude output in the first quarter of this year was 3.16Mb/d.
Pemex aims for Cantarell output to reach 1.53Mb/d this year, Suro said. This field in 2006 produced an average of 1.79Mb/d, down 12% from the year before.
In 1Q07, Pemex completed six development wells at Cantarell and completed 19 major and nine minor repairs, he added.
KMZ investment this year is expected to hit 26.3bn pesos to reach an estimated production of 500,000b/d, Suro said. The field in February reached an output record of 496,000b/d.
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