Pemex Crude Production Down 5.3%, Natural Gas Recovery Up 13.1%

Like many E&P companies, 2007 was a year of ups and downs for Pemex. While daily production of crude oil dropped to 3.82 million barrels for 2007, Pemex enjoyed a 13.1% increase in natural gas recovery at 58.6 Mmcf/d.

Pemex reported that the average production of crude oil decreased 174,000 bbl/d compared to 2006, mainly due to the expected decline of the Cantarell Project and various weather events that affected production.

Pemex pointed to weather events, such as Hurricane Dean and severe cold fronts, that brought about an estimated annual decline in oil production totaling 40,318 bbl/d.

Other events affecting crude oil production were a 31-day closure of the Ixtal field for repairs and the September pipeline explosions that crippled wells in the Veracruz area.

These reductions in production are due partially in part to the extraction of crude 'superligero,' originating with the termination of the well in the active Tabasco coastline, which is similar to the production increment in the active Ku-Maloob-Zapp. A record accomplishment is expected from the Ku-Maloob-Zapp project.

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Brent Crude Oil : $53.89/BBL 1.67%
Light Crude Oil : $50.84/BBL 2.14%
Natural Gas : $3.7/MMBtu 2.77%
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