Mexico April Crude Output 2.77MMb/d, Lowest Since Oct '99

MEXICO CITY, May 23, 2008 (Dow Jones Newswires)

Mexico's April oil output slid to the lowest level since October 1999, underscoring the inability of state-run Petroleos Mexicanos to reverse an output decline that began in 2004.

April output was 2.77 million barrels a day, compared with 2.85 million barrels a day in March and 3.18 million barrels a day in April 2007, Pemex reported on its web site.

Meantime, April natural gas production hit a new record of 6.71 billion cubic feet a day, compared with 6.68 billion in March and 5.97 billion in April 2007.

Pemex officials have noted that natural gas output is increasing partially because the Cantarell oil field is pumping less oil. Oil wells that previously pumped oil are now pumping natural gas because the oil layer of the reservoir has narrowed as total reserves in the field are in decline.

MEXICO CITY, May 23, 2008 (Dow Jones Newswires)


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Brent Crude Oil : $50.47/BBL 0.98%
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Natural Gas : $2.76/MMBtu 1.09%
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