MEXICO CITY (Dow Jones Newswires), Mar. 17, 2009
Petroleos Mexicanos plans to increase power supplies to the Ku-Maloob-Zaap oil field in an effort to optimize output at Mexico's largest producer as other fields decline.
Pemex, as the company is known, has announced tenders to install an underwater power cable and build an offshore platform to increase electricity supplies to Ku-Maloob-Zaap's production platforms. Pemex needs the electricity for its pumping stations and water separation equipment.
In January Ku-Maloob-Zaap overtook Cantarell as the country's largest field with 787,000 barrels a day. Pemex expects output at Ku-Maloob-Zaap to average 712,000 barrels a day over the next seven years, compared with 423,000 barrels a day at Cantarell, which is in steep decline.
Mexico's oil production fell 9% last year, mainly because Cantarell dropped by a third. The company has announced an aggressive $20 billion investment budget for this year to try and reverse the trend, with $1.6 billion slated for Ku-Maloob-Zaap.
Copyright (c) 2009 Dow Jones & Company, Inc.
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