Pemex To Increase Production of Light Crude

Pemex said it plans to raise production of light crude oil by 42% to 1.6 million barrels a day by 2006. The state-owned company has plans to invest $42 billion between now and 2006 to reverse the decline in existing light crude deposits and boost production at new fields.

Production of light and superlight crudes averaged 1.13 million barrels per day in 2001. With a continued increase in production of heavy crude, Pemex said it expects to be pumping 4 million barrels a day of crude oil by 2006. Current production is at 3.2 million barrels per day of crude, of which nearly two-thirds is heavy.

Delays in Pemex's Strategic Gas Program mean natural gas production will fall by around 76 million cubic feet a day this year from 4.5 billion cubic feet a day in 2001. But the company added that by 2006, natural gas output is expected to reach 5.9 Bcf/d, not including planned multiple-service contracts that could add 1 Bcf/d more to output.