Pemex Discovered 7 Oil & Gas Fields in 2005

Mexico's state oil company Pemex discovered seven new oil & gas producing fields in 2005 located in the Gulf of Mexico, Veracruz state and the Burgos basin in the country's northern region, the company said in its annual financial report.

Pemex's Pit 1 field in the eastern Campeche area is producing 2,200 barrels of heavy crude a day initially, while the Ichalkil-1 field is producing 1,800b/d of light crude, according to the report.

Pemex's Xanab-1 field, part of the company's light crude marine project, is producing 4,300b/d of light crude.

Meanwhile, Pemex's Niquel-1, Antiguo-8 and Caravana-1 fields in the Burgos basin are producing 3.8 million cubic feet a day (Mf3/d), 4.3 Mf3/d and 4.7Mf3/d respectively of unassociated natural gas, the report said.

Finally, Pemex's Huace-1 field in Veracruz state is producing 5.3Mf3/d of unassociated natural gas, the report said.

Pemex expects oil production from its Cantarell field, its largest oil field, will fall 6% to 1.91 million barrels a day in 2006 compared to 2005 and will keep falling to 1.68Mb/d in 2007 and 1.43M/d in 2008, depending on whether it receives the required investment amounts, the report said.

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