Pemex Production Schedule on Target

Pemex said it is on track to meet its target of producing 3.62 million barrels per day (bpd) of crude oil by the end of this year. Mexico has also reversed a decline in high-quality light crude output as a percentage of total production, Pemex chief executive Raul Munoz said. "As of this month we will see the curve reversing. Hopefully we can maintain it like that," Munoz said.

Mexico's 3.62 million bpd output target puts it on course for a 500,000 barrels a day rise in output from the first five months of this year, when it produced an average of 3.167 million bpd, of which 18 percent was Isthmus light crude and 15 percent was Olmeca superlight. This is up from an average of 3.127 million bpd for the whole of 2001, of which Isthmus light and Olmeca superlight together comprised 36 percent.

Mexico is eager to raise output of the more expensive light crude and focusing its drive in fields in southeast Mexico and offshore of Tabasco state in the Mexican Gulf, Pemex's head of exploration and production Luis Ramirez said. Munoz said that with the help of controversial new multiple service contracts, which are due to be tendered in November, Pemex aims to hike crude oil production by 30 percent and natural gas output by 50 percent from 4.5 billion cubic feet per day in 2006.