Mexico Pemex 11-Month Crude Production Down 9.3% at 2.8 BPD

MEXICO CITY (Dow Jones Newswires), December 22, 2008

Mexican oil production slid by an average of 9.3% during the first 11 months of this year to 2.8 million barrels a day, reported state-run Petroleos Mexicanos on Monday.

Exports fell by a faster pace of 17.3% during the period to 1.4 million barrels a day, the company said. Average production at the country's largest field, Cantarell, fell 31% during the period to one million barrels a day, accounting for most of the fall in overall production.

Pemex is ramping up spending on upstream oil projects and hopes to get average oil production back to 2007 levels of three million barrels a day by 2015, according to a recent report by the energy ministry.

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