Pemex Trims Estimate for Cantarell's 2009 Oil Output

According to a report by Reuters, Pemex has lowered its production estimate for its aging Cantarell oil field, which is set to produce an average of 700,000 barrels per day (bpd) of crude in 2009. The average output rate is down from the previously announced estimate of 756,000 bpd presented by Pemex to Mexico's Congress in January.

Additionally, Reuters noted that Pemex has also trimmed its forecast for Cantarell's long-term output, which the company sees averaging 400,000 bpd between 2009 and 2017. Pemex originally estimated in its January presentation that output at Cantarell would reach 423,000 bpd.

Pemex has announced plans to invest nearly $20 billion this year in exploration and production, with $2.2 billion slated for Cantarell. Despite depressed oil prices of late, the Mexican petroleum company is one of the few worldwide that is increasing its E&P budget for 2009, in an effort to boost waning production.