Despite a 9.5% decrease, Mexico’s oil production exceeds 2017 goal

Despite a 9.5% decrease, Mexico’s oil production exceeds 2017 goal

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During 2017 Petróleos Mexicanos (Pemex) reached an average crude production of 1,948,000 barrels per day (b/d), which represents a decrease of 9.5% compared to the 2,154,000 b/d during 2016.

Although the fall in production exceeded its goal. According to the Pemex Business Plan for 2017, it estimated a production of 1,944,000 b/d, which means that it exceeded its projection by 4,000 barrels.

By 2018, the company expects to close with a production of 2,006,000 b/d, while by 2021 it would reach 2,196,000 barrels.

However, to increase production, the Pemex plan considers an aggressive program of farmouts or strategic partnerships that increases production by 15%.

It also points out that the challenge is to replace the fall of the Cantarell field production, stabilize production and eventually increase the platform in a profitable, safe and sustainable manner.

By December 2017, the oil field with the highest production was Ku-Maloob-Zaap, reporting 810,000 barrels a day, followed by Abkatún-Pol-Chuc with 165,000 barrels, while Cantarell ranked third with 134,000 barrels.


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