Despite lower daily production, Pemex revenue from exports grows 35%

3 May, 2018

Warning: foreach() argument must be of type array|object, bool given in /home/mexiconow/public_html/sites/mexiconow/wp-content/themes/mexiconowwpnew/single.php on line 253

Although oil production of Petroleos Mexicanos (Pemex) fell 3.3% in the first quarter of the year, the state-owned oil and gas company increased its export revenues by 35%.

According to the indicators of Pemex as of March 31, the company obtained US$ 6.94 billion from exports, compared to US$ 5.14 billion in the same period of 2017. In contrast, its production volume decreased by 19%, passing an average of 1.45 million to 1.17 million barrels per day.

Despite the decline in production, Pemex expects that once it concludes new pipelines on shallow waters and the reactivation of 200 wells on land, the average output will increase, allowing to end the year with a higher production than in 2017.

MexicoNow

- Mexican-Canadian oil and gas joint venture begins exploratory drilling in Veracruz

- Pemex wins 7 of 16 contracts in ‘very encouraging’ round 3.1 of Mexico’s oil tenders