Posted on 03/03/2009 10:10:13 AM PST by thackney
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.
This oil field is dying and the Mexicans have pissed away the wealth like most oil producing nations do.
Stupid libs - a large part of America’s wealth was generated by our abundant energy supplies which are still abundant but the Dems and O are owned by the Saudis.,
Not to mention Enhance Oil Recover for the fields already in production. But again I don’t think they will do it without outside help either. They need dollars they don’t have and spent instead of investing.
Would you sink any capital into exploration in a nation that is just a few years away from electing an outright Marxist, namely Lopez Obrador?
Not unless I took hostages.
Send in the Canadian Fracmasters, if they’re still around.
I doubt they’re desperate enough, at least not yet.
Like many government monopolies or government-owned enterprises, PEMEX has been notorious in the oil industry for failures in the areas of basic petroleum engineering and reservoir management. Overall, they are little better than the old Soviet oil fields that had to have Western help to rejuvenate upon the breakup of the USSR.
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