Pemex Misses Oil Goal as November Output Drops 8.2% (Update1)

Dec. 20 (Bloomberg) — Petroleos Mexicanos, the state-owned Mexican oil monopoly, said daily crude oil production fell 8.2 percent in November from a year earlier as the company struggled with a three-year decline at its largest oil field.

Output fell to 2.9 million barrels a day from 3.16 million barrels a year earlier, Mexico City-based Pemex, as the company is known, said today in a report. Daily production also fell from 2.995 million barrels in October when bad weather caused temporary closures of offshore oil platforms.


Pemex’s daily oil output dropped below 3 million barrels for three months this year as the company failed to meet the goal Chief Executive Officer Jesus Reyes Heroles set in June of keeping production at 3.1 million barrels a day until 2012.

Energy Minister Georgina Kessel said in a Dec. 11 speech that Pemex’s average daily production may drop by 1 million barrels to 2.1 million barrels in nine years unless Mexico’s Congress changes laws to give the company more independence and allow more private investment in the oil industry.

Bloomberg