Mexico’s oil production falls 6.4 percent in first two months of year

Mexico’s oil production fell 6.4 percent in the first two months of the year compared to the same period in 2007, while exports fell by more than twice that much, the state-owned oil company reported Monday.

Daily crude output fell to an average of 2.94 million barrels per day in January and February, Petroleos Mexicanos, or Pemex, said. Exports were down 14.6 percent. Natural gas production was up 13.2 percent, a record for the company.
The Mexican government has warned that production is steadily declining at the country’s largest oil field, Cantarell, located just off the Gulf coast. Pemex leaders and oil experts agree that the future of oil exploration lies in the deep waters of the Gulf.

International Herald Tribune