Mexico cuts 2009 Cantarell oil forecast by 7 pct

MEXICO CITY (Reuters) – Mexico’s state oil company Pemex on Tuesday cut its forecast for oil production at its aging Cantarell oil field this year by 7 percent and further lowered its long-term outlook for the giant field.

Pemex now expects Cantarell to produce an average of 700,000 barrels per day this year, down from an estimate in January that projected output averaging 756,000 bpd.


Mexico has been struggling to control the relentless decline of Cantarell since it peaked in 2004, when it produced more than 2 million bpd and accounted for nearly two-thirds of Mexican oil output.

Plunging output at Cantarell has placed Mexico’s position as a major oil exporter at risk as years of underinvestment in the industry have left Pemex with few options to replace the losses at Cantarell.

Reuters