Mexico crude output slide slows in 2009

MEXICO CITY (Reuters) – Mexican oil production fell for the fifth year in a row last year but the pace of the slide slowed and output rose in December from November, according to data released by state oil monopoly Pemex on Friday.

Mexico pumped 2.601 million barrels of oil per day in 2009, the lowest annual rate of production since 1990, as yields at the giant Cantarell field continued to decline and output at Pemex’s flagship Chicontepec project failed to increase.

Production fell 6.8 percent compared with 2008 but the rate of decline slowed from that year and monthly production figures appeared to be stabilizing. Pemex produced 2.593 million bpd in December, 40,000 bpd more than in November.

The rise in production in December was due to the Ku Maloob Zaap field producing at a record high 849,425 bpd, close to the maximum level it is believed capable of yielding.

Reuters