Mexico's Pemex sees oil output down in 2010: paper

MEXICO CITY (Reuters) – Mexico’s state oil monopoly Pemex is forecasting crude production in Mexico will fall in 2010 to 2.5 million barrels per day, Reforma newspaper said on Wednesday, citing Pemex head Jesus Reyes Heroles.

Pemex currently has an oil production goal of 2.65 million bpd for 2009. Mexican oil output fell 7.8 percent in July compared to the same month a year ago to 2.561 million bpd, as Pemex battles with declining output from its Cantarell oil field.

A Pemex spokesman did not immediately have any comment.

Analysts are skeptical Pemex will be able to lift oil production up to 2.65 million bpd by the end of the year.

Mexican oil output has fallen by nearly a quarter since 2004 as output from the aging Cantarell field has slumped. Pemex is betting billions of dollars on the unconventional onshore Chicontepec oil deposit to stem the slide in crude output.

Reuters