Output plummets at huge Mexican oilfield

Production at Mexico’s Cantarell oil complex, one of the world’s largest, has plummeted by a third in the past year, an indication the country could lose self-sufficiency in oil in the medium term.

Average daily production dropped to slightly more than 1m barrels a day in May compared with more than 1.6m b/d in the same month last year, according to the energy ministry.
Mexico’s total oil production fell about 10 per cent in the past 12 months to 2.79m b/d in May. That was only marginally above April’s output, which was the lowest in a decade.

“This is not a good sign,” said George Baker, head of energia.com, a Houston-based consultancy. “But it does at least strengthen the government’s position that there is an approaching crisis in oil production.”

Financial Times