Pemex upbeat about Mexico’s oil production goals

LOS ANGELES, Mar. 20 — Mexico’s Petroleos Mexicanos, faced with reports of steep production declines, has announced plans to raise its replacement rate to 100% by 2012 for proved reserves of oil and natural gas.

“The rate of integrated return of proven reserves is 71.8%

Gil Morales’s statement, however, coincided with publication of a new report by the US Energy Information Administration this week that sees Mexican oil production slipping by 10% in 2009 largely due to falling output from Cantarell oil field.

“EIA forecasts that Mexico will produce 2.9 million b/d of oil in 2009 and 2.7 million b/d in 2010,” it said, explaining that “the decline is driven mainly by falling production at the supergiant Cantarell field, which has only been partially offset by higher production from other areas.”

Oil & Gas Journal