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February 9, 2008

Green Car Congress: Mexicos Cantarell Continues Steep Decline in Oil Production in 2007

Oil production from Mexico’s giant Cantarell offshore complex continued its steep decline in 2007, dropping to a combined average 1.458 million barrels per day (mbpd) of production from all the fields, down 18% from an average 1,776.2 mbpd in 2006, according to statistics from the Energy Ministry available on the Sistema de Información Energética (SIE).

Cantarell accounted for 47.3% of all of PEMEX’s crude oil output in 2007, down from 54.6% in 2006. Mexico’s total crude output dropped 5.3% in 2007 compared to the year before, down to 3.082 million barrels per day from 3.256 mpbd in 2006 according to the SIE statistics.

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The rate of decline remans more rapid than PEMEX had anticipated. In testimony before the Energy Committee of the Mexican Senate in November 2006, PEMEX CEO Luis Ramirez Corzo said that production at Cantarell would decline by an average of 14% per year between 2007 and 2015.

Cantarell’s production peaked in 2004 at 2.113 million barrels per day, according to SEI data. In 1997, PEMEX began nitrogen injection to maintain reservoir pressure. The injection regimen supported increasing crude oil production from 1.083 million barrels per day in 1996 to the peak in 2004.

The US imported an average of 1.705 million barrels per day of crude from Mexico in 2006—12.4% of the total imported—making Mexico the number two source of imported crude behind Canada, with 2.353 mpbd in 2006 (17.7%), according to data from the Energy Information Administration.

Green Car Congress: Mexicos Cantarell Continues Steep Decline in Oil Production in 2007

Posted by thdyck on February 9, 2008

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