Canales: Output will drop at Cantarell field
Petróleos Mexicanos, the nation´s oil monopoly, may face plummeting production at its largest oil field in the next several years, increasing the likelihood the nation´s exports will decline, said Energy Secretary Fernando Canales.
Canales said Pemex has done a study that shows production may decline. Pemex said Dec. 8 that Cantarell will decline 6 percent this year to 1.9 million barrels per day. Last year, Pemex exported 1.82 million barrels per day, most of it to the United States.
"Parallel to the decline of Cantarell, which is a fact, we are exploring and drilling new fields that will replace this capacity," Canales said in an interview in Houston.
The study, reported on Thursday in the Wall Street Journal, has sparked a discussion over how rapidly Cantarell, the world´s second-largest oil field, will decline and whether Pemex can increase production in other fields to make up for the drop, said John Padilla, director of IPD Latin America, an energy consulting firm with offices in Mexico City, Caracas and New York.
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Canales said Pemex has done a study that shows production may decline. Pemex said Dec. 8 that Cantarell will decline 6 percent this year to 1.9 million barrels per day. Last year, Pemex exported 1.82 million barrels per day, most of it to the United States.
"Parallel to the decline of Cantarell, which is a fact, we are exploring and drilling new fields that will replace this capacity," Canales said in an interview in Houston.
The study, reported on Thursday in the Wall Street Journal, has sparked a discussion over how rapidly Cantarell, the world´s second-largest oil field, will decline and whether Pemex can increase production in other fields to make up for the drop, said John Padilla, director of IPD Latin America, an energy consulting firm with offices in Mexico City, Caracas and New York.
( For the complete story, Click here )
posted by Oil Shock at 12:46 PM
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