Oil & Gas - Mexico - Pemex annual production falls again in 2011 to 2.55Mb/d

By David Biller?/?Business News Americas

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Mexico's state oil company Pemex saw production fall in 2011 to 2.55Mb/d from 2.58Mb/d the previous year, according to calculations based on statistics from Pemex's E&P subsidiary PEP.

The country has been fighting to offset the natural decline of its giant Cantarell field that began in 2004. The field's production averaged 449,100b/d in 2011, down from 501,000b/d a year earlier.

Production at Pemex's onshore Chicontepec field increased to 57,000b/d last year from 41,000b/d in 2010.

Pemex has re-evaluated its technical approach to the complex and costly field, which holds some 17Bboe, or nearly 40% of the country's 3P reserves. The NOC applied field laboratories and slowed activity from initial development when billions of dollars went toward drilling contracts with little output to show.

Still, Chicontepec production in December was 65,000b/d, 5,000b/d shy of the Pemex's previously stated 70,000b/d year-end goal.

Meanwhile, Pemex's largest producing project, Ku-Maloob-Zaap, provided record monthly production of 880,000b/d in December, bringing its annual output to 843,500b/d, up slightly on 2010.

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Source: http://www.bnamericas.com/news/oilandgas/pemex-annual-production-falls-again-in-2011-to-255mb-d

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