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| Mexico |
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| PEMEX October oil output down 5.6% Y-O-Y |
| By Thomas Black, Andres R. Martinez, Bloomberg November 22, 2007 02:02:00 AM |
| | Petroleos Mexicanos, the state-owned oil monopoly, said daily crude-oil production fell 5.6 percent in October from a year earlier after the company temporarily shut some offshore wells because of bad weather.
Daily output declined to 2.995 million barrels from 3.173 million barrels a year earlier, Mexico City-based Pemex, as the company is known, said today in a statement. In September, Pemex produced 3.16 million barrels a day of oil.
Storms that swept the Gulf of Mexico forced Pemex on Oct. 28 to close offshore wells that produce 600,000 barrels a day. The company began to ramp production back up to normal levels two days later.
Exports in October fell 11 percent because of the shutdown to 1.5 million barrels a day from 1.68 million a year earlier. Pemex, the third-largest crude exporter to the U.S., had export revenue of $3.35 billion in October, a 32 percent increase from a year earlier, because of higher prices.
Pemex's daily crude-oil production dipped below 3 million barrels in both October and August because of storms, missing the company's goal of an average 3.1 million barrels. For the first 10 months of the year, average output was 3.11 million barrels a day.
An accident on the Kab 101 platform in the Gulf of Mexico killed 21 people on Oct. 23. Pemex later closed the platform, which produced about 5,800 barrels a day before the accident.
Cantarell, the world's largest offshore oilfield, produced 1.3 million barrels a day in October, down 23 percent from a year earlier and 10 percent from September. Pemex has forecast a 15 percent drop this year at Cantarell.
Pemex Chief Executive Officer Jesus Reyes Heroles convinced Congress to increase the state-run company's budget next year to explore for new oilfields after three years of falling production at Cantarell, which accounts for about half of Pemex's output.
Natural-gas production rose to a record 6.35 billion cubic feet a day in October, 14 percent more than a year ago.
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LatinPetroleum.com, www.latinpetroleum.com, Mexico news, 22.November.2007, Source: Thomas Black, Andres R. Martinez, Bloomberg |
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