Mexican oil production rebounds to 1.7 million barrels per day

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MEXICO CITY (Sputnik) – Mexico's oil production rebounded for the first time after 15 years of consecutive annual falls, rising from 1.62 million barrels per day (b / d) in January this year 2019 to almost 1.72 million, as of December 8, informed the director of the state-owned Petroleos Mexicanos (Pemex), Octavio Romero.

"The fall stopped and we have achieved a rebound, yesterday (Sunday) at 1 million 719,000 barrels a day," the head of the firm said at a press conference.

Romero said that production "would have continued to fall if the relevant measures were not taken, and the effort involved reversing the fall, stabilizing and achieving a slight rebound."
On December 31 of this year, Pemex's goal is to produce 1.77 million b / d barrels, thanks to the fact that this month they will start producing several wells of the new fields that the oil company developed.

One of the positive factors that favored production was "to develop 20 new oil fields," Romero said.

"A part of these new wells went into production, the remaining goes into production in January 2020," said the head of the main state company.

For the first month of next year, the production expected by Pemex is 1,819,000 b / d, "it is the perspective we are seeing," Romero said.

Regarding the proven oil reserves, which are fossil fuels with the possibility of exploitation, technologically and commercially, he informed that collapsed from 12.4 billion to 7 billion barrels.

The total of these proven reserves, which is the data most observed by investors, "with current production would reach seven or eight years" of extraction until exhausted, said the director of Pemex.

Other exploration actions carried out by the company in its relaunching this year, achieved the incorporation of 500 million barrels of proven reserves in the Xikin oil field (southeast), "which is very important, because it is a factor that qualifiers ( financial risk) take much into account, "said the senior official.

The potential of the Xikin deposit in the southern state of Tabasco, with coasts facing the Gulf of Mexico, could rise 110,000 or 200,000 barrels a day of crude oil at its peak of production.

The Secretary of Energy, Rocio Nahle, finished the report detailing that the rehabilitation of the six refineries that the country has, has an advance of 60% on average, and that the works of a seventh refinery are progressing, in the oil port of Two mouths, Tabasco.

The country imports 75% of the 800,000 barrels of gasoline, diesel and turbosine consumed daily.

Mexican crude oil production collapsed in half in 15 years, from a historic peak of 3.4 million b / d in 2004, starting 2019 at 1.7 million b / d.

Lopez Obrador promises to end in 2024 producing 2.6 million b / d by injecting public funds to rescue the company, the world's most indebted oil company, with liabilities for just over 100,000 million dollars.



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