PEMEX Announces Mexico's Jan-May Oil Output - Down 6.8% YOY - IHT

[hatrack]

MEXICO CITY – Mexican state oil monopoly Petroleos Mexicanos said it produced an average of 2.65 million barrels per day during the first five months of 2009, down 6.8 percent compared with the same period last year.

Pemex said average output at the offshore Ku-Maloob-Zaap field, Mexico’s biggest producer, and at Cantarell – the country’s former crown jewel – stood at 803,000 bpd and 753,000 bpd, respectively.

During the year’s first five months, those two fields accounted for 59 percent of the country’s total production.

Crude exports between January and May amounted to 1.23 million bpd, compared with 1.46 million bpd in the same period of 2008, while revenues from those exports totaled $8.2 billion, down 58.9 percent from the January-May 2008 period, when crude prices soared to record highs.

EDIT

http://www.laht.com/article.asp?ArticleId=337652&CategoryId=13280

[n2doc]

1. But..but...Peak oil is just a myth!

I'm sure our good friends the Saudi's will just turn up the spigots a bit to compensate...right?

(sarcasm for those who can't tell)

[GliderGuider]

2. Production down 6.8%, exports down 15.8%

And Cantarell's production is down 64.4% since the 2004 peak.

Man. Oh. Man.

[hatrack]

3. Let a Hundred Flowering Rigs bloom, let the 10,000 Wells of Chincotepec contend!

Yes, I'm sure they're got plenty of easily accessible oil just waiting to hit the market . . .

[GliderGuider]

4. According to my calculations, Cantarell is losing almost 20% of its output every year

A total decline of 64% in 5 years is 18.5% per year. This is way up in catastrophic territory. If any other major oil fields (i.e. Ghawar...) start to exhibit this behaviour in the near future, Western industrial activity could be in very serious jeopardy.