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Aug 27 2008

Mexico’s Cantarell oil output falls again in July

Posted by: in News

Peak oil anyone?

Source: Reuters

Crude output from Mexico’s struggling Cantarell oil field fell for the 10th month in a row in July to 974,000 barrels per day, energy ministry data showed on Tuesday.

The fading jewel of Mexico’s oil industry, Cantarell is now producing half what it was yielding at its 2004 peak, pulling down overall output in the world’s No. 6 oil-producing nation and threatening Mexico’s status as a top U.S. supplier.

The steady decline of around 15 percent annually in the field’s output has pressured the divided Congress to tweak laws in the closed energy sector. The government, with backing from centrists, hopes to push a bill through congress to allow more private participation in the state-run oil business.

The conservative government’s proposal seeks to shore up flagging output and reserves by having the national monopoly Pemex hire private companies under incentive-fee contracts, particularly in costly high-risk areas like deepwater oil.

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