Mexican oil production drops for the 12th year

By Phaedra Friend Troy

According to a report from Bloomberg, crude oil reserves have dropped for the 12th year in a row for Mexico's state-run oil and gas firm Petroleos Mexicanos, or Pemex.

The Mexican company pointed to delays achieving first oil from new projects as the reason why production has fallen again for the oil-rich country. According to the report, crude production dropped 1 percent to 2.576 million barrels of oil a day for Pemex last year.

Oil and natural gas production has been falling in Mexico due to a lack of technology and skill in maintaining flow from older fields, as well as inexperience drilling and developing reserves in the deepwaters of the Gulf of Mexico.

Through legislation changes, Mexico is opening oil and gas exploration to international firms for the first time in more than 70 years in an effort to increase domestic production from waning fields.

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