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.

Sign up for PennEnergy's eNewsletters

For Email Newsletters you can trust

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs