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MEXICO CITY (Dow Jones Newswires), March 13, 2009
Mexico's state oil company has an overly optimistic outlook for the giant Cantarell oil field this year, the Paris-based International Energy Agency said on Friday.
Cantarell, one of the largest oil fields ever discovered and which provided 60% of Mexican production at its peak, has declined faster than expected in recent years. This has eroded Mexico's overall crude output and exports. State-run Petroleos Mexicanos is now scrambling to find and develop new pools of oil to compensate.
Chicontepec and Cantarell
The IEA, a think-tank for oil-consuming countries, predicts average production of around 600,000 barrels a day at Cantarell in 2009, compared with Pemex' target of 756,000 barrels a day, according to the IEA's monthly Oil Market Report.
IEA Sees Massive Fall at Mexico's Cantarell Oil Field in 2009. by Peter Millard. Dow Jones Newswires. Friday, March 13, 2009
Seeded on Fri Mar 13, 2009 7:40 PM EDT
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- Public Discussion (2)
Pemex continues to shut in wells at Cantarell that produce too much natural gas or water. As the oil layer of the reservoir recedes after decades of exploitation, wells higher up start to pump natural gas, while wells lower down extract more water.
Pemex has invested in infrastructure to separate the gas and water from the oil, but it is still insufficient.
- 2 votes
#1 - Fri Mar 13, 2009 7:42 PM EDTIt's called Peak Oil, guys. Oil is not a renewable resource, and we're running out. We've been telling you this for years, but you didnt believe us. Now are you starting to believe?
#2 - Mon Mar 16, 2009 7:02 PM EDTYou're in Easy Mode. If you prefer, you can use XHTML Mode instead. |
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