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.
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