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MEXICO - Cantarell Suffering

* MEXICO

Cantarell Suffering
The giant oil field went from 60 to 21% of Mexico's total oil production by late 2009

Mexico’s chief producing oil field, Cantarell, is in a declining level of production already representing an "emergency situation", according to the Hydrocarbon Undersecretary of the Energy Secretariat (SENER). Since 2005, Cantarell has shown a reduction of 770,000 bpd, which, valued at $70 a barrel, translates to an annual tax revenue loss of $272,425 million. In 2005, the oil field contributed 60% of total crude oil production (2.2 million bpd), by the end of 2009 it will only be around 21% (550,000 barrels per day). By 2017, Cantarell’s share will be 8.4% (255,000 bpd).
Nov-18-2009 05:11pm