Thursday, August 7, 2008

Mexican Production/Cantarell Update

From Oil & Gas Journal, July 28, 2008:
  • Total Mexican production, June 2008: 2.9 MMBO/D
  • June 2007: 3.21 MMBO/D
  • Average, first 6 months of 2008: 2.86 MMBO/D, decline of 9.7% from year earlier
  • Cantarell production, June 2008: 1.05 MMBO/D (MP note: See the February 2008 post on this blog - included is a production schedule which was "reverse engineered" from Pemex's statements at that time. Based on this Feb 2008 schedule, the rate wouldn't be down to 1.05 MMBO/D until the end of 2009. And, if declines continue as they are, production may well finish 2008 at the rates projected for the end of 2010! And this projection was done only 6 months ago. This is indicative of the overwhelming and surprisingly large declines experienced late in the "life" of a depletion drive oil field.)
  • "producing more gas at Cantarell, where gas is moving into wells that formerly produced oil" (MP note: not good in an oil field)

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