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2018-12-27 17:30:00

PEMEX PRODUCTION DOWN

PEMEX PRODUCTION DOWN

PLATTS - The downward trend in output from Mexico's state oil company Pemex continued in November as oil and gas production fell 2.7% and 2.3% respectively, from the previous month, company data showed Wednesday.

November oil production fell by 47,500 b/d month on month to 1.71 million b/d. Year on year, production fell by 150,000 b/d. This was the lowest production level since 1980, according to data from Mexico's National Hydrocarbon Commission (CNH).

Lower production came primarily from two offshore business units, Ku-Maloob-Zaap (KMZ) and Tabasco Offshore region. KMZ's output fell by 19,000 b/d to 843,470 b/d in November.

Pemex has not yet published November's production broken down by field. However, total output at the Ku, Maloob and Zaap fields decreased by 30,000 b/d year on year to 792,540 b/d in October.

These three fields are entering into their terminal decline phase after reaching a yearly average peak production of 854,000 b/d in 2013.

Meanwhile, production at KMZ's other fields including Ayatzil increased by 24,800 b/d during the same period to 135,600 b/d.

Production at Tabasco Offshore region fell by 35,360 b/d month on month in November. In this business unit, Xanab is the field where production has dropped the most on year in offshore Tabasco.

As a result of a water invasion in the shallow-water field, Xanab's year-over-year production fell by 97,800 b/d to 61,00 b/d in October.

 

  Nov 2017 Oct 2018 Nov 2018
Crude oil (b/d) 1.866 million 1.764 million 1.716 million
Natural gas (w/o nitrogen) 4.01 billion 3.85 billion 3.76 billion
Crude processing 609,000 485,000 519,000
Gasoline production (b/d) 183,731 171,600 177,600
Gasoline imports (b/d) 682,000 585,600 585,600
Dry gas production (b/d) 2.73 billion 2.66 billion 2.67 billion
Dry gas sales 2.41 billion 1.96 billion 1.72 billion

 

NEW GOVERNMENT SEEKS TO REVERSE DOWNWARD PRODUCTION TREND

Going forward, Pemex's oil production is projected to continue decreasing unless the company increases activity significantly, according to the administration of Mexico's new president, Andres Manuel Lopez Obrador, who took office on December 1.

Without a strategic shift, production from existing fields will fall to 1.52 million b/d by December 2019, according to a company document released earlier this month.

To avoid this decrease in output, the new administration plans to increasePemex's production by completing wells and carrying major work-overs that will yield 245,000 b/d.

Also, Pemex will bring 85,000 b/d of new production from fields discovered in recent years. These efforts will push Pemex's output to 2 million b/d by December 2019, the company document showed.

Analysts have been skeptical that Pemex will achieve this aggressive plan because of a limited budget to carry out all the programs envisioned by the new administration.

The company's natural gas output, excluding nitrogen, fell by 90 MMcf/d month on month in November to 3.76 Bcf/d, because of lower associated gas production from the Macuspana-Muspac business unit in southern onshore Mexico.

Month-over-month production at Macuspana-Muspac fell by 50.8 MMcf/d. Also, gas production from the KMZ and Cantarell business units fell by 48 MMcf/d month over month to 1.01 Bcf/d.

Pemex's total dry gas production remained stable in November at 2.67 Bcf/d compared with the previous month. However, the company's gas sales fell by 205 MMcf/d month over month in November.

Gas sales have decreased by 700 MMcf/d year over year amid growing competition in this market from private companies and state power utility CFE.

 

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Earlier: 

 MEXICO'S GAS DOWN
2018, November, 30, 11:20:00

MEXICO'S GAS DOWN

U.S. EIA - Dry natural gas production in Mexico has fallen 38% since 2012 because of declining reserves, a low price environment, and limited exploration and production of new wells. Mexico’s dry natural gas production was 2.4 billion cubic feet per day (Bcf/d) in October 2018, according to Petróleos Mexicanos (PEMEX). This level is down 7% from year-ago levels, when production averaged 2.5 Bcf/d, and down 21% from two years ago, when production averaged 3.0 Bcf/d.

 

 PEMEX NET INCOME 27 BLN PESOS
2018, October, 29, 12:05:00

PEMEX NET INCOME 27 BLN PESOS

PEMEX - Upon comparing the results of this quarter with the same quarter for the previous year, the following items stand out: (i) total sales increased by 33%; (ii) operation yield recorded a significant improvement of 83% and currently at 54 billion pesos; and (iii) the company recorded a net income of 27 billion pesos, compared to losses of 102 billion pesos recorded the previous year.

 

 PEMEX NET LOSS MXN 163 BLN
2018, August, 1, 08:55:00

PEMEX NET LOSS MXN 163 BLN

PEMEX - Pemex achieved total sales for 254 billion pesos in the second quarter of 2018, a figure 36% higher than the result obtained during the same quarter of the previous year. Operating yields were 120 billion pesos, a growth almost 37% greater than the second quarter of 2017. Operation, management, distribution and sales costs remained stable and aligned with the current austerity and expenditure policies.

 

 PEMEX PRODUCTION DOWN 18%
2017, October, 30, 11:10:00

PEMEX PRODUCTION DOWN 18%

Reuters - Mexican national oil company Pemex reported on Friday that September crude production fell 18 percent from the same month last year, marking three consecutive months with oil output coming in below 2 million barrels per day.

 

 IMF WANTS PEMEX
2016, November, 23, 18:35:00

IMF WANTS PEMEX

A particularly important aspect of this consolidation pertains to reforms in PEMEX, the state-owned oil company. Earlier this month, PEMEX released a five-year business plan that aims at turning the company profitable by 2020, through efficiency improvements and a focus on high-return activities.

 

 MEXICO'S POTENTIAL: $415 BLN
2016, November, 7, 18:40:00

MEXICO'S POTENTIAL: $415 BLN

After a decade of volatile GDP growth and steadily increasing gas and power demand, Mexico continues to progress toward an unbundling of the monopolies Pemex and CFE once held over its gas and power sectors. According to a recent study by Wood Mackenzie, these reforms have created the potential for approximately US$415 billion in investment over the next two decades as the country builds pipelines, develops a renewables market to meet clean energy targets, and sets the stage for M&A.

 

 PEMEX DEBT UP
2016, October, 4, 18:30:00

PEMEX DEBT UP

The two bonds, valued at USD 2 billion each and issued in a financial operation that started early in September, will carry maturities of seven and close to 31 years. They pay yields of 4.62% and 6.75%, respectively, according to Pemex CFO Juan Pablo Newman. Now with greater maturity, Pemex’s repurchased debt, which was due to mature in 2018 and 2019, has reduced the risks of the company’s debt portfolio.

 

Tags: PEMEX, MEXICO, OIL, GAS

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