PEAK OIL - EPOCHAL EVENT OF OUR LIVES

[sumisu]

Can Mexico Reverse Its Steep Output Decline?

By Qarnain Foda - Aug 09, 2016, 4:45 PM CDT

The petroleum industry in Mexico dates back over a century to 1901 where the commercial production of crude oil began. Since then, both Great-Britain and the United States played major roles in helping the country grow to being the world’s second largest producer of oil in the 1920s.

The Mexican revolution caused major political unrest, and led to the nationalization of all hydrocarbon resources and the creation of the national oil company, PEMEX, in 1938. Today, approximately 50 percent of oil produced in Mexico is heavy crude, and Mexico is now the eighth largest oil producer in the world, exporting $18.8 billion worth of crude oil in 2015.

PEMEX produced about 2.23 Mbbl/day in February 2016, down from its peak of 3.4 Mbbl/day in 2004, of which about 76 percent of production comes from offshore fields. The Northeast region consists of the Ku-Maloob-Zaap (KMZ) and Cantarell field, which contribute about 63 percent of offshore production. The Southwest region encompasses Abkatun-Pol Chuc, and Litoral de Tabasco, which accounts for the remaining production.



The rest@: http://oilprice.com/Energy/Crude-Oil/Can-Mexico-Reverse-Its-Steep-Output-Decline.html