Wednesday, November 9, 2016

Pemex Oil and Gas Production Continues Multi-Year Decline in September

Pemex reported another substantial decline in gas and liquids production in September, with Crude down 1.4% and Natural Gas down 1.2% on the month.  

Crude output fell 31 KBOPD from August to a new low of 2.11 million barrels per day, a 7% annual decline.

Natural Gas fell 67 MMCFD on the month, a 13.2% annual decline.  A 0.85 BCFD decline in 1 year is substantially more than the total increase in NG exports to Mexico from the U.S.  The largest gas production declines were in onshore, non-associated production.  Crude declines were more evenly spread across grades and regions, though the northern region was unchanged, an area of low production to begin with.