In October 2019… To achieve this, he proposes 20 new allocations under a business model called the Exploration and Extraction Integral Service Contract (CSIEE).Analysts such as Pablo Medina from Welligence Energy state that “the biggest problem with the CSIEE is that they don’t give liquidity to Pemex as a bonus to the firm. The data reached an all-time high of 3,383.003 Barrel/Day th in 2004 and a record low of 265.090 Barrel/Day th in 1960.

This led Pemex to incur growing debts, to the point that its financial obligations grew 113% in real terms, from 32.5 billion USD to about 103 billion USD in the last ten years.In the last decade, oil production has halved from about 3.5 million to 1.7 million barrels per day.And in 2019, it reached its lowest mark in four decades.

The under-financing of the oil sector has led to a reduction in production. However, even with this level of growth, projected GOM crude oil production will account for a smaller share of the U.S. total. This is because, at the end of the 1970s, Mexico broke the historical production record following the discovery of the Cantarell mega-fields. Instead of opening the Mexican market to the world, the government of “Throughout the last decade, Pemex has not been able to generate sufficient resources to finance its operating and investment expenditure, as well as to meet the financial cost of its debt and its fiscal obligations,” says Manuel Molano, director of the Mexican Institute for Competitiveness (IMCO), who affirms that Mexican Petroleums (Pemex) is technically bankrupt.According to figures from the National Hydrocarbons Commission (CNH), oil production in Mexico has regressed to the level where it was 40 years ago. NSA Crude Oil Production in Mexico averaged 2775.79 BBL/D/1K from 1994 until 2020, reaching an all time high of 3547 BBL/D/1K in December of 2003 and a record low of 1647 BBL/D/1K in January of 2019. Sign up here to get the latest news, updates and special reports delivered directly to your inbox.PanAm Post - Your Leading Source for News and Analysis in the AmericasSince 1979, the state-owned company Mexican Petroleums (Pemex) had not produced as little crude oil as it does now. Instead of reducing expenses through private investment in the oil industry, AMLO’s policies have demanded that Mexicans credit a bankrupt company: Pemex.We use cookies to ensure that we give you the best experience on our website. The opportunity cost of having Pemex as the operator is high.”And the Mexican people will pay for that.

According to figures from the National Hydrocarbons Commission (CNH), oil production in Mexico has regressed to the level where it was 40 years ago. Mexico’s Crude Oil: Production data is updated yearly, averaging 2,510.300 Barrel/Day th from Dec 1960 to 2019, with 60 observations. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. The annual expenses of the Mexican oil company were higher than its income. Esto afecta negativamente a la actividad económica del país y a generación de divisas Pemex tiene un octubre negro: producción de petróleo revierte recuperación y precio del crudo de exportación cae 29.8% anual a 50.04 dólares. Mexico reached this figure in January 2014.Mexico’s oil fields suffer from overexploitation that has damaged the oil deposits and impeded the potential of extraction.Now Akal, part of Cantarell, produces just 45,900 barrels a day, according to figures from the National Hydrocarbons Commission (CNH).Under the program called “Investment Opportunities in Mature Fields: Increase in the Recovery Factor,” Pemex intends to exploit Akal, where there is enough crude to extract 1,894 million barrels.In September, Pemex CEO Octavio Romero Oropeza announced that October’s production would be reduced by 32,800 barrels per day for the maintenance of the tanker ‘El señor de Los Mares, as well as two rigs in the Akal field. Pemex already doubled its losses in 2019, when oil prices averaged around $60, and is one of the world’s most indebted oil companies with debts of $105bn at the end of last year. The 1979 value was a success, and the 2019 number is a failure. Volumen y ventas al exterior bajan en 6.2% y 34.2%.

Proven oil reserves in Mexico have collapsed from 50 billion barrels 20 years ago to just 8 billion barrels today. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. Esto afecta negativamente a la actividad económica del país y a generación de divisas ¿Qué pasa con el plan maestro para rescatar la producción de Pemex? In October 2019, Pemex extracted 1,616 million barrels of crude a day, a figure it had not dipped to after 1979 when the state oil company produced more than 1,615 million barrels a day.It should be noted that although the figure is similar in both periods, the numbers indicate contrasting results. The most visible case is the bidding of the Dos Bocas Refinery that AMLO canceled.Instead of receiving 8 billion USD through private investment, the president decided to preserve the oil monopoly and use state funds to put Pemex, a bankrupt state-owned company, in charge.