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Mexico's oil output edges down despite private sector growth

Bnamericas Published: Tuesday, October 18, 2022

Mexico's national oil production fell in September due to lower output by national oil giant Pemex, according to the latest data by hydrocarbons regulator CNH.

Preliminary data shows total output fell to 1.62Mb/d (million barrels per day), a drop of 7,000b/d over the previous month, with output from the company's concessions dropping by 12,000b/d. Output from migrations, which includes fields operated by Pemex and private players, remained flat.

Pemex has been unable to raise output to the levels it promised in its forecasts. Last year, it expected output to average 1.83Mb/d during this year, 12.5% higher than its current average. In the OPEC production deal struck earlier this month, Mexico committed to cut its production to below 1.75Mb/d through the end of next year, although current output is far lower.

However, the drop in Pemex output was partially offset by an increase in private companies’ output from contracts, which increased by 4,000b/d to 87,000b/d, or 5%. Since the middle of 2021, private contract output has more than doubled. So far this year, it has risen by 40%.

At the forefront of this increase has been Hokchi Energy, which increased output at its Hokchi field off the coast of Tabasco state. Production at Pokoch and Ichalkil, operated by Fieldwood Energy, also increased.

Eni's Amoca and Miztón fields, meanwhile, recovered from a months-long slump and posted a slight growth.

CNH's figures show that natural gas production also fell slightly to 4.84Bf3/d (billion cubic feet), while condensate output continued to rise, reaching 229,000b/d.

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