PEMEX Announces April Crude Oil Production Off 13% - Biggest Decline In 12 Years - Bloomberg

[hatrack]

May 23 (Bloomberg) -- Petroleos Mexicanos, the state-owned oil company, said April crude production fell the most in more than 12 years as output at its largest field declined faster than the company forecast. Crude oil production fell 13 percent to 2.767 million barrels a day in April, Mexico City-based Pemex, as the company is known, said today on its Web site. Output a year earlier was 3.182 million barrels a day. The decline was the largest since October 1995, when output fell 29 percent.

Pemex Chief Executive Officer Jesus Reyes Heroles set a goal of producing 3.1 million barrels of crude a day in July of last year. The company has only met that goal once since it was set. Output has been on a decline since reaching a peak in December 2003. Since 1999, proved reserves have been more than halved to 14.7 billion barrels of crude oil equivalent.

``There is no clear sign that this decline is going to slow down,'' said David Shields, an independent energy analyst in Mexico City. `` I don't think there is any point in trying to forecast an annual average.''

Mexico's Congress must pass a bill that would give Pemex more freedom to hire foreign and private companies to explore, produce, refine and transport oil, President Felipe Calderon said this week. The changes would give Pemex more cash to explore and produce oil to staunch the decline.

EDIT

http://www.bloomberg.com/apps/news?pid=20601086&sid=auA2G9v81BqM&refer=news

[Teaser]

1. fscked and burnt.

.

[Speck Tater]

2. Oh, wait a minute.

Haven't several posters recently told us that there is no decline in supply, and that oil prices are all the fault of speculators, and that "peak oil" is just nonsense?

Hmmmm. Maybe these peak oil deniers just aren't paying attention.

[lostnotforgotten]

3. Peak Oil In Action

eom

[Andy823]

4. Here is the key statement

"Mexico's Congress must pass a bill that would give Pemex more freedom to hire foreign and private companies to explore, produce, refine and transport oil, President Felipe Calderon said this week. The changes would give Pemex more cash to explore and produce oil to staunch the decline."

Foreign private companies! I read an article the other day that the major player when it comes to "private" companies is our old buddy "Haliburton"! Nows can anyone here see President Calderon with a "big" account opening up in the Cayman Islands in the near future? :think:

The big US oil companies want control of "all" the oil in the world, period. They will do anything to get their hands on contracts the will give them even larger profits in the future, and they will buy off anyone, say anything, in order to get it!

Get rid of Bush, get a president that will work hard to come up with new alternative fuels that will cut the use of oil, and cost less, and then we will see if there really is such a thing as "peak oil" that we have already hit. They have used this in the past, and it worked, and they will keep on using it. We have to put an end to their greed, and the best way is to come up with cheap alternatives and then let them sit there with all their oil, and not be able to sell it!

[pscot]

5. Thread killer!

n/t

:rofl: