Mexico oil data – October 2012

Published at 09:33 26 Nov 2012 by . Last edited 11:17 22 Aug 2019.

Mexican liquids production in October fell below 2.9 mb/d for the second time this year and totalled 2.868 mb/d, the lowest since September 2011. This was lower y/y by 57 thousand b/d, reversing the trend of y/y increases seen over August and September, as maintenance was carried out at offshore fields, including Mexico's largest, the Ku-Maloob Zap (KMZ) field. Crude oil output averaged 2.542 mb/d, down y/y by 11 thousand b/d. During the first half of the month, crude oil production averaged 2.516 mb/d with the contribution from KMZ averaging 0.818 mb/d. Production in the second half of the month increased slightly following the completion of maintenance work, averaging 2.542 mb/d, with KMZ output at 0.834 mb/d. In September, output at KMZ averaged 0.863 mb/d. The second largest field, Cantarell, averaged 0.408 mb/d for most of October, and has been fairly steady this year, compared to the steep decline seen from 2008 through to 2011, when output more than halved. With KMZ peaking in the next year or two, Pemex is set to announce the auction of six blocks in its massive Chicontepec basin which contain roughly 400 mb of crude reserves each in the coming weeks, in an attempt to bolster output in the years to come.

Meanwhile, Mexico's crude exports were stable m/m at 1.367 mb/d, although this was down y/y by 0.6%, with exports to the US remaining above 1 mb/d for the third straight month. Mexican oil demand rose strongly in October (partly due to a weak base), up y/y by a record 0.25 mb/d (14.5%) to a record 1.970 mb/d, led by sharply higher fuel oil sales, which were up y/y by 0.17 mb/d.

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