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Pemex: Output at 2.54 million bpd in first 4 months of 2013

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(Globalpost/GlobalPost)

Mexico City, May 25 (EFE).- Mexican state-owned oil company Petroleos Mexicanos said it produced an average of nearly 2.54 million barrels per day in the first four months of 2013, nearly half of which was destined for export.

Of the average of 2,538,000 barrels produced per day, 54 percent was heavy crude, 33 percent light oil and remainder super-light crude, Pemex said in a statement.

Pemex exported an average of 1.22 million bpd to its international customers in the year's first four months, generating $14.97 billion in cash flow from those sales.

The bulk of Pemex's exports (917,000 bpd) were shipped to markets in the Americas, while 188,000 bpd went to Europe and the rest to the Far East.

Pemex said it exported an average of 1.28 million bpd in April, up 172,000 from March.

Last year, Pemex produced an average of 2.55 million bpd, less than 2008's total of 2.79 million bpd.

The company said it expected to boost production to 2.6 million bpd by the end of 2013.

Pemex, the world's fifth-leading oil producer, has a monopoly on the production of hydrocarbons (crude and natural gas) and refined products in Mexico.

Though production has recently stabilized and the country said last year it had achieved a reserve-replacement ratio of 100 percent, Mexico's output has suffered from the natural decline of the once-super giant Cantarell offshore field and a lack of sufficient investment.

In addition to exploring deep-water areas in the Gulf of Mexico, Pemex also is looking to boost energy production by assessing its non-conventional reserves.

http://www.globalpost.com/dispatch/news/agencia-efe/130525/pemex-output-at-254-million-bpd-first-4-months-2013