If you recall, about a month ago I was very skeptical of some remarks by a Mexican official about the supposed turn-around in the oil production figures that were being touted for October.
I thought they were entirely too premature and that the data did not support such bold claims as were being made at the time. The reasons were simple: Geology has been most unkind to both the aging Cantarell field and to the new Chicontepec field, which is far more complicated and difficult than originally claimed.
Then I consulted a friend of mine who lives in Mexico and tracks such things quite carefully, and he provided this remarkable picture of Mexican oil production, which tells the entire tale:
That little wiggle circled in green was the entire basis for the ebullient claims that Mexico was about to return to a period of growth in oil output. It seemed a bit too optimistic at the time, and it was.
Mexico oil output resumes decline in November
Nov. output falls from Oct. after two months of gains
MEXICO CITY, Dec 24 (Reuters) – Mexican oil production fell in November after two months of rising output as the giant Cantarell field pumped less and the troubled Chicontepec project again failed to replace lost capacity.
The country pumped 2.553 million barrels per day in November, 5.8 percent less than a year ago and a 49,000 bpd decline from October, data released on Thursday by state oil monopoly Pemex [PEMX.UL] showed.
by former_user