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Latino Daily News

Wednesday December 19, 2012

Mexico’s PEMEX Hits High Oil Production Levels in 19 Months

Mexico’s PEMEX Hits High Oil Production Levels in 19 Months

Photo: PEMEX Highest Level of Production

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State-owned oil giant Petroleos Mexicanos, or Pemex, said production hit 2.57 million barrels per day (bpd) of crude in November, the highest level in the past 19 months.

The higher output was the “result of diversification of the portfolio of production projects,” Pemex said in a statement.

Production averaged 2.54 million bpd in the January-November period, which was below the 2.55 million bpd achieved during the same period in 2011.

Pemex expects to finish 2012 with average production of 2.55 million bpd and to hit 2.6 million bpd in December, Pemex Exploration and Production director Carlos Morales said in late October.

Pemex, the world’s No. 4 oil producer with output of 2.5 million bpd, is the biggest contributor to Mexico’s federal budget and is one of the few oil firms worldwide that handles all aspects of the productive chain, from exploration to distribution and the marketing of end products.