Mexico | Meeting Pemex’s oil production target for 2022 will be difficult

Summary

The new fields will have to produce an average of 478 thousand barrels a day in the fourth quarter of 2022 to make it possible for Pemex to reach its production target of 1.800 million barrels a day.

Key points

• Key points:
• This oil production figure of the new fields would take their annual average production to 392 thousand barrels a day, representing a yearly increment of 170 thousand barrels a day.
• Given a prediction of an annual oil production increase of 44 thousand barrels a day in 2022, the new fields would be compensating a drop of 127 thousand barrels a day from the production of mature fields.
• Higher prices and volume boosted Pemex’s export and domestic sales, which posted an annual increase of 44.5% and 69.3% in the third quarter of 2022, respectively.

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