Annual us oil production by year7/8/2023 ![]() ![]() Woodside Energy has committed to producing Mexico's first deep water oil field in Trion field. While Mexico has made significant discoveries of deepsea natural gas reserves, proven oil reserves have yet to be materialized, despite extensive exploration efforts. More than 80% of the reserves are in the Sureste basin, and none of the proven reserves are in deep water. Mexico's proven oil reserves have fallen to just under 6 million bbl in 2023 from more than 10 million bbl in 2014, EIA said, citing Oil & Gas Journal. Declining production from the historically most productive shallow-water fields in the Sures basin (formerly known as the Campeche basin) on the southeastern coast of Mexico has been replaced by more recent field developments elsewhere in the basin, such as the 133,000 b/d from Quesqui field in 2022. Multiple factors contribute to stable production. Based on EIA’s Short-Term Energy Outlook (STEO), Mexico's oil and liquids production is expected to remain around 1.9 million b/d through the end of 2024. Mexico's petroleum and liquids production peaked at 3.9 million b/d in 2004 and declined each year until production stabilized at around 1.9 million b/d in 2019, according to EIA. Previously, Pemex was the only oil producer in the country. In December 2013, after years of contentious deliberations, the Mexican government amended its constitution to open the oil and gas market to foreign and local private investors for the first time since 1938. In 2022, Mexican government data show that private production accounted for more than 5% of Mexico's total production, a sharp increase from the 0.5% contribution by private companies in 2016. Private companies have increased petroleum production in Mexico over the past 5 years. Mexico's production is to remain relatively flat through 2024, according to the US Energy Information Administration (EIA)’s forecast. After nearly two decades of steady decline, Mexico's petroleum and liquid fuels production has held steady since 2019. ![]()
0 Comments
Leave a Reply. |