Mexico‘s crude oil production fell 5.3 per cent in 2007

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Mexico‘s crude oil production fell 5.3 per cent in 2007

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uploaded by John Astad

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  uploaded by John Astad | add comment

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  uploaded by John Astad | add comment

Mexico crude oil production is falling due to reduced crude oil output from  the Cantarell oilfield  located in the lower part of the Gulf of Mexico in the Bay of Campeche. The field was discovered offshore in 1976, by a fisherman named Rudesindo Cantarell and is the largest oil field in Mexico in addition to being one of the  largest fields in the world ranking right behind the famous Ghawar Field in Saudi Arabia.

This recent development has potential adverse implications in regards to imported crude oil supplies into the United States, as Mexcio is the third largest importer of crude oil behind Canada and Saudia Arabia. To offset this decline, Pemex, the Mexican national petroleum company has increased efforts in oil production from the Ku-Maloob-Zaap oilfield which is also in the Bay of Campeche.

Even with this moderate decline in crude production of imported sour heavy crude, additional alternatives are being developed on the United States side of the border with the planned TransCanada Keystone pipleine, which when completed will supply 590,000 barrels a day of oil sands crude to American refiners by 2010

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