Mexico’s oil production is seen stagnating at around 2.8 million barrels per day (bpd) over the next 14 years unless the state oil company Pemex significantly boosts investment, the energy ministry said in a report on Wednesday.
The world’s No. 7 oil producer currently produces 2.55 million bpd of oil, as Pemex has managed to stabilize a dramatic decline in production at its largest aging fields, most notably the giant Cantarell field. Pemex has struggled to replace lost output with new discoveries and risks becoming a net oil importer within the next decade as energy demand rises.
By 2026, Cantarell’s production will drop to 150,000 bpd from the 444,000 bpd this year, the energy ministry report said. Since Cantarell’s decline, the Ku-Maloob-Zaap (KMZ) complex has become Mexico’s most important oil field. KMZ will produce 847,000 bpd this year — 32.5 percent of Mexico’s overall output.