As of November 2022, the production of crude oil plus condensates of Petróleos Mexicanos (Pemex) and its partners was still 1.5% below the latest goal set by the state company of 1,809 million barrels per day in its 2023-2027 Business Plan. And it is that in the first eleven months of the recently ended year, the registered average was 1,781 million barrels per day, according to its latest statistics.
Over the past year, Pemex has made at least four adjustments to its production target (including crude plus condensates together with its partners). In December 2021, it had projected a level of 1.944 million barrels per day, so the recent level of 1.781 million barrels per day would be 8.3% lower than that first projection for 2022.
Among the causes mentioned by BBVA analysts is the decline in mature fields, which has not been offset by the 30 new fields. In addition to the fact that new associations with private parties are not being generated and the costs of drilling wells have increased.
If compared to the level that existed in 2018, when the current government of Andrés Manuel López Obrador began its six-year term, production is 3.3% lower than the 1,843 million barrels per day with which the state-owned company closed that year.
The company began to report the extraction of condensates, which are high-quality hydrocarbons contained in deposits mainly associated with natural gas, in 2018 and by reaching the average from January to November 2022, 85,835 barrels of liquids per day were already quantified as naphthas, which It meant a year-on-year increase of 24.5% in the extraction of Pemex condensates.
In 2018, this production was 20,350 barrels per day and rose to 22,467 barrels per day in 2019. It subsequently doubled in year-on-year terms on the average from January to November to reach 2020, when a condensate production of 44,335 barrels was reported. per day. Finally, in 2021 this extraction rose to 68,916 barrels per day and then increased by almost 20,000 more barrels per day last year.
Last December, Pemex published its 2023-2027 Business Plan where it states that at the end of 2023, the oil company projects a production of 1,966 million barrels per day.
On the other hand, and without counting the figure for condensates, Pemex’s production reached 1,695 million barrels per day on average from January to November, which is set to close with a slight year-on-year increase, since until the eleventh month of the year the increase compared to the same period of 2021 was 0.6%. However, in the last decade this production has declined 33% and if the report that was prepared from January to November 2012 is observed, on average, the state-owned company produced 2,546 million barrels per day.
In addition, the national production of crude oil (including all the private operators in the country and Pemex) was 1,606 million barrels per day in November, with which it had a fall of 2.77% in one year, according to information from the National Commission of Hydrocarbons (CNH).
The total extraction of crude oil in November observed a decline of 0.89% compared to October, when it averaged 1,621 million barrels per day.
In the penultimate month of the year, Petróleos Mexicanos produced 1,503 million barrels per day, with a 4.77% drop compared to the same period in 2021. With this, the state oil company had its lowest production level in 2022.
In monthly terms, it was 0.85% below the October average, which was 1,516 million barrels per day.
Despite the fact that after there have been no tenders for new contracts so far this administration and that different national and international firms have renounced 20 of 110 contracts awarded between returns due to lack of hydrocarbon resources and different business decisions, Pemex continues to be the main company that produces oil in the country with a contribution of 93.5% of national production.
However, their participation has been reduced compared to the private ones, since in November of last year 95.5% of the total extraction was carried out by the Mexican State oil company.
Thus, the private companies that operate in the exploration and production sector in Mexico reached 103,000 barrels per day in the eleventh month of 2022, a volume that implied an increase of 40.3% compared to the same period in 2021, an increase mainly derived from the production of three contracts with fields for the development of the second tender of Round 1 of 2016, in which the Italian Ente Nazionale Idrocarburi (ENI), the consortium between the Argentine companies Panamerican Energy and E&P Hidrocarburos, and the American operator Fieldwood with its financial partner from Grupo Bal, Petrobal.
Meanwhile, the production of the contracts awarded, which also includes that provided by land fields awarded in Rounds 1.3, 2.2 and 2.3 of the last administration, showed a reduction of 1.5% compared to the month of October of this year, when production reported to the National Hydrocarbons Commission was 104,600 barrels of oil per day in the monthly average.
empresas@eleconomista.mx
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