The Crude oil and condensate production of Mexico attained a value of 1,752,348.19 bd in 2020
The indicator recorded a historical decline (CAGR) of 3.53% between 2017 to 2020, and is expected to decline by...
GlobalData projects the figure to decline at a CAGR of ...
What is Crude oil and condensate production scenario in Mexico?
Most of current oil and gas operations in Mexico are focused on developing fields located in the Southeastern basin of Gulf of Mexico, as well as Tabasco and Veracruz states. The basin covers both onshore and offshore territories, however, a significant share of crude oil produced in the basin is supplied from shallow water fields. Overall, relatively lower share of all crude oil produced in 2020 was coming from the onshore field terrain. Majority of Mexico’s natural gas represents associated gas from oil fields. Prior to 2020, both crude oil and natural gas have been declining, however in 2020 the situation stabilized, and production was kept almost flat. Nonetheless, since main Mexico’s national oil company, Petróleos Mexicanos (Pemex), that produces nearly all of Mexico’s crude oil, keeps its focus on oil fields, the growing natural gas demand in the country will be increasingly dependent on imports, unless more planned gas developments are added in the short-term. Also, a significant portion of capital investment needs to be pivoted towards exploration activities and developing new deepwater resources. At the moment, Pemex has halted all potential partnerships with operators. However, until Pemex has again the ability to form partnerships to reduce risks and share costs of oil and gas projects, the company and the country may struggle to keep their production growing or even stable in the long run.
Crude oil production in Mexico is estimated to have increased in 2020. This is the first time in the past decade when production reverted its negative trend and this in spite of lower energy demand during the Covid-19 pandemic. However, being a part of OPEC+ group, the country still had to agree to production cuts through May and June.
Production data are used accordingly for understanding and projecting field decline. A number of additional factors are taken into account, such as reported reserves, field location and production phase. Production for announced, planned, producing or abandoned fields is determined using reported information, from operators and governments.
Saudi Arabia
China
China
United States of America
United Kingdom
Singapore
France
Switzerland
Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.
Access more premium companies when you subscribe to Explorer
Contact the team or request a demo to find out how our data can drive your business forward