23 June 2007

Cantarell 'to decline by 14% per year'

Upstreamonline - Cantarell 'to decline by 14% per year': "Pemex chief executive Luis Ramirez Corzo said he expects production from the state-owned oil company's giant Cantarell field to decline by about 14% per year between 2007 and 2015.

Ramirez told Mexico's Senate Energy Committee that the annual decline of the field was equivalent to about 150,000 barrels per day, the Associated Press reported.

The field began declining in 2005 from record production of 2.13 million barrels per day in 2004.

Corzo said Cantarell was expected to produce an average of 1.8 million barrels per day this year.

He added Pemex was struggling to pay for deep-water exploration to replace the Cantarell output. Corzo added the company needed to invest at least $18 billion a year in exploration and production to maintain output of about 3.3 million barrels a day."

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