MEXICO CITY, June 22 Mexico's state oil monopoly
Pemex said on Friday crude oil output in May was 2.542 million
barrels per day (bpd), little changed from the 2.540 million bpd
produced in April.
Pemex said oil exports in May were 1.198 million bpd, down
from 1.243 million bpd during the previous month.
Mexico relies on oil revenues to fund about a third of the
federal budget, so any fall in output can put a strain on
The state-owned oil giant has managed to stabilize
production since 2009, slowing the natural rate of decline at
its largest, aging fields. Oil output peaked in 2004 at around
3.4 million bpd.
The company has struggled to replace lost production with
new exploration projects and is hoping incentive-based oil
contracts - approved in a 2008 oil reform - will help attract
more private investment to the sector.
Pemex on Tuesday awarded four contracts to drill mature oil
fields in the second round of bidding to open up the industry to
more private investment.
The firm put six different areas in northern Mexico up for
auction where several oil fields have been tapped by the company
but are in decline. Two auctions were declared void.
More than a dozen companies or consortia were in the running
for the contracts and Pemex chose the winners based on who could
produce the most oil at the lowest cost per barrel.
The goal is to increase crude output at the fields by around
140,000 barrels per day (bpd) from the 13,000 bpd they are
Major oil companies are eyeing prospects of more lucrative
deep water deals in the Gulf of Mexico that are not likely to be
unveiled until after a July 1 presidential election.