MEXICO CITY, June 28 Mexican crude oil
production slid to its lowest level in nearly two years in May,
while exports were their weakest in more than two decades,
official data showed on Friday.
Crude output at state oil monopoly Pemex, which President
Enrique Pena Nieto has pledged to reform in the coming months,
fell to 2.51 million barrels per day (bpd) in May, its lowest
level since September 2011, according to the company's data.
Oil exports dropped to 1.03 million bpd, the lowest level of
crude shipments since the national energy information system
began publishing monthly export figures in 1990.
Pena Nieto plans to boost production at Pemex by attracting
private investment to the company, though he faces opposition
from traditionalists who have accused him of planning to sell
out the industry to foreign oil majors.
Pemex has been a source of Mexican pride since the
government nationalized the industry in 1938, and reform of
Pemex has long been fraught with difficulties.
The government aims to present its Pemex plan by September
and officials say it is likely to contain a blueprint to allow
profit-sharing between Mexico and private firms in exchange for
the latter taking on exploration and production risks.
Mexico, the world's No. 7 oil producer, has seen output drop
steadily from a peak of 3.4 million bpd in 2004. Over the same
period, export volumes are down by over a third.
Pemex officials did not immediately returns calls seeking
comment on the May output and export figures.
If the country cannot find and exploit new discoveries to
replace declining output at its largest, aging fields, Mexico
risks becoming a net importer of crude within a decade.