(Fidencio Casillas, Energy Analytics Institute, 26.Dec.2024) — Petróleos Mexicanos’ combined crude oil and condensate production with partners averaged 1.673 million barrels per day (MMb/d) in Nov. 2024, down sequentially from 1.718 MMb/d in Oct. 2024 and down from 1.829 MMb/d in Jan. 2024, state-owned Pemex announced in a Nov. 2024 statement on its website.
This compares to average oil and condensate production of 1.875 MMb/d in 2023 and 1.701 MMb/d in 2019, according to data in the statement.
The bulk of the oil and condensate production in Nov. 2024 came from offshore (65%) with smaller amounts in southern (27%) and northern (8%) regions of the Latin American country.
A key component Pemex’ business plan during the ‘sexenio’ of Mexico’s president Claudia Sheinbaum Pardo is to maintain liquids (oil + condensate) production at 1.800 MMb/d.
RELATED: Pemex Seeks to Maintain Liquids Production
Gas production declines as well
In the natural gas space, Pemex’ production averaged 4.432 billion cubic feet per day (Bcf/d) in Nov. 2024, down sequentially from 4.503 Bcf/d in Oct. 2024 and down from 4.780 Bcf/d in Jan. 2024.
This compares to average gas production of 4.967 Bcf/d in 2023 and 4.894 Bcf/d in 2019.
The bulk of the gas production in Nov. 2024 came from offshore (49%) with smaller amounts in southern (26%) and northern (25%) regions. Non-associated gas production was 42% of the Nov. 2024 volumes with the majority 58% classified as associated gas production.
RELATED: Commentary: Mexico’s Energy Sector Opportunities Amid Uncertainties
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By Fidencio Casillas reporting from Mexico City. © Energy Analytics Institute (EAI). All Rights Reserved.
