Octavio Romero Oropeza, CEO of Petróleos Mexicanos (Pemex), promised before Congress that the state-owned company will reach a production of 2,063 million barrels per day of crude at the end of this administration, which would increase by 18% from the average of 1,751 million barrels per day reported in January To september.
In fact, he exhibited in his appearance in front of the United Energy and Infrastructure commissions, which in 2021 will close with an extraction of 1,765 barrels per day, which implies that it will have to increase by 56,000 barrels per day for the next three months with a minimum extraction of 1,821 million barrels per day, if that goal is to be achieved.
In addition, the executive’s commitment, which has the backing of the federal government, will be to increase to 1,948 million barrels per day in 2022, to 1,971 million in 2023 and up to 2,063 million barrels per day in 2024.
It should be remembered that the last time Pemex obtained an extraction of more than 2 million barrels was in June 2017. Thereafter, it fell to 1,701 million barrels per day in the 2019 average, although it stabilized without continuing its decline at 1,705 million barrels per day -in spite of the cut of 100,000 barrels per day for three months agreed with the Organization of Exporting Countries of the and not affiliateds (OPEC +) and the reduction in global demand from all industries due to the health crisis- in 2020.
This will be achieved thanks to the fact that the company has reduced from eight years to one between the discovery of a new field and the start of its development between 2018 and 2020, he explained. Such is the case of the early start of production in fields such as Ixachi, on land, and the Tlacame field in shallow waters, which today have production despite the fact that it was discovered at the end of the last administration.
On the other hand, he assured that he will close the six-year term with a 1P proven reserve restitution rate, with 90% commercial feasibility, in contrast to the 34.7% with which he closed 2019 and despite the fact that this exploration indicator was received at 15.4% in 2018.
Thus, for the production of new fields as of 2019, Pemex it has added 273,000 barrels per day to current extraction. This volume contrasts with the 31,000 barrels per day that private companies contribute through the 11 contracts that have crude oil production and were awarded through bidding mechanisms in the past six-year term.
This is important because we see that it is Pemex that increases production and the energy reform unfortunately did not achieve its objectives, “said the official.
Finally, he defended the state company, that today is the most indebted oil company of the world with a total liability of 4.3 trillion pesos of which 1.5 trillion corresponds to labor liabilities, ensuring that today it has a commercial success rate of its discoveries of 34%, the highest in the world, above the global average of 25 percent.
He also said that its current discovery costs are $ 2.6 per barrel, below the global average of 3.7 dollars per barrel.
Reference-www.eleconomista.com.mx