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Pemex's trims 2019 crude target to 1.725mn b/d



By Argus

Petroleumworld 05 07 2019

Mexico's state-owned Pemex has trimmed its crude production target to 1.725mn b/d by the end of the year, excluding some output from partners added to its previous goal.

The target no longer includes about 29,000 b/d from other operators in contracts with Pemex. Excluding this amount, the end-2019 goal is still 16,000 b/d shy of its previous aim given in late February of 1.77mn b/d and 7pc less than the goal of 1.85mn b/d published in December.

Pemex's crude production stood at 1.661mn b/d in the first quarter of 2019, down from 1.883mn b/d in the same quarter of 2018 and also a drop from 1.711mn b/d in the fourth quarter of 2018.

Yet Pemex crude production "is moving in the right direction," finance director Alberto Velazquez said on Pemex's first-quarter earnings call today.

Light crude production averaged 581,000 b/d during the first quarter, down by 21pc on the prior-year period, while extra light crude production averaged 132,000 b/d, down by 70pc on the first quarter in 2018, mainly because of increased inflow of water at the Xanab field. Heavy crude production averaged 1.03mn b/d during the first quarter, down by 4pc on the prior-year period because of adverse weather conditions that prevented loading crude on tankers for export.

Natural gas production in the quarter was 3.67 Bcf/d, down by 6.9pc from the first quarter of 2018.

A decrease of 105mn cf/d in associated gas production taking the total associated gas production to 2.7 Bcf/d in the quarter was because of water-oil contact at the Xanab field and the natural decline of mature fields. Non-associated gas production decreased by 167mn cf/d to 934 mn cf/d compared with 1.1 Bcf/d in the first quarter of last year because of reallocation of resources to crude oil producer assets in the northern region.

Extreme circumstances in January and February including increased water flow in some offshore fields, low pressure in the gas lift network, and weather that forced shut-ins have been overcome, the company said.

During the first quarter, the average number of operating wells totaled 7,748, down by 182 wells on the prior-year period. The closed wells were located mainly in the Burgos basin but production levels were not meaningful, Pemex said.

Pemex drilled 38 development wells and four exploration wells during the quarter, two more than in the prior quarter.

The number of operating drilling rigs during the quarter averaged 42, up from 35 in the prior-year period.

Pemex expects to stabilize production by year-end through the development of 20 new fields 16 in shallow waters and four onshore with at least one new well operating in each of the new fields by December, said Jose Luis Chavez, Pemex's acting deputy director of E&P portfolio management.

Tenders for the infrastructure required to develop the new fields worth more than $1bn have already been awarded and the first marine platforms will be installed from June, while the first wells will start producing in October, Chavez said.

Pemex invested Ps56.4bn ($2.98bn) in exploration and production activities during the first quarter, some 27pc of the total Ps210.7bn E&P budget for this year.

Data for production so far in April shows that the stabilization trend is continuing, Pemex said. Crude output stood at 1.674mn b/d on 28 April.

Pemex reported a net loss of Ps35.7bn in the first quarter, down from a profit of Ps113.3bn in the same quarter last year, but a recovery from the revised Ps157.3bn loss recorded in the last quarter of 2018.

Pemex has announced plans for the development of new fields as well as mature onshore fields, but it will publish its full business plan in June, Velazquez said.



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Story from Argus Media. 04 30 2019


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