Pemex to invest $6B in Cantarell production
Pemex plans to launch a $6 billion investment in 2017 to maintain current levels of production at its Cantarell field over the next decade, Reuters reports.
Discovered in 1976, output from the offshore Cantarell field once supplied over 2 MMb/d, or more than half of Mexico's total crude production. But output at the field has fallen more than 80% since 2004 to hover around 340,000 b/d.
Reuters noted that Pemex’s investment will counteract the natural decline of Cantarell by squeezing out an additional 100,000 b/d per year via secondary recovery over the course of a decade. The plan includes stabilizing Akal, Cantarell's most productive sub-field, to keep its output steady at between 180,000 b/d and 200,000 b/d for a longer period of time. In May, Akal’s crude output stood at about 189,000 b/d.