2008-01-21 22:26:34 -
MEXICO CITY (AP) - Mexico's crude oil production fell by 5.3 percent in 2007 as compared to the previous year, but natural gas output increased by 13 percent, the state-run oil company Pemex said in announcing year-end results on Monday.
Oil production fell by about 174,000 barrels per day to a daily average of 3.082
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Discovered in the 1970s, the offshore Cantarell field has long been Mexico's biggest-yielding field, but recoverable oil there is now running out.
Bad weather in the Gulf of Mexico, including Hurricane Dean and other storms, also hurt production, accounting for about 40,318 barrels per day in average daily production losses. Accidents and bomb attacks directed at company pipelines also hurt production, the company said, but did not quantify their effect.
Mexico's three oil export terminals in the Gulf were closed Saturday and Sunday due to bad weather. They reopened on Monday, the transportation ministry reported.
Though export volumes declined, total export revenues grew by 9.3 percent to around US$38 billion (¤26.2 billion) in 2007 _ the highest level in Mexico's history _ largely because of a rise in prices. The average price for the market-basket of Mexican crude rose by US$8.62 (¤5.95) to US$61.66 (¤42.58) in 2007.
Crude export volume ran at about 1.69 million barrels per day, the lowest since 2000. December exports slipped to 1.5 million barrels a day, down from 1.9 million barrels daily in November.
Domestic gasoline sales rose by 5.9 percent, the company said, and natural gas production reached 6.058 billion cubic feet per day.
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