MEXICO CITY, Dec 24 (Reuters) - Mexico's production of
liquid hydrocarbon and natural gas in November fell to the
lowest levels recorded all year and was well below last year's
averages, official numbers published by the regulator showed.
November was also the second month the country missed the
1.8 million barrel-per-day production target for crude oil and
condensate, which President Claudia Sheinbaum has vowed to
maintain during her six-year term.
Mexico produced 1.747 million bpd of liquid hydrocarbon
products in November, the numbers published late on Monday
showed.
Of this, 1.488 million bpd consisted of crude oil and
259,000 bpd condensate, a very low-density, very low-viscosity
liquid hydrocarbon product that usually comes to the surface
with natural gas.
Mexico produced 3.531 billion cubic feet per day of natural
gas, also the lowest level recorded all year.
State behemoth Pemex, which continues to struggle despite
tens of billions of dollars in government support in recent
years, produces 94% of the country's liquid hydrocarbon products
and 95% of its natural gas.
Production has fallen swiftly from a height of 3.383 million
bpd two decades ago; older fields, especially those in the Gulf
of Mexico, declined and newer discoveries disappointed.
Reuters revealed earlier this year that without significant
spending on exploration and production, Mexico may even have to
import crude oil to feed its local refineries in the next
decade, a once unheard-of change of direction for the exporter.
President Sheinbaum has so far diverged little from her
predecessor and mentor, Andres Manuel Lopez Obrador, on energy
matters - except for her vigorous advocacy of boosting renewable
energy sources.
However, the scientist, who was decorated for her work on
climate change, has said little about how she plans to divert
dependence on fossil fuels or how to turn around the world's
most indebted energy company.