11/23/2008

Mexico's government run oil production is having so much trouble that output fell this year and they were unable to take advantage of the high prices

Just think how much more money Mexico could have made by selling off their oil production to private companies. This from the Associated Press.

MEXICO CITY (AP) — America's third-largest oil supplier has exported 17 percent less crude this year.
Mexico's state-owned Petroleos Mexicanos company says daily production through October averaged 2.8 million barrels, down nearly 10 percent from the same period last year.
Pemex says production has dropped by a third this year at Mexico's main Cantarell oil field.
An energy reform package approved by Mexico's Congress last month aims to reverse declining production by giving Pemex more leeway to hire private companies and devote more revenue to explore for oil.
Pemex has said production could drop by more than 25 percent in three years without new discoveries.

Labels: ,

1 Comments:

OpenID setenergy said...

It gets worse:
Mexico federal budget must shrink in years ahead as oil production continues to decline. For details, see:
www.setenergy.org

Onwards to a sustainable energy future,
Dennis

11/24/2008 5:19 PM  

Post a Comment

Links to this post:

Create a Link

<< Home