The Fields to Move ForwardBy Cas Biekmann | Tue, 01/21/2020 - 21:00
PEMEX has put a plan in place to reverse years of production decline. It may be headed in the right direction after the NOC announced in October its first quarterly production increase in 14 years. Crude oil production rose to 1.694MMb/d, up 21Mb/d from 2Q19. Focusing on its shallow-water and onshore fields, PEMEX had earlier said it would develop 23 new fields, including 18 in shallow waters, to ramp up production in an effort to reach its 2.6MMb/d production goal by 2024. CNH has already approved the development plans for 15 of the announced fields. To succeed, the oil giant will need to make optimal use of its resources.