National Oil Production Remains Low

National oil production in Mexico remained low in 2Q24, averaging 1,835MMb/d from April to June, a 6.56% decrease compared to the same period last year, according to CNH. The decline was primarily driven by reduced output from PEMEX, which accounted for 95.2% of national extraction.

During this period, PEMEX's average production was 1,747MMb/d, down 6.09% from 2023. Private producers contributed an average of 88Mb/d, a drop of 15.08% compared to the same period in 2023.

In June, national production was 1,840MMb/d, marking a 0.35% increase from May but a 6.18% decline from June 2023. PEMEX's extraction in June was 1,475MMb/d, a slight monthly increase of 0.20% but a 6.01% annual decline. Private production reached 94Mb/d in June, up 11.68% from May, yet still 9.38% lower than June 2023.

PEMEX's total production included 1.661MMb/d from 177 assignments and 84Mb/d from contract migrations. Private operators produced 95Mb/d, representing 5% of the national liquid hydrocarbons production. In June, private companies produced 64Mb/d, with 21Mb/d from four contract migrations and 9Mb/d from two farmouts.

As of June, CNH reported 6,721 producing wells, with 3,960 wells for oil and associated gas and 2,761 for non-associated gas and condensate. The top three liquid hydrocarbon fields in June were Maloob at 322Mb/d, Zaap at 159Mb/d, and Quesqui at 159Mb/d, followed by Deep Tupilco (97Mb/d), Ayatsil (91Mb/d), Ixachi (65Mb/d), and Yaxché (54Mb/d).