Oil Production Drops in November

In November, Mexico's oil production reached 1.747MMb/d, marking an 8.5% decline compared to 1.911MMb/d in November 2023, as reported by Milenio. Crude oil production was reported at 1.488MMb/d, a 4.8% annual decrease, while condensate production fell by 3.3% to 259Mb/d from 268 Mb/d in 2023.

CNH reported that PEMEX contributed 1.643MMb/d, representing 94% of the national liquid hydrocarbon production. Of PEMEX’s total production, 1.567MMb/d came from 176 assignments, while 76Mb/d were from a contract migration.

Private operators accounted for the remaining 6% of national production, equating to 104Mb/d. This included 79 Mb/d from eight oil bidding rounds, 17Mb/d from four contract migrations, and eight Mb/d from two farmouts.

CNH highlighted the top-producing fields. Maloob led with 306Mb/d, followed by Quesqui with 133Mb/d, Zaap with 131Mb/d, and Ayatsil with 94Mb/d. Other notable fields included Tupilco Profundo with 86Mb/d, Ixachi with 79Mb/d, and Balam with 46Mb/d.

Additionally, CNH reported a total of 6,742 producing wells in November, with 3,926 for oil and associated gas, and 2,816 for non-associated gas and condensate.

Hokchi Energy's Production Increase

Hokchi Energy reported a production increase of 1% in November, according to CNH. The company produced 20.8Mb/d in November, up from 20.6Mb/d in October 2024. 

“This production demonstrates Hokchi Energy's commitment to compliance with the Development Plan. Always complying with and respecting the highest standards of safety and care for the environment; as well as continuing to support the strengthening of the country's energy sovereignty with social responsibility,” said Gerardo Doria, Director General, Hokchi Energy.

Hokchi Energy, a subsidiary of Pan American Energy LLC, contributes approximately 12% of the crude oil production by private companies in Mexico. This recent increase solidifies its position as a significant player in the industry. The company achieved a record production of 27.5 Mb/d in December 2022 and has maintained strong production levels since then, averaging 22 Mb/d in 2023. Projections indicate that this level of production will continue.