:quality(75)/cloudfront-us-east-1.images.arcpublishing.com/bloomberglinea/TA3FMRONTJAPVGNDKUXCBUMOP4.jpg "Oil storage tanks belonging to Hokchi Energy in Mexico.")
Mexico City — Crude oil production in Mexico by private companies plunged to its lowest level in the last seven months during March, according to the most recent figures from the country’s hydrocarbons commission (CNH).
Private companies extracted 96,924 barrels per day of crude oil during the month, a decline of 3% or 3,000 barrels per day.
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Private producers had not recorded such a low level since July 2022 when they extracted 93,655 barrels of crude oil.
Argentine company Hokchi Energy and US company Fieldwood Energy saw the sharpest decreases in production in the Hokchi, Ichalkil and Pokoch offshore fields, respectively.
Production by private firms was partially offset by an increase by Petrolera Cárdenas Mora in the onshore field of the same name, located in Tabasco state.
The private sector accounts for 5% of Mexico’s total oil production, which amounts to 1.65 million barrels per day. State-owned Petróleos Mexicanos (Pemex) produces the remaining 95%.
Mexico’s Association of Hydrocarbon Companies (Amexhi) has yet to update its oil production forecasts for the rest of the six-year term, which ends in December 2024, amid private companies’ ongoing non-compliance with its objectives.
During the next 21 months, private companies will have a reduction in oil exploration activity because 20 exploratory plans will conclude and at least seven areas will be returned to the Mexican government early, said Amexhi vice-president Andrés Brüggman during an event in Mexico City.
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