Mexico's state-run oil company said Monday that oil production fell 7.8 percent to 2.91 million barrels a day in the first quarter as current reserves dwindle.Petroleos Mexicanos, has struggled with falling reserves, especially at its main Cantarell oil field, and lacks the money and expertise to launch new drilling projects. Pemex only has enough proven oil reserves to last nine years at current production rates.
President Felipe Calderon this month proposed an energy reform that would allow more private and foreign investment to jump-start new projects, but opponents argue the bill is a veiled attempt to privatize the industry, which they consider a symbol of national sovereignty.
Petroleos Mexicanos also said Monday that oil exports had dropped 12.5 percent in the first quarter, mostly due to falling production and port closures caused by bad weather in February. The company did boost natural gas production to a record 6.6 billion cubic feet of gas per day in the first quarter, up 13.2 percent over the same period last year.
Source: Associated Press
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