The total hydrocarbon production of Pemex during the third quarter of 2022 averaged 2,540 million barrels of crude oil equivalent per day (MMbpced).
This is a growth of 62,000 barrels of crude oil equivalent per day (Mbpced) with respect to the same quarter of 2021.
Pemex is wholly owned by the Mexican government.
It is one of the largest oil companies in the world in terms of reserves and production.
Pemex detailed its results in the production of liquid hydrocarbons, that is, crude oil and condensates.
Indicadores financieros de Pemex
In the third quarter of 2022, liquids production (excluding partners’ production) was 1,764 Mbd, higher by 24 Mbd with respect to the same period of 2021, when production was reported at 1,740 Mbd, that is, a variation of 1.4 percent.
This was mainly due to the incorporation of wells from the new fields strategy in Quesqui, Ixachi, Tupilco Profundo, Itta, Pokche, Teekit, Teca, Uchbal, Koban, Esah, and in the fields in operation Yaxche, Cibix, Teotleco and Bedel.
During this period, there was an increase in liquids production from the new fields strategy, in the order of 74 Mbd, from the completion of the following wells: Ixachi-4, Teekit-21, Suuk-6, Mulach-11, Mulach-12, Pokche-12, Esah-11, Teca-16, Koban-3, Tupilco-3002, Tupilco-3006, Mulach-13, all of them completed in the third quarter.
The completion of the Acatil-1, Chucox-2001, Xanab-201 wells belonging to the exploratory component also contributed.
Pemex
The strategy applied to the maintenance of liquids production contributed to sustaining production through the execution of several actions, mainly: immediate attention to operational problems and reduction of time in the operational intervention for the reestablishment of wells with failures in electrocentrifugal pumping equipment (ECP), and an increase in well maintenance activities (minor repairs, stimulations, cleanings and optimizations).
In terms of crude oil quality, light crude and condensate production increased by 71 Mbd, due to the contribution of the new fields.
On the contrary, heavy crude oil production decreased by 47 Mbd, equivalent to 4.8% of production in the third quarter of 2022.
The events that caused this decrease were: the natural decline of mature reservoirs in fields of the Ku-Maloob-Zaap complex and failures in wells operating with electrocentrifugal pumping equipment in wells in the Northeast Marine Region.
In December 2016 Mexico notified the WTO that it had two state trading enterprises as defined in Article XVII of GATT 1994.192 These enterprises operate in the energy sector; they are Pemex and the Federal Electricity Commission (CFE), which are considered productive state enterprises.
The objective of Pemex and CFE is to generate economic value and profitability for the State. In the case of Pemex, it also seeks to maximize oil revenues to contribute to the country’s economic development.