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From: allevett	12/10/2009 8:13:03 AM
	of 37387

BRY msg # 41682 12/9/2009 8:45:16 PM By: telegraph Mexico gives up on new field? democraticunderground.com "Petroleos Mexicanos, the state-owned oil company, cut the proposed 2010 budget for its $11.1 billion Chicontepec field by 22 percent and almost doubled next yearâ€™s spending on the aging Cantarell deposit. Spending at onshore Chicontepec would fall to 21.1 billion pesos ($1.6 billion) from a proposed 27.1 billion pesos this year, according to a company presentation on the Web site of Mexicoâ€™s Congress. Chairwoman Georgina Kessel said on Nov. 5 that Pemex would increase drilling at Chicontepec in 2010 as the Mexico City- based company seeks to stem falling output. The board is reassessing its Chicontepec investment after the project missed production targets in September. â€œThe performance of this field has not met expectations,â€ said George Baker, an independent energy analyst in Houston. â€œThis is a concession to criticism that Pemex has received.â€" "Pemex had an original Chicontepec target of more than 100,000 barrels a day for 2009. September output was 29,907 barrels a day, a decline from the previous month." Looks like Mexico is 'going off the cliff'.

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