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To: Wharf Rat who wrote (5429)	2/9/2007 6:56:54 AM
From: Wharf Rat	Read Replies (1) of 24212

UPDATE 3-Mexico's top oil field declining fast - Pemex Wed Feb 7, 2007 4:46pm ET By Catherine Bremer MEXICO CITY, Feb 7 (Reuters) - Mexican state-run oil monopoly Pemex confirmed a gloomier forecast on Wednesday for fast-declining oil output at its aging Cantarell field, but said from now on it could keep total crude production steady. Chief Executive Jesus Reyes Heroles said the company's official production estimate for Cantarell was for an average of 1.526 million barrels per day during 2007, down 15 percent from an average 1.788 million bpd last year. The figure is in line with recent industry talk but bleaker than Pemex's outlook six months ago when it forecast Cantarell's output at 1.683 million bpd for 2007 and 1.430 million for 2008. Reyes Heroles said that with an exploration and production budget of $15 billion a year, Pemex could keep total crude oil production steady between 3.0 million and 3.1 million bpd -- also a much less rosy forecast than Pemex was making last year. As recently as October, Pemex said total output should lie between 3.1 million and 3.3 million bpd for the next few years. Two months earlier, in August, it pegged future production at between 3.3 million and 3.4 million bpd. Oil output slipped slightly to 3.256 million bpd in 2006. Continued... today.reuters.com

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