Mexico’s state-owned Pemex announced on 23 August that a fire at its production platform has disrupted operations, likely hurting Maya crude loadings.
- Octavio Romero Oropeza, Pemex CEO stated that output from 125 wells in the shallow water complex in the Campeche Sound in the Gulf of Mexico is now suspended for a few days.
- Around 421,000 b/d of production was immediately impacted, with the company projected to resume output at some 100 days in the near future.
- Output from the project last year hovered around 785,000 b/d. Based on Mexico’s total crude output of 1.7 million b/d in June, the KMZ project accounts for more than 40% of production.
- IHS Markit Commodities at Sea stated that Mexico’s seaborne crude exports averaged 1.03 million b/d over the first seven months of this year, a decline of 9.2% YoY.
Pemex has been criticized for not investing enough funds in upstream exploration to find new reserves at existing projects. Mexico has cut its target output for the medium term to 1.75 million b/d until the end of 2022.
Source: IHS Markit