Pemex Oil Production Still Lags Behind Government-Set Goal

Pemex's oil production has continued to lag behind Mexico's government-set goal of 1.8 million barrels per day (bpd). According to data from Industrial Info Resources, Pemex averaged around 1.65 million bpd between January and June this year.

This means the state-owned company is still 150,000 bpd short of its target, despite efforts to boost production through new partnerships and grassroots projects.

Pemex has struggled with declining production from its existing fields, particularly the Cantarell field, which peaked at a record 3.3 million bpd in 2004. The company is now seeking to expand its exploration and production frontier through collaborations like the one announced with Petrobras this year.