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"7. PEMEX CANTARELL OUTPUT DROPS 34% ON SPENDING LIMITS
July 7 (Bloomberg) -- Crude output from Mexico's Cantarell, the world's third-largest oil field, is falling at the fastest pace in 12 years as investment limits keep state-owned Petroleos Mexicanos from fully exploiting deposits and finding new ones.
Production at the Gulf of Mexico development dropped 34 percent in May from a year earlier, the biggest decline since October 1995, according to data compiled by the government and Bloomberg. That was when Hurricane Roxanne's 131 miles-per-hour (114-knot) winds shut down offshore wells for a week.
Seven decades after Mexico banned foreign oil investment, President Felipe Calderon is pressing lawmakers to allow Pemex, as the state energy company is known, to hire outside producers to help find and pump petroleum. Cantarell's decline is costing Pemex $20 billion a year in sales at a time when oil prices have never been higher, and the company lacks the funding to find enough new deposits to keep reserves from dwindling.
``We are at the worst time right now of the decline,'' David Shields, an energy analyst and publisher of Mexican oil magazine Energia, said in a July 1 interview. ``They should have been developing the fields to be sustainable.''
Falling production is curbing exports to the U.S., which buys about 80 percent of the oil Mexico sells abroad. Sales to the U.S. declined to 1.07 million barrels a day in May, the lowest since November 1995.
Exports at Risk
Pemex, Latin America's biggest company by revenue, may need to cut exports this year to meet domestic demand as production falls, Energy Minister Georgina Kessel said last month in an interview. The company reduced the amount of oil it supplies to Texas refineries operated by Royal Dutch Shell Plc and Valero Energy Corp., according to a June 30 regulatory filing.
Mexico nationalized its oil industry in 1938 and enacted a constitutional ban on foreign energy investment to protect the country's resources. Increasing royalties from Pemex, which Mexico relies on for 40 percent of government revenue, have left the company short of exploration and production funding.
Mexico's Congress is in the final month of debate on Calderon's proposal to give Pemex more freedom to hire companies to explore, produce, refine and transport oil. Foreign producers still wouldn't own the oil. Hiring them under service contracts would free Pemex to invest more in other projects.
Pemex is seeking $20 billion in exploration and production funding for next year, up from its 2008 budget of $15 billion. Output at the three-decades-old Cantarell fell 25 percent in 2007, exceeding company projections for a 15 percent drop.
Spending Needs
``Spending on exploration is a relatively low number, compared to other areas of the world,'' Jed Bailey, managing director of Latin American research at Cambridge Energy Research Associates, said in a July 1 interview from Boston.
Irving, Texas-based Exxon Mobil Corp., the world's largest oil company, plans more than $25 billion in capital spending this year. Chevron Corp., the No. 2 U.S. oil company, budgeted almost $23 billion.
Pemex's funding request is too low to meet a goal of boosting oil production back above 3 million barrels a day, Kessel said in the interview. The company needs about $30 billion a year to hit that target, she
said. Total crude output in May was 2.8 million barrels a day, down 10 percent from a year earlier, led by Cantarell's plunge.
Pemex spokesman Carlos Ramirez didn't return calls seeking comment.
Reserves Fall
The company replaced 50 percent of the oil it extracted in 2007. At current production rates, Pemex's oil reserves would run out in 9.2 years if it added no new deposits.
Pemex has been unable to take full advantage of record oil prices. Crude-oil futures traded in New York climbed to a record above $145 a barrel this month, the highest since trading began in 1983.
Cantarell's output dropped by more than 540,000 barrels a day in May from a year earlier as the deposit lost pressure, making it more difficult and expensive to extract crude. Pemex has been injecting nitrogen for more than 10 years to stimulate production.
The development peaked at 65 percent of the company's 3.3 million barrels of daily crude output in 2003. In May, it fell to 37 percent of total production.
The world's largest oil field is Ghawar in Saudi Arabia, followed by Burgan in Kuwait and Cantarell."
11. PEMEX CUTS CRUDE SUPPLY TO SHELL, VALERO REFINERIES
By Andres R. Martinez
July 7 (Bloomberg) -- Petroleos Mexicanos, Mexico's state- owned oil company, reduced the amount of crude oil it supplies to Texas refineries operated by Royal Dutch Shell Plc and Valero Energy Corp. as falling production curbs exports.
The guaranteed amount of Mayan oil for a Deer Park, Texas, refinery jointly operated with Shell, Europe's biggest oil company, was cut by 15 percent, the Mexico City-based company said in a regulatory filing. Pemex also lowered oil supplies by 5.8 percent to the Port Arthur, Texas, refinery of Valero, the largest U.S. refiner.
``We have not had any problem supplying any of our refineries with crude oil,'' Bill Day, a Valero spokesman, said today in a telephone interview from San Antonio. ``We don't usually comment about contracts to specific refineries.''
Falling oil output is curbing Pemex exports to the U.S., which buys about 80 percent of the crude Mexico sells abroad. Sales to the U.S. dropped to 1.07 million barrels a day in May, the lowest since November 1995. Mexico is the third-biggest supplier of crude to the U.S., after Canada and Saudi Arabia.
Output at Pemex's largest field, Cantarell, fell to an almost 12-year low in May, when crude exports dropped 22 percent to 1.376 million barrels. This pushed Pemex production to 2.797 million barrels, below a goal of 3 million barrels.
The revised Shell accord guarantees 170,000 barrels a day of Maya from May until 2023, Pemex said in the filing. Pemex provided Deer Park 200,000 barrels a day since April 2001. Shell has an option to increase how much oil it buys, Pemex said in an e-mailed statement today.
Shell Contract Rates
``Shell Deer Park continues to receive Maya crude oil at or above contract minimum rates with Pemex,'' Shaun Wiggins, a spokesman for Shell in Houston, said in a telephone interview. ``We also receive crude oil from other sources.''
Wiggins declined further comment on contract changes.
Pemex also reduced the supply to Valero's Port Arthur refinery to 177,000 barrels a day in May from 188,000 barrels under a previous contract. The amount guaranteed in the Valero contract is adjusted twice a year based on the refinery's demand in the previous six months, Pemex said in the statement.
Shell and Pemex formed the Deer Park joint venture in 1993. The refinery, upgraded in 1995 to process Maya and expanded in 2001, is capable of processing 340,000 barrels of crude a day.
Maya is a heavier grade of crude oil with a higher level of sulphur that refiners find more difficult to process into fuels. Maya traded for an average of 17 percent less than easier-to-refine West Texas Intermediate crude so far this year, according to data compiled by Bloomberg.
Record Oil Prices
Crude-oil futures traded in New York reached a record $145.85 a barrel on July 3. Prices have more than doubled in the past year.
Pemex buys 50 percent of the gasoline produced at Deer Park and ships it back to Mexico for domestic consumption. Mexico's six refineries, which have the capacity to process about 1.3 million barrels of crude a day, can't produce enough gasoline and diesel to meet rising demand.
Pemex needs to build a refinery every three to four years until 2021 to become self sufficient in gasoline, according to the Energy Ministry.
The company may begin construction of a $7 billion refinery by the end of 2010 to help reduce imports of gasoline and diesel, according to a regulatory filing."
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