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Pemex increases light crude oil production

Pemex increases light crude oil production
Pemex increases light crude oil production

Pemex increases the production of light crude oil, reaching 47% of its total production, driven by new fields and higher prices in the market.

Mexican Petroleum (Pemex) reported an increase in the production of light crude oil during the current administration, driven by the contribution of new fields that mainly produce this type of hydrocarbons. This increase is significant because the light crude oil It has a higher price in the market compared to heavy crude oil.

At the end of the first quarter of 2024, light crude oil production represented 47% of Pemex’s total production, an increase of 9 percentage points compared to the 38% recorded in the same period of 2019. Specifically, there was 23 % light crude oil, 9% super light crude oil and 15% condensates, while the remaining 53% corresponded to heavy crude oil.

In 2023, Pemex introduced Zapotec crude oil to the market, a new type of light crude oil produced in the Southern Region. The company classifies its crude oils as Olmeca, Zapotec, Istmo and Maya, the latter being the only heavy crude oil, which was quoted in April at an average price of 72.14 dollars per barrel. In contrast, Olmeca super light crude oil was quoted at $78.10 per barrel.

The general director of Pemex, Octavio Romero Oropeza, highlighted that the production of light and super light crude oil comes mainly from new fields, with higher quality and higher prices in the international market. An example of this is the Bakté field, one of the most important recent discoveries, with 173 million barrels of crude oil equivalent and gas and condensate production of 43.5 degrees API. Bakté began production in April, reaching nearly 900 barrels per day.

In the first three months of 2024, the processing of light crude oil reached 508 thousand barrels per day, an increase of 82 thousand barrels per day, due to higher consumption in the six refineries of the National Refining System (SNR).

This increase in the production and processing of light crude oil reflects Pemex’s strategy of focusing on high-quality hydrocarbons and greater value in the international market.

 
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