The state oil-company has been struggling to stem the production decline. It has been mainly due to the drop of its main blocks, especially Cantarell, which was the most important of Mexico, some years ago.
Pemex does not show any improvement sign, the latest crude export report for June, notes that it fell 8.8% respect to May.
Pemex had to borrow money to remain operating. Last week, the state-oil company issued 10-year bonds, increasing significantly its long-term debt. The bonds worth US$771M.
In the past three years, 946 wells producing oil and gas have been shut-in. Pemex reported 9.043 wells operating last May. It means a 9.47% reduction compared to 2013, when it were operating 9.989 wells.
When Mexico is in need of this fossil fuel to generate electricity, Pemex leaves lose a lot of their production.
Pemex’s debt with oilfield services companies is MXN$50B (approx. US$2.7B) and according to a Forbes report, providers are expecting that the state-oil company pay the debt in September this year.
Mexico exported about 92 million barrels to the US between January and May. It represents a 16.3% fall comparing to the same period last year, when the country sent 110 million barrels, according to a US Department of Commerce (DOC) report.
Pemex has revealed production data and these are not positive. According to El Financiero, in the first half of 2016, crude oil extraction fell 2.5% compared to the same period last year.
After six consecutive months with a negative trade balance, in May Pemex registered a surplus in its trade balance of US$ 24 million, according to Pemex reports.
According to the Mexican Association of Petroleum Industry (Amipe), Pemex in platforms contract renewal, has made the determination to temporarily suspend 20, renew another 20 and cancel the remaining (13).
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