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The output from Mexico’s giant Cantarell oil field — the third-largest field in the world — is dropping faster than previously thought, according to a report released by Bloomberg on July 7. Production has declined 34 percent in comparison to last year, and the latest predictions are that state-owned Petroleos Mexicanos (Pemex) will deplete its oil reserves in 9.2 years if no new wells are brought online.
Considering that Pemex contributes up to 40 percent of the government’s budget, the repercussions of a serious decline in production would reverberate throughout Mexican society. Mexican President Felipe Calderon has proposed an energy reform bill that would bring in foreign funding and the expertise to begin new offshore drilling and expand Mexico’s refining capacity.
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