Mexico will reduce oil production in 2015 to the lowest level in 25 years

Moscow. December 24. Mexican state company Pemex will reduce oil production in 2015 to the minimum amount for a quarter century because of the number of accidents and lower costs for exploration and production, which negatively affected supplies, reported Bloomberg.

According to preliminary calculations, Pemex, to 20 December inclusive production in the country amounted to 2.28 million barrels per day (b/d), which is 6.7% less than last year. This is the lowest production volume at least since 1990, when the government started to keep records data.

At the beginning of the current year the company gave a production forecast at 2.4 million b/d, and three years ago, Pemex had planned to get to 2.73 mn b/d in 2015.

Production has been declining for the eleventh consecutive year, including because of a few incidents, including an explosion at a mining platform in April of this year.

The oil producer plans early next year to announce the layoffs as part of a plan to restructure the company and bring it up to international standards of the industry, said the acting chief financial officer Rodolfo Campos.

Pemex is among the ten largest oil companies in the world. At the end of September the company’s debt was estimated at $87 billion In the third quarter, Pemex received a record loss of about $10.2 billion At the end of last year, the company counted more than 153 thousand people.

Over the last few years Pemex has repeatedly faced serious accidents. In 2013, the explosion in the headquarters of the company in Mexico has claimed the lives of 37 people. In September 2012, 26 employees of a gas-processing complex died due to a fire.