U.S. slashes forecast for Mexican oil output

http://www.petroleumworld.com/story07052510.htm

U.S. government forecasters sharply reduced their projection for Mexican oil output in a report released on Monday after reassessing the willingness of the Mexican government to open up the country's oil sector to foreign investment.

The Energy Information Administration said in its 2007 International Energy Outlook that Mexican oil production will decline to 3 million barrels per day by 2012 before gradually rebounding to reach 3.5 million bpd by 2030.

Mexico pumped 3.185 million bpd in April, down from the average 3.256 million bpd produced in 2006, state oil company Pemex said on Monday.

The EIA had projected in its 2006 Outlook that Mexican oil production would hit 4 million bpd by 2010 and 5.1 million bpd by 2030 as resources in the deeper waters of the Gulf of Mexico were brought into production.

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Well, except for any petroleum geologist or production engineer worth his/her salt . . .