Pemex Platform Fire to Also Seen Hit Mexico’s Maya Crude Loadings

Source: IHS Markit

Mexico’s Maya crude loadings, which cater to the US Gulf Coast and other global refining hubs, are likely to be hit by the fire-ravaged Pemex’s Ku-Maloob-Zaap production platform earlier this week.

• Chief Executive Romero Oropeza said output from 125 wells had been suspended for a few days due to the fire, which left at least five dead.
• This immediately hit production of 421,000 barrels per day, with the firm already criticized for not investing enough to explore new reserves at existing projects.
• The KMZ platform covers over 200 wells, with an output of 785,000 barrels per day in 2020. It accounted for 40% of Mexico’s total production in June.
• Pemex ships Maya crude grade from the Cayo Arcas Terminal, where only nine cargoes have been loaded so far this month from 14 in July.
• Total Maya exports stood at 834,900 barrels per day in July. KMZ output peaked at over 850,000 barrels per day but has since been in decline.
• Mexico has reduced its medium-term output goal to 1.74 million barrels per day until the end of 2022 versus the initial 2 million barrels per day.